Corporación Financiera Azuaga has acquired a stake in Arogreen, a company specialised in the manufacture and distribution of raw materials for the flavors and fragrances sector, with the aim of driving organic growth, accelerating international expansion, and strengthening production capacity.
Arogreen has established itself as a key player in the Spanish aromatic chemicals industry, with in-house production in Barcelona. The company offers a catalogue of over 450 products across three lines—natural molecules, essential oils, and aromatic and synthetic chemicals—produced through processes such as molecular distillation, co-distillation, rectification, fractionation, and various chemical reactions. Its raw materials, managed by a team with more than 30 years of experience and a strong customer-oriented approach, serve segments including fine perfumery, aromatherapy, cosmetics, home care, personal hygiene, and food, with production capacities ranging from small batches of a few kilos to several tons.
The capital increase will primarily fund the expansion of its Rubí factory, which by 2026 will incorporate a new molecular distiller and several traditional reactors. This will expand the company’s presence in European and especially American markets, while also strengthening its MBA ingredients line—produced using 100% renewable energy—including oils such as Indonesian Patchouli, Indian Sandalwood, Australian Tea Tree, Haitian Vetiver, Sri Lankan Cinnamon, Madagascan Black Pepper, Brazilian Orange, and Spanish Lemon.
The entry of Corporación Financiera Azuaga, through its direct investment team, will support Arogreen in a strategic plan encompassing international growth, production capacity expansion, portfolio diversification, and corporate structure strengthening. In this regard, Gabriel Alonso Spadaro, Chief Operating Officer at Corporación Financiera Azuaga, stated: “Arogreen represents exactly the type of company we want to invest in: a young, agile business with high-quality products and a solid project. Our goal is to support its management team during a key stage of expansion, strengthening industrial capacity and supporting international growth. We strongly believe in the potential of the aromatic chemicals market and the role Arogreen can play on a global scale.”
For his part, Joan Subirats, CEO of Arogreen, added: “The entry of Corporación Financiera Azuaga marks a major milestone in our journey. Having a long-term financial and strategic partner will allow us to accelerate key projects: expand facilities, develop new products, and strengthen our presence outside Europe. We are confident this partnership will help us achieve a qualitative leap in the coming years.”
Advisors to the transaction included Anquor Corporate Finance as financial advisor to the sellers, AMS Corporate for the Financial Due Diligence, and Montero Aramburu & Gómez-Villares Atencia for the Legal Due Diligence.
The global raw materials market for flavors and fragrances is a cornerstone of the fine chemicals industry, supplying segments such as perfumery, cosmetics, food, home care, aromatherapy, and pharmaceuticals. The global industry is projected to exceed $35 billion by 2028, driven by rising demand for natural ingredients—essential oils, botanical extracts, and plant-based molecules—in an increasingly sustainability- and traceability-oriented market, particularly in Europe and Latin America.
At the same time, innovation in aromatic chemistry sustains strong demand for high-purity, stable synthetic compounds, essential for both fine perfumery and industrial production, where the combination of natural and synthetic ingredients remains key for competitiveness and quality.
Europe remains a strategic hub for the sector, concentrating most of the technical expertise, innovation, and specialised regulation. In this context, agile, specialised companies with strong export capabilities—like Arogreen—are positioning themselves as key partners for international brands and global formulation companies, reinforcing their role in a market that demands flexibility, quality, and increasing industrial capacity.
Arogreen is a manufacturer and distributor of raw materials for the fragrances and aromas sector, headquartered in Rubí (Barcelona). Founded in 2019, the company specialises in natural molecules, essential oils, and aromatic and synthetic chemicals, with a portfolio of over 450 products. Its offerings serve perfumery, cosmetics, home care, personal hygiene, and food industries, reaching over 185 clients in 32 countries. Arogreen operates two production plants in Rubí and Santa Perpetua, and has subsidiaries in Brazil and Mexico.
Corporación Financiera Azuaga is a business group active in strategic sectors such as finance, insurance, aerospace, and real estate. Through its portfolio companies, it promotes sustainable growth, innovation, and leadership across all areas of activity. The company is currently in an expansion phase, consolidating its position in the European market and strengthening its teams with highly qualified professionals to ensure the success of its strategic plan.
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