Frutarom secures financing for Flavours & Essences buy
25 Jan 2018 --- Bank Leumi, the multi-specialist UK-based subsidiary of Israel’s international bank, has closed a £14.75 million (US$21.02 million) loan to Frutarom. The deal finances the acquisition of UK-based flavors company, Flavours & Essences (UK) Ltd, which was announced in August last year. At the time, FoodIngredientsFirst reported that the deal was completed for approximately US$19.5 million (£15 million) and would be completed upon signing and financed through bank debt.
Shalhevet Mandler, Head of Commercial Finance at Bank Leumi (UK) commented: “We are a relationship bank by nature, we’re always keen to support clients as they develop, so we’re pleased to support the company once more as it continues its expansion.”
Ori Yehudai, President & CEO at Frutarom, also commented: “The strategic acquisition forms a crucial continuation of our successful, rapid and organic growth strategy. Just as we’ve grown substantially in recent years, so have our requirements for loan facilities – and yet again Bank Leumi has delivered.”
“This is another acquisition of activity in Frutarom’s core field which will enable us to offer our customers a wider portfolio of solutions. This acquisition is further reinforcement for our growing activity in the UK where Frutarom holds a leading position in flavors. Frutarom will drive at exploiting to the utmost the cross-selling opportunities inherent in this acquisition and will work towards expanding the product portfolio to F&E’s existing customer base. In addition, Frutarom will take measures to achieve maximum commercial and operational efficiency from merging F&E’s activity with its own activity in the UK.”
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