Dive Brief:
- Frutarom Industries Ltd. of Herzliya, Israel, bought 79% of the shares of the Spanish company Nutrafur S.A. Nutrafur specializes in specialty natural plant extracts that have antioxidant properties or proven health benefits.
- Nutrafur had sales for the year ending in June of approximately $13 million and 67 employees. The company has an R&D and sales center and a big production capacity manufacturing site in Murcia, Spain.
- Frutarom is one of the world's 10 largest flavors and specialty fine ingredients companies, according to a news release. The company serves over 19,000 customers in more than 150 countries with more than 43,000 products. The Nutrafur acquisition will grow Frutarom's line of natural ingredients for both food and health items.
Dive Insight:
Frutarom is on an acquisition spree, making Nutrafur the tenth acquisition since 2015's start. The company's other acquisitions have included the U.S. companies Foote & Jenks (a flavors company) and Scandia Citrus LLC (citrus for the flavors and food market), the Belgian flavors company Taiga International NV, and the Australian company Taura Natural Ingredients Holding Ltd.
And what's more, the acquisitions will continue. Ori Yehudai, President and CEO of Frutarom Group, said, "We will continue implementing our rapid growth strategy which is based on combining profitable internal growth with strategic acquisitions in order to achieve the goals we recently set for ourselves: sales reaching at least US$ 1.5 billion with an EBITDA margin of over 22% for our core activities by the year 2020."