Carbery Group confirms deal for US Innova Flavors business
The Irish-based Carbery Group ingredients business has confirmed the acquisition of US sector supplier Innova Flavors, from Griffiths Foods Worldwide, reports Neill Barston.
As the West Cork firm explained, the new company will be an addition to Synergy, which produces a wide range of industry flavours for segments including confectionery.
According to the business, the latest addition to its portfolio will bring a new range of savoury solutions to customers who partner with its teams for the creation and growth of their product portfolios. The financial value of the acquisition has not been released.
Known in the US for their sweet flavours, extracts and essences, Innova’s purchase expands the savoury capabilities of Synergy US and complements Synergy’s offerings worldwide.
“Our primary purpose is to add value for our farmer shareholders”, comments TJ Sullivan, Chairman of Carbery Group. “Through a series of acquisitions in the UK, the USA, Europe, South America and Asia, we have successfully built Synergy, our international flavours business. This new acquisition brings new opportunities with customers and markets that will strengthen the returns across our whole business.”
This acquisition is another significant business development in the last 12 months, with the company also seeing the opening of their expanded cheese facility towards the end of 2020, and a diversification into producing mozzarella for international markets.
Jason Hawkins, CEO of Carbery Group, commented “Our business was resilient throughout Covid-19, Brexit and the challenges of the last few years. Stability is important for us, but we also need to consider strategic opportunities for us to grow, to strengthen our offerings for our customers and maximise what we can deliver for our shareholders. Acquiring Innova Flavors will enhance our business in the US, but also in Asia and Central and South America. The deal will bring opportunities right across our platforms of Dairy, Taste and Nutrition.”
Innova supplies customised savoury flavours and ingredients to customers around the world. Their manufacturing facilities are based in the Chicago area, as is the HQ of Synergy US.
“This acquisition offers significant benefits to Synergy customers by providing them access to a proven range of flavours to meet the growing demand for natural flavourings and savoury ingredients, and these products complement Synergy’s current offerings”, comments Rod Sowders, President and CEO of Synergy Flavors Americas. “In addition, our global footprint and history of investment in acquisitions will allow Innova customers to benefit from the deep flavour expertise and global reach of our organisation.”