Flavor, fragrance and food ingredients company Turpaz Industries (TASE: TRPZ) has agreed to buy Clarys & Willich Group, based in Belgium and Germany, for $47.7 million. The acquisition is being made through Turpaz subsidiary Food Ingredients Technologies SA. The sellers will invest $20.6 million back in Food Ingredients Technologies in return for a stake of 24.5% in the company.
Clarys & Willich had sales turnover of $35.1 million in 2023, and adjusted EBITDA of $6.4 million. It was founded in 1970, and produces savory flavors, functional solutions and raw materials for the meat and bakery sectors. The company owns two factories and development laboratories in Belgium and Germany. Its customers are mainly in the Benelux countries.
The sellers will continue their management role in Clarys & Willich group, together with the management team of Food Ingredients Technologies, and will join the management team of the Turpaz group.
Turpaz chairperson and CEO Keren Cohen Khazon said, "This is an important, significant strategic acquisition based on the standing of Turpaz Industries as one of the largest flavors companies in Europe, and strengthens its presence and position as a leading global producer of savory flavors and advanced baking solutions. Clarys & Willich’s business is very synergetic with that of Turpaz, and will be integrated into the successful activity of Belgian company Food Ingredients Technologies, which Turpaz bought in October 2021, and with the activity of Turpaz Israel."
Turpaz was floated nearly three years ago, in May 2021. Its current market cap is NIS 1.29 billion. Its share price has fallen 9% so far this year, after falling 4% last year.
Published by Globes, Israel business news - en.globes.co.il - on March 28, 2024.
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