A&O Shearman is pleased to announce it is advising Exponent and its portfolio company Natara on the terms of Natara’s all-cash acquisition of Treatt plc, a leading manufacturer and supplier of natural extracts and ingredients. The offer values Treatt at GBP156.6 million.
The transaction will bring together two highly complementary businesses to create a leading global ingredients platform in the Food and Flavoring (F&F) sector, leveraging Natara’s expertise in specialty base aromas and Treatt’s long-standing capabilities in high-value natural ingredients. Together, they will be able to accelerate innovative solutions and provide customers with a broader product portfolio across key markets. The transaction will offer significant strategic and operational benefits, such as a global salesforce and state of the art facilities to capitalize on opportunities not readily available to either company on a standalone basis. Employees will also have greater learning and development opportunities as the scale and scope of the combined businesses will create a broader platform for collaboration and investment in talent.
Exponent is a longstanding client of A&O Shearman, which also advised on Exponent’s original acquisition of Natara, formerly the UK-headquartered Flavor Specialty Ingredients division of International Flavors & Fragrances, Inc. A&O Shearman has advised a number of bidders and targets on public takeovers in 2025.
The multi-practice A&O Shearman team is being led by partners and European co-heads of private equity, Peter Banks and Neil Sinha, and partners Matt Hamilton-Foyn, Chris Sabine, and James Green. Antitrust advice is being provided by partner David Weaver.
Commenting on the transaction, A&O Shearman global co-head of private equity and partner, Peter Banks, said: “We are delighted to be supporting Exponent and Natara on this transformative, strategic acquisition. Advising on these public takeovers and their related financing arrangements is a particular area of expertise for the firm, and we’re delighted to be supporting another client on a pivotal transaction.”