Frutarom makes acquisitions in Spain, U.K.

by Jeff Gelski
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HERZLIYA, ISRAEL — Frutarom Industries on Feb. 3 said it had acquired Ingredients Naturales Seleccionados SL of Spain (Ingrenat), which specializes in plant extracts, and FoodBlenders Ltd., which is based in the United Kingdom and develops, manufactures and markets savory systems.

Frutarom will acquire 100% of the shares of Ingrenat for about $8 million, plus up to an additional $1.1 million depending on Ingrenat’s 2015 performance. Ingrenat specializes in the research and development, production, and sales and marketing of plant extracts that deliver taste, color and antioxidant activity to foods. Ingrenat had sales of about $9.8 million in 2014. The company has a production site in Murcia, Spain.

“Frutarom is a leading global producer of natural specialty fine ingredients, and the acquisition of Ingrenat fits in well with our rapid and profitable growth strategy, which is based on natural flavor, health and coloring products,” said Ori Yehudai, president and chief executive officer of Israel-based Frutarom Group.

Frutarom will acquire 100% of the share capital of FoodBlenders for about $600,000, depending on FoodBlenders’ performance. The company has a customer base in British food and private label manufacturers. FoodBlenders had sales of about $3 million in 2014.

“This acquisition provides further reinforcement of our growing activity in the U.K. where Frutarom has a leading role in the field of flavors,” Mr. Yehudai said.
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