Frutarom Industries Ltd. has agreed to acquire the shares of Vitiva (Markovci, Slovenia) for a cash payment of about $10 million. The transaction will be completed over the coming weeks.
The move follows Frutarom's October acquisition of Peruvian natural flavor and color firm Montana.
Vitiva specializes in the research and development, production, marketing and sales of specialty natural extracts from plants exhibiting antioxidant activity and of natural colors for the food, pharmaceutical, nutraceutical and cosmetics markets. The company has capabilities in extracting active elements from plants (particularly rosemary, olive and citrus, among others). It also has R&D and longstanding research for its current product portfolio and toward entry into other fields such as the field of pet food and livestock feed preservation.
Vitiva's revenues have grown from $8.7 million in 2013 to about $11 million for the 12-month period ending November 2014 (27% increase). Its activity will be integrated within the framework of Frutarom's specialty fine ingredients division.
