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MidOcean Partners Announces Acquisition of Agilex Flavors & Fragrances from Nautic Partners



 MidOcean Partners Announces Acquisition of Agilex Flavors & Fragrances from
                               Nautic Partners

PR Newswire

NEW YORK, Jan. 9, 2013

NEW YORK, Jan. 9, 2013 /PRNewswire/ -- MidOcean Partners ("MidOcean"), a
leading private equity firm, announced that on December 19, 2012 it acquired a
majority equity position in Agilex Flavors & Fragrances ("Agilex" or the
"Company"), the leading middle market creator and manufacturer of fragrances
for use in consumer products.  Agilex was previously owned by Nautic Partners,
a leading middle market private firm based in Providence, RI.  Headquartered
in Piscataway, NJ, Agilex was created by combining several unique fragrance
houses with diverse strengths and capabilities. Agilex is a provider of
fragrance compounds and delivery systems sold primarily to manufacturers of
air care, personal care, industrial and institutional and household products. 
The Company's facilities include production facilities in Georgia, New Jersey,
and China along with a Creative Center for Excellence in Piscataway, New
Jersey and fragrance laboratory located in Hong Kong, which together drive
best-in-class capabilities for serving a variety of customers in the middle
market.

The current management team is investing alongside MidOcean. The new Board of
Directors will include Daniel Stebbins, the former President of the Flavor
Division worldwide for Dragoco and Haarmann & Reimer Corp., where he oversaw
its integration into Symrise GmbH & Co., a global leader in the industry.  Mr.
Stebbins served on the Board of Governors for the Fragrance Foundation from
1990 to 2002, and has worked with MidOcean to evaluate opportunities in this
sector over the past several years.  Also joining the board is Thomas Virtue,
former president of Givaudan Roure, the world's largest flavors and fragrance
provider.  Brian Connolly, the former Executive Vice President and President
of North America for Avon Products Inc., will also serve on the board.  Mr.
Connolly formerly served as Chairman of the Direct Selling Association and has
longtime experience in that sector.

"Over the course of the past several years, MidOcean has been evaluating
opportunities in the value-added fragrance and flavors space, and we found
Agilex's leading position in a fragmented middle market, its role in providing
critical fragrance inputs for customers, and its excellent management team
very compelling," said Rob Sharp, a MidOcean Managing Director.  "We are very
impressed with the entire Agilex management team, all of whom are investing
alongside MidOcean as part of this transaction.  We look forward to partnering
with this team to grow the business organically and through significant
acquisitions." 

"I am extremely excited about our new relationship with MidOcean Partners and
the financial expertise and resources they provide.  To serve on the board of
directors with these industry icons is both an honor and a privilege.  Their
deep knowledge at the highest levels of the industry will provide the
additional vision and support that we were seeking as we continue to grow our
business," Agilex's CEO, Stu Zlotnik, commented.  "We will continue to build
on our record of creating winning fragrances, new technological innovations
and marketing capabilities focused directly on our clients' specific needs."

"We are fortunate to have partnered with the outstanding management team at
Agilex," said Bernie Buonanno, Managing Director of Nautic.  "Outgoing Agilex
Holdings CEO Tom Lamb, Agilex Fragrances CEO Stu Zlotnik and the rest of the
management team did a terrific job driving growth at the Company and
positioning it for continued success in the attractive air care and personal
care product markets during Nautic's ownership."

Kirkland & Ellis LLP served as legal counsel for MidOcean Partners.  Fidus
Partners served as financial advisor to Agilex, while Edwards Wildman Palmer
acted as legal counsel for the Company. 

About Agilex Flavors & Fragrances  
Headquartered in Piscataway, New Jersey, Agilex is the leading provider of
fragrance compounds and delivery systems in the middle market.  The Company
possesses leading creative and technical capabilities for the customers it
serves, which are primarily manufacturers of air care, personal care,
industrial and institutional and household products throughout the United
States. Additional information about Agilex is available at
www.agilexfandf.com.

About MidOcean Partners
MidOcean Partners is a premier private equity firm headquartered in New York
focused on the middle market. MidOcean is committed to investing in high
quality companies with stable market positions and multiple opportunities for
growth. Targeted sectors include consumer, media and communications, business
and financial services and industrial services. MidOcean utilizes a broad
foundation of expertise in its focus industries to create value for its
investors and partners.  For more information, visit www.midoceanpartners.com.

About Nautic Partners
Founded in 1986, Nautic Partners is a middle-market private equity firm with
over $2.5 billion of equity capital under management. The firm has completed
over 110 transactions in partnership with management and delivered successful
results to investors over three decades. Nautic targets equity investments of
$25-$75 million, representing majority ownership in niche businesses with
strong market share and growth potential, identified value enhancement
opportunities and strong management teams. Areas of focus include business
services, manufacturing, and healthcare. For more information, please visit
www.nautic.com.

Contact for MidOcean: Chris Tofalli
(914) 834-4334

SOURCE MidOcean Partners

Website: http://www.midoceanpartners.com
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