Symrise has reached an agreement to acquire Cobell, the UK-based supplier of fruit and vegetable juices.
Symrise said that the acquisition, announced this morning, would help it to strengthen its position in the UK beverage market, enhancing both its local presence and customer proximity. The transaction is expected to be completed at the beginning of July.
Dirk Bennwitz, president of Symrise’s flavour segment in the EAME market, said: “Knowhow meets innovation – this is the guiding principle of our acquisition of Cobell. The group is firmly anchored in the British market and operates with extremely high customer orientation. It thus represents an ideal match for Symrise.
“In recent years, we have seen increased demand for innovative beverage solutions. Together with Cobell, we [are preparing the groundwork] for accelerated growth and expanding our footprint. By combining Cobell’s impressive application and manufacturing capacities with our strong portfolio of natural flavours and our joint technological knowhow we will become a driving force. In addition, we will significantly enhance our customer proximity and act as single source for beverage ingredients and formulations in Great Britain.”
Cobell is the largest UK supplier of processed fruit juices and a leading supplier throughout Europe.
Symrise has been active for more than five decades in Great Britain and is a supplier to the food and beverage industry. The producer now aims to drive growth in the British beverage market, which has an annual sales potential of over £100 million.
Cobell operates a facility in Exeter that covers the full production cycle, from sourcing ingredients and developing customer-specific recipes to blending and packaging products. Cobell’s product range consists of juices, purées, cordials, concentrates and alcoholic drinks. The company generated sales of around €58 million in 2016 and employs 56 people.
Symrise will continue to run Cobell’s activities under the Cobell brand.
Cobell founder and chairman Nick Sprague said: “We are delighted to have found a strong new owner for Cobell. Symrise shares the same mindset culturally and from a business perspective. Cobell will benefit from Symrise’s strong access to an impressive range of natural ingredients, as well as additional technologies, such as in taste modulation.
“Symrise on the other hand will be able to enhance its local supply chain and benefit from Cobell’s specialist sourcing and global supply base. Together we will be able to significantly increase our offering and differentiate ourselves in the market with tailor-made solutions that fully respond to local consumer needs.”
The deal comes amid continued investment from German-headquartered Symrise, which last week unveiled a new innovation and technology centre for the Asia-Pacific market that will allow it to boost its local food manufacturing capabilities.
The opening of the facility heads off €30 million’s worth of investment in its operations in Singapore, which will make the country Symrise’s regional headquarters for the region.
In March, the company recorded sales for 2016 of €2.9 billion – up 12% on the previous year – and net income of €252.7 million.
Both Symrise and Cobell have agreed not to publicly disclose the value of the transaction.
© FoodBev Media Ltd 2022
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