Flavours and ingredients company Frutarom has acquired Spanish natural extracts producer Ingrenat in a deal worth approximately €7m.
The value of the acquisition may further increase by another €1m, depending on Ingrenat’s future financial performance. The company will be integrated into Frutarom’s speciality fine ingredients division. The deal fits into Frutarom’s long-term rapid growth strategy and continues the Israeli company’s momentum of acquisitions.
Last year, we reported that the company had acquired the flavours and natural food colours division of a Peruvian company, as well asthe business and assets of Florida-based CitraSource. The two deals were worth more than €11.5m.
Ingrenat’s activity in antioxidants based on natural substances, particularly in the fields of food preservation and protection, and extension of shelf life, will further enhance Frutarom’s product line. Ingrenat’s sales grew by 10% in 2014 to approximately €7.4m.
Ori Yehudai, president and CEO of Frutarom, said: “Frutarom is a leading global producer of natural specialty fine ingredients and the acquisition of Ingrenat fits in well with our rapid and profitable growth strategy which is based on natural flavor, health and coloring products. We are convinced this acquisition will contribute to Frutarom’s continuing rapid and profitable growth as well as generate high value for our customers, our employees, and our investors.
“The acquisition of Ingrenat is our first acquisition this year and we are working to identify and carry out further strategic acquisitions of companies and activities in our fields of operation. We will continue forging ahead in implementing our rapid growth strategy which combines profitable internal growth with strategic acquisitions.”
© FoodBev Media Ltd 2021
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