Frutarom to acquire Taura
Frutarom Industries Ltd has signed a purchase agreement for the acquisition of 100 per cent of the share capital of the Australian company Taura Natural Ingredients Holding Ltd.
Taura was purchased without any debts and holding cash amounting to approximately US$2.5m. The purchase agreement includes payment of an additional amount of approximately US$3.5m conditional on Taura’s business performance over the 12 month period ending 30 June 2016. The transaction will be financed using bank credit.
Taura was founded in 1973 as part of a New Zealand agricultural co-operative. Today Taura has evolved into a world leading player in concentrated and texturised fruit ingredients, possessing efficient state-of-the-art manufacturing facilities in New Zealand and Belgium along with sales offices in the US and in the UK, with an overall workforce totaling 130 employees.
Taura’s management team, led by Peter Dehasque, will continue managing the company and driving its strategic expansion.
Ori Yehudai, president and CEO of Frutarom Group, says: “The acquisition of Taura, a global leader in taste and fruit solutions, is the continuation of Frutarom’s implementation of its rapid growth strategy and the realization of its vision ‘to be the preferred partner for tasty and healthy success.’ This acquisition continues to solidify Frutarom’s position as one of the world’s top companies in its field and reinforces its presence and standing as a leading global producer for natural flavor and fruit solutions.
“The acquisition accelerates the growth of our activity in Asia-Pacific markets, with emphasis on Australia and New Zealand, while for the first time we will have R&D, sales and marketing platforms and a production site located in New Zealand. Taura has long-established relationships with leading customers in these countries that can serve as a springboard for offering them our full unique range of products. Frutarom will merge its sales platforms with Taura’s and together offer our customers throughout the world the full variety of Frutarom’s and of Taura’s innovative, unique and comprehensive capabilities and technologies in the fields of taste and health. The acquisition will also help strengthen Frutarom’s purchasing platform and abilities in natural raw materials, particularly fruit, in source countries.
“Following the acquisition, Frutarom will benefit from bringing on board Taura’s experienced and effective management team and employees at every level who will together with Frutarom contribute towards paving the way forward to continued and quickened growth.”
Yehudai adds: “Thanks to Frutarom’s proven experience carrying out acquisitions and capitalizing on the abundant synergies and cross-selling opportunities inherent in merging the acquired activity with those of Frutarom Group, both through the expansion of the customer base and by expanding the product portfolio, we are certain that this acquisition too will contribute to the continuation of Frutarom’s rapid and profitable growth and generate high value for our customers, employees and investors.”
Peter Dehasque, CEO of Taura, says: “This strategic move represents a major milestone in fueling Taura’s continued profitable growth into the high value, high growth segments of natural foods and nutritional snacks.”