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 THE RESULT: A group formed by Caymus Equity Partners LLC ("Caymus Equity Partners"), including Caymus Equity Partners, Gemini Investors ("Gemini") and management, recapitalized Phoenix Aromas & Essential Oils, Inc. ("Phoenix" or the "Company") in a transaction that closed in January 2010. Phoenix is a value-added distributor of products to the flavor and fragrance industry. By partnering with two experienced private equity firms, this transaction provides Phoenix all of the capital necessary to continue its growth and better serve its customers. In addition to third-party senior debt, Caymus Equity Partners and Gemini invested in junior capital comprised of subordinated debt, preferred stock and common stock of Phoenix to complete the recapitalization.
Caymus Equity Partners sourced the transaction, structured the terms of the recapitalization, and successfully negotiated and arranged all necessary third-party capital. Caymus Equity Partners and Gemini have partnered with a strong management team at Phoenix and have invested in a company with a long track record of success in an attractive niche business with significant growth opportunities. Houlihan Lokey served as exclusive financial advisor to Phoenix.
"The Caymus Equity Partners team was very aggressive from the beginning of this transaction. We knew they wanted to partner with Phoenix. More importantly, they remained committed throughout the entire process. We would recommend Caymus Equity Partners to other sellers we represent...quality buyers dedicated to closing a transaction."
Jeffrey Stern, Director
Houlihan Lokey
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Company Description
Founded in 1994, Phoenix is a leading flavor and fragrance value-added distributor based in Norwood, NJ that provides a broad portfolio of essential oils, aroma chemicals, and absolutes & oleoresins to a highly diverse base of flavor and fragrance companies. Phoenix sources its products worldwide and is a key distribution partner for many of its suppliers. Phoenix's flavor and fragrance components are used to create hundreds of end products in a variety of growing markets, including food & beverage, fragrance, and personal care. The Company's customers include leading consumer product companies and leading flavor and fragrances manufacturers. Phoenix has maintained customer loyalty by offering a compelling value proposition based primarily on its distinctive ability to provide its customers with products of the right quality at the right time at the right price.
"I am extremely excited about my partnership with Caymus Equity Partners. I could not be more confident that I have partnered with the right sponsors to help take Phoenix to the next level."
JP Benveniste, CEO
Phoenix Aromas & Essential Oils
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About Caymus Equity Partners
Caymus Equity Partners invests in profitable middle and lower-middle market companies in attractive niches with strong growth potential. Caymus Equity Partners focuses on companies that will benefit from its unique combination of financial and operational experience within the business services, consumer, healthcare, and media/communications industries. Caymus Equity Partners makes majority or significant minority investments, and partners with company management to build value together. Caymus Equity Partners generally targets companies that have achieved at least $2 million in profitability and have sufficient management depth to continue their growth. In all transactions, Caymus Equity Partners partners with a management team highly incentivized with equity.
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