Frutarom secures financing for Flavours & Essences buy

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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.

Listed on the London and Tel Aviv Stock Exchanges, Frutarom maintains significant production and development centers on all six continents and markets and sells over 70,000 products to more than 30,000 customers in over 150 countries. Frutarom’s products are intended mainly for the food and beverages, flavor and fragrance extracts, pharmaceutical, nutraceutical, health food, functional food, food additives and cosmetics industries.
 
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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