Orrick Advises France’s DRT in Acquisition of Pinova, Inc.


An Orrick Paris team has advised Dérivés Résiniques et Terpéniques (DRT) in its $150 million acquisition of U.S.-based Pinova, Inc.  from fragrance producer Symrise AG.

DRT is a French company that specializes in the development of industry applications derived from pine wood and other natural resources. These products are included in applications such as adhesives, construction, coatings and beverages as well as in tires and rubber for the automotive industry.

Pinova, Inc. is a division of Pinova Holdings, which Symrise acquired last year. As one of the leading manufacturers of specialty resins and chemical intermediates, Pinova operates facilities in Brunswick, Georgia, that extract rosin and resins from pine stump wood.

DRT has numerous international industrial sites, including four factories in France, one in China and three in India. With Pinova, DRT will significantly expand its portfolio and strengthen its position in the U.S. market. Additionally, Symrise and DRT will cooperate on product development projects and as well as on the supply of strategic raw materials.

This transaction highlights the exceptional depth and skill of our cross border and multi-disciplinary practice as teams in NY and Paris worked on the due diligence and the acquisition documentation, teams in DC and Paris worked on regulatory and antitrust issues, corporate and finance teams in Paris worked on an equity offering and acquisition financing and tax teams in NY and Paris worked on the tax structuring of the acquisition.

Our multidisciplinary and multijurisdictional team was led by Saam Golshani and included: Corporate / M&A: Julien Bensaid, Anna Leitchenko and Grégoire Jouffroy in Paris, and Tal Hacohen and Spencer Cohen in New York; Tax: Anne-Sophie Kerfant, Margaux Azoulay and Rudy Marouani in Paris, and John Narducci and James Larkin in New York; Financing: Emmanuel Ringeval, Cristina Radu and Cristian Bulgaru in Paris; Antitrust: Lise Damelet in Paris, and Garret Rasmussen and Pat Zeigler in Washington, D.C.