Symrise has announced that it will acquire Giraffe Foods Inc., a Canada-based producer of customized sauces, dips, dressings, syrups and beverage concentrates for B2B customers, in the home meal replacement, foodservice and retail markets.
This transaction will allow Symrise to provide a wider variety of advanced taste solutions to a larger customer base in North America. This move will drive accelerated growth in Symrise’s Flavor & Nutrition segment, as well facilitate access to and further develop new capabilities, including advanced food science and culinary expertise, proprietary recipes and new and sustainable packaging formats.
In the company's fiscal year ended June 2021, Giraffe Foods saw an increase in sales above 25%, generating revenues of approximately CAD $80 million. The closing of the transaction is expected before the end of 2021. The purchase amount has not been disclosed.
Giraffe Foods Inc. formulates and manufactures custom taste solutions in a wide array of packaging while also formulating and producing products including sauces, dressings, syrups, beverage concentrates. Giraffe also offers wide options of packaging and a broad range of processing capabilities housed in state-of-the-art facilities. The food service, value-added protein and home meal replacement sectors have historically seen strong growth in both North America and Europe.
Symrise will acquire 100% of Giraffe Foods Inc. from private investment firm Graham Partners and the founding Powell family. Symrise will finance the transaction through a dedicated bank facility. As part of the transaction, Symrise will acquire the existing two production facilities and one warehousing site and integrate the approximately 250 employees of Giraffe Foods.
Dr. Jean-Yves Parisot, president Flavor & Nutrition of Symrise AG, said, “We consider this acquisition as a strategic opportunity to expand our portfolio into the highly attractive market for customized flavor and taste enhancement solutions. By combining Symrise’s Flavor & Nutrition expertise with Giraffe Food’s custom formulation capabilities, we aim to become a leader in integrated taste solutions in North America to always better serve our customers. The acquisition of Giraffe Foods supports our well established Symrise businesses in the region and will enlarge our value proposition in Taste, Nutrition and Health.”
Ari Powell, CEO of Giraffe Foods Inc., said, “I am very excited about this transaction. Our two organizations share a common culture that always puts the customer first. We will now be able to provide a larger variety of advanced flavor solution systems and products to a broader set of customers, accelerating our growth for years to come.”