Company Announcements

Acquires the British flavor company, F&E, for £22 million

This is Turpaz's 11th acquisition since its issuance

HOLON, Israel , Sept. 3, 2024 /PRNewswire/ -- Turpaz Industries Ltd. (TASE: TRPZ), a leading company in the field of development, production and marketing of flavor and fragrance extracts, and specialty fine ingredients announced the purchase of 100% of the share capital of Flavors and Essences UK Limited (F&E), a British flavors company, for £22m, from IFF.

F&E, founded in 1998, specializes in the development, production and marketing of flavor extracts for a variety of products. F&E has a wide customer base, mainly in the United Kingdom, and in other countries in Europe and Asia. It employs 50 people, including a sales team in Belgium responsible for sales outside Great Britain.

Karen Cohen Khazon, Chairperson of the board and CEO of Turpaz, said: "The purchase of F&E is another significant strategic step for Turpaz, which expands our presence in Europe and strengthens our position in the global flavor market. Our entry into the British market, which is a major market in Europe with a population of over 70 million inhabitants, opens up new and significant growth opportunities for us. Turpaz will work to leverage the synergy between F&E and the group's companies, with the aim of expanding the product offering and strengthening the group's cross-selling capabilities."

The turnover of F&E in the first six months of 2024 amounted to 6.6 million pounds (8.3 million dollars).

11 acquisitions since the IPO

Apart from this acquisition, Turpaz has completed two strategic acquisitions in 2024 that continue the group's global expansion trend - the acquisition of Sunspray in South Africa and the acquisition the Clarys & Willich group in Belgium and Germany. These purchases expanded the global distribution and sales of the group in the world. Turpaz has completed eleven acquisitions since its IPO in May 2021.

About Turpaz:
Turpaz is a global group that develops, manufactures and markets unique flavor, fragrance and raw material solutions for the food, beverage, pharma and personal care industries. With over 3,000 customers in 60 countries, Turpaz operates 17 production sites and R&D centers around the world and employs 800 people.

Company website: www.turpaz.co.il

Logo - https://mma.prnewswire.com/media/2380903/Turpaz_Logo.jpg

Contact:
Yoni Adini, General Counsel
yoni.adini@turpaz-group.com

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SOURCE Turpaz Industries