Turpaz Industries Ltd. has completed the acquisition of Phoenix Flavors & Fragrances Inc. for $95 million, with up to an additional $5 million in contingent consideration tied to performance in the second and third quarters of 2026. The transaction, executed through its wholly owned U.S. subsidiary Klabin-Turpaz Inc., was finalized on the day of signing and funded entirely from internal resources.
The deal represents a major step in Turpaz’s effort to scale its presence in North America, one of the largest global markets for flavors and fragrances. CEO Karen Cohen Khazon said the integration of Phoenix with Turpaz’s existing U.S. operations will establish a full-service platform spanning development, manufacturing, marketing and sales across both fragrance and flavor categories. The company expects to generate synergies through consolidation of production at Phoenix’s Norwood, New Jersey facility and through expanded cross-selling across a broader combined customer base.
Phoenix, headquartered in Norwood, New Jersey, develops and manufactures fragrance extracts for air care, personal care and home fragrance products, alongside flavor extracts for the food and beverage sector. The company serves several hundred U.S. customers and has expanded through acquisitions including Ascent Aromatics (2017), Creative Concepts (2018) and Innovative Fragrances (2022). In 2025, Phoenix completed a reorganization program that consolidated fragrance manufacturing, opened a new flavors facility in South Bend, Indiana, and implemented upgraded IT systems to improve efficiency and cost structure. It currently operates three U.S. sites and employs 76 people, with its management team expected to remain in place.
Financially, Phoenix reported revenue of $36.8 million in 2025, compared with $36.6 million in 2024, while adjusted EBITDA rose to $6.9 million from $5.1 million year over year. Turpaz estimates approximately $2 million in synergies from integrating Phoenix with its existing U.S. operations, alongside additional upside from alignment with its Fine Fragrance division.
The acquisition builds on Turpaz’s broader M&A-led expansion strategy across multiple regions. In October 2025, the company announced an agreement to acquire a 60% stake in South Africa-based Nicola-J for $6.8 million through its subsidiary Sunspray, with an option to purchase the remaining 40% based on performance. Founded in 1997, Nicola-J develops sweet and savory flavors, colorants, essential oils and botanical extracts, serving customers across South Africa and several neighboring markets including Zimbabwe, Mozambique, Zambia, Botswana and Kenya.
