SAN FRANCISCO — Parthenon Capital, a leading growth-oriented private equity firm, announced today that it sold its position in portfolio company ScentAir Holdings, Inc (“ScentAir” or the “Company”). The transaction represents the culmination of a successful five-year partnership with ScentAir’s management team, led by Chief Executive Officer Dan Connors. Mr. Connors and his team will continue to lead the company going forward. The private equity arm of CITIC Capital Holdings Limited (“CITIC Capital”) led the new investment in the Company.
Based in Charlotte, NC, ScentAir is the leading provider of scent marketing solutions to leading brands around the world. Currently servicing over 45,000 placements in 119 countries, ScentAir has been helping industry leaders create powerful customer experiences using fragrance for over 20 years.
Parthenon Capital initially invested in ScentAir in December 2014. Throughout the partnership, Parthenon Capital and management invested in the Company to transform the business into an industry leader, completing four acquisitions, introducing several new market-leading products, developing and growing its international salesforce, and expanding the team. “Dan and his team did a phenomenal job establishing ScentAir as the global industry leader in a market with tremendous white space and opportunity for continued growth. We have thoroughly enjoyed working alongside Dan and his team,” said Andrew Dodson, managing partner at Parthenon Capital. “We are proud of what we have accomplished together and wish the team all the best going forward.”
ScentAir CEO Dan Connors added, “On behalf of the management team at ScentAir, we’d like to thank Parthenon Capital for their effective sponsorship of our business these past five years. We’d also like to thank CITIC Capital for their confidence in our business and their sponsorship of us going forward. We feel very fortunate to enjoy relationships with great private equity firms such as these.”
ABOUT PARTHENON CAPITAL
Parthenon Capital is a leading mid-market private equity firm with offices in Boston, San Francisco and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in financial and insurance services, healthcare and business services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. For more information, please visit www.parthenoncapital.com.
ScentAir Technologies, LLC., privately held and founded in 1994, provides best-in-class ambient scent marketing solutions to many of the world’s most recognized brands. As the global leader in olfactory marketing, the Company creates memorable impressions for both small businesses and global enterprises, elevating their customer experience through the power of scent. Based in Charlotte, NC, USA, and with corporate offices in the United Kingdom, France, Netherlands, China, Hong Kong, Japan, and Australia, the Company’s 425+ global team members service customers in 119 countries through its dedicated global supply chain and manufacturing operations in North America, Europe, and Asia. ScentAir is committed to the creation of customized scent strategies that boost clients’ brand sentiments, customer loyalty, and sales. To learn more, go to www.scentair.com.