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Döhler has reached an agreement to acquire the remaining shares in British flavour house Treatt for £183 million, taking full ownership of the company.
The agreement was announced today (29 April 2026) following a previously established ‘relationship agreement’ between the two businesses in January. German ingredients manufacturer Döhler already held a 28% stake in the flavour house, increased from 10% in late 2025.
Under the terms of the acquisition, Treatt’s shareholders will be entitled to receive 305p per share in cash. The deal represents a 47% premium on the closing price of 206p per share on 28 April, and 17% on a previous takeover offer made by UK flavour manufacturer Natara, which was rejected following an initial agreement in September 2025.
Döhler said that while it remains supportive of Treatt’s turnaround efforts, including measures to stabilise operations following a turbulent period, it believes that public markets’ focus on short-term performance will prevent Treatt from gaining the necessary support required to deliver its strategy.
The company added that it believes it is the ‘right partner to unlock the full extent of Treatt’s potential,’ noting that its support and distribution capabilities will deliver a flexible platform to accelerate growth in a privately-owned setting.
Synergies expected from the acquisition include enhanced innovation capabilities, broader global reach and long-term investment stability, driven by the companies’ complementary portfolios and geographic activities, including a strong footprint in the US.
Treatt has a longstanding history in the flavour and fragrance industry, established in 1886 and headquartered in Suffolk, UK, with additional operations in the US and China. Its flavour expertise spans fruits, spices, botanicals and more, offering solutions such as extracts and oils for use across a wide range of product applications.
This complements Döhler’s portfolio of ingredient offerings including taste modulation and sweetening solutions, natural colours, natural flavours, functional ingredients and more. The company is headquartered in Darmstadt, with over 50 production sites worldwide.
Vijay Thakrar, chair of Treatt, said: “The board believes that the proposed acquisition by Döhler represents a positive outcome for Treatt shareholders, providing the certainty of a cash exit for shareholders at an attractive value. It also provides enhanced long-term support for Treatt within a larger strategic platform with access to significant resources.”
He added: “The combination of Treatt’s technical expertise and innovation capabilities with Döhler’s established ingredients platforms and international distribution network creates a strong foundation for future growth within an ownership structure with family culture and long-term investment at its core”.
Martin Tolksdorf, chief marketing officer at Döhler, said: ““The Döhler Group has long admired Treatt as a high-quality business with a rich heritage of product excellence, strong customer relationships and a deep-rooted culture of innovation. Having worked closely with Treatt over many years as a strategic supplier and customer, we are excited at the prospect of expanding our partnership with Treatt.”
The deal is subject to shareholder and regulatory approvals, and is expected to be completed in Q3 2026, subject to these conditions.