Firmenich

Firmenich remained privately owned for 128 years (1895-2023), allowing long-term R&D investments that public markets wouldn't tolerate. The company pioneered synthetic fragrance molecules, creating scents impossible to extract from nature - like Iso E Super, the woody base note in Dior Homme and countless other perfumes. This chemistry expertise compounds over decades: each new molecule becomes a building block for future formulations, creating a library of 10,000+ ingredients that new competitors can't quickly replicate. In 2023, DSM-Firmenich merger created the #1 global player at $12B+ revenue. The lesson: in industries requiring patient R&D, private ownership provides temporal advantages that justify forgoing public capital access.