Frutarom Industries Ltd., which simultaneously announced its most recent acquisition of British flavors maker FoodBlenders Ltd., has now acquired 100% of the shares of Ingredientes Naturales Seleccionados SL of Spain, known as Ingrenat.
The deal is valued at about $8 million (€7 million) plus up to $1.1 million (€1 million) additionally, depending on Ingrenat's 2015 performance. Ingrenat specializes in the research and development, production, and sales and marketing of natural extracts from plants which include, among others, paprika rosemary, bixin, alfalfa and more which deliver taste, color, and antioxidant activity products for the food industry.
Ingrenat has 28 employees, an R&D and sales and marketing center, and a production site in Murcia, Spain with large production capacity and the possibility of extensive expansion, of which Frutarom will look to gain full advantage and achieve significant operational savings.
Ingrenat's sales grew 10% in 2014 to about $9.8 million (€7.4 million). The value of its net assets (not including cash or debt) in 2014 stood at $6.9 million (€5.6 million). Ingrenat's operations will be integrated into the activities of Frutarom's specialty fine ingredients division with which it shares similar profitability margins.
As part of its continuing acquisition push, Frutarom also recently announced in December 2014 its acquisition of Slovenia-based natural extracts provider Vitivia.