Parthenon Capital, a growth-oriented private equity firm, has sold its position in portfolio company ScentAir Holdings (ScentAir).The transaction represents the culmination of a successful five-year partnership with ScentAir’s management team, led by Chief Executive Officer Dan Connors. 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,” says 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.”
