Frutarom Industries Ltd., which simultaneously announced the acquisition of Spain's natural ingredients company Ingrenat, has agreed to acquire British flavors company FoodBlenders Ltd. with the aim to expand upon its savory activity in the UK and throughout the world.
The deal is valued at $2.4 million (£1.6 million) plus an additional sum expected to stand at about $600,000 (£400,000), depending on the company's performance.
FoodBlenders develops, manufactures, and markets savory solutions which mainly include spice and seasoning mixes, functional ingredients, marinades and sauces for the food industry, with particular emphasis on the convenience foods segment. In 2014, FoodBlenders posted sales of about $3 million (£2 million) with profit margins similar to those of Frutarom in the same area of activity.
FoodBlenders has a site in England where it develops, manufactures and markets its products which is located within close proximity of Frutarom's Wellingborough site, and it has a wide customer base which includes British food and private label manufacturers.
As part of its continual acquisition push, Frutarom also recently announced in December 2014 its acquisition of Slovenia-based natural extracts provider Vitivia.