Turpaz Industries Ltd. (TRPZ) announced the purchase of 100% of the share capital of Flavors and Essences UK Limited (F&E), a British flavors company, for £22m from IFF, on September 1, 2024.
F&E was founded in 1998 and specializes in the development, production and marketing of flavor extracts for a variety of products. F&E is said to offer a wide customer base, mainly in the United Kingdom, and in other countries in Europe and Asia. It employs 50 people, including a sales team in Belgium responsible for sales outside Great Britain.
Karen Cohen Khazon, chairperson of the board and CEO of Turpaz, said, "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. 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. Turpaz 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."
The turnover of F&E in the first six months of 2024 is reported to amount to 6.6 million pounds ($8.3 million). The acquisition of F&E is said to be Turpaz's eleventh acquisition since its issuance.
