Turpaz Industries buys Flavors and Essences UK for £22M to grow globally
04 Sep 2024 --- Turpaz Industries purchases 100% of the share capital of Flavors and Essences (F&E) UK, a British flavors company, for £22 million (US$28.85 million) from International Flavors and Fragrances.
Turpaz chairperson and CEO Karen Cohen Khazon says “The purchase of F&E is another significant strategic step for Turpaz, which expands our presence in Europe and strengthens our position in the global flavor market.”
Turpaz Industries develops, produces and markets flavor and fragrance extracts, and specialty fine ingredients. Similarly, F&E develops, produces and markets flavor extracts for various products.
British expansion
F&E’s customer base is mainly in the UK and other European and Asian countries. It employs 50 people, including a sales team in Belgium responsible for sales outside Great Britain.
“Our entry into the British market, which is a major market in Europe with a population of over 70 million inhabitants, opens up new and significant growth opportunities for us,” explains Cohen Khazon.
Turpaz, based in Israel, “will work to leverage the synergy between F&E and the group’s companies, with the aim of expanding the product offering and strengthening the group’s cross-selling capabilities.”
It completed two acquisitions so far this year — Sunspray in South Africa and the Clarys & Willich group in Belgium and Germany — to expand global distribution and sales. Since its initial public offering in May 2021, Turpaz has completed eleven acquisitions.
The company has over 3,000 customers in 60 countries, operates 17 production sites and R&D centers worldwide and employs 800 people.
More mergers and acquisitions
South Korean retail giant Shinsegae International recently announced a move to acquire Amuse Corp, a K-beauty brand, for US$52.6 million.
Barentz International, a global specialty ingredients solution provider, purchased Anshul Life Sciences Group in India. The life science-focused specialty chemicals distributor caters to regulated pharmaceuticals, food, nutraceuticals and personal care markets.
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