Symrise offloads terpenes business to Mutares in Care & Wellness pivot

Symrise has sold its AmeriTerpenes business to private equity firm Mutares for an undisclosed amount. The move allows the company to focus more on its higher-margin segments, under its One Symrise strategy, and grants Mutares ownership of the terpene-based raw materials business. 

Terpenes are used in fragrance as the primary botanical building blocks that replicate natural scents and dictate how a fragrance evaporates on the skin. 

By divesting the AmeriTerpenes arm, Symrise is streamlining its operations and positioning itself to concentrate more on its key business areas, such as the company’s newly established Care & Wellness division.

“This transaction gives a good example of how we are actively shaping Symrise for the future with continued portfolio management,” says Dr. Jean-Yves Parisot, CEO of Symrise. 

Inside the carve-out 

Parisot touts AmeriTerpenes as a well-established business with differentiated manufacturing capabilities. He says that Mutares is an “experienced owner that brings a strong operational track record in corporate carve-outs and is well-suited to support AmeriTerpenes into its future.”

Mutares will develop the terpene business further as a platform investment for its Chemicals & Materials segment. 

“With this transaction, we are adding a strong platform to our Chemicals & Materials segment while further strengthening our presence in the US market,” Johannes Laumann, chief investment officer at Mutares, adds.

Terpenes are botanical building blocks used across fragrance formulations.The companies have signed a long-term commercial contract, ensuring Symrise will continue to have access to renewable terpene-based raw materials.

While the deal’s financial terms were not disclosed, Symrise expects a mid-double-digit million-euro non-cash loss related to the sale in its 2026 financial reporting.

Symrise strategizes for growth

The AmeriTerpenes divestment comes on the heels of another fragrance move Symrise made in July. The company signed a put option agreement to acquire Floral Concept, a French premium natural ingredients fragrance house.

Across the personal care industry, fragrance has emerged as a key growth lever for brands. In its Q1 2026 financial results, the chemicals manufacturer reported growth in its Fragrance division, with positive momentum in Consumer Fragrance and Fine Fragrance.

Symrise announced that it was creating its Care & Wellness Division under its Scent & Care arm in March this year, uniting cosmetic ingredients with health actives. The move aimed to tap into the growing demand for products with a holistic approach to well-being and beauty.