Irish Seasoning Company Redbrook Snapped up by Frutarom for $45m
04 Aug 2016 --- Redbrook, the Dublin-based seasoning specialist, has been acquired by Israeli ingredients company Frutarom for $45m.
The acquisition is the sixth made by Frutarom this year and marks its first entry into the Irish food market.
Redbrook was founded in 1987 and makes and markets seasonings, functional blends and speciality ingredients for food processors.
In its latest full-year financial figures, Redbrook, which employs 39 people in Ireland and England, reported annual sales of €23m ($26m).
Frutarom is one of the world’s top flavour and ingredients companies and sells over 30,000 products across the world and employs around 2,700 people.
The CEO of Redbrook, Kieran Fox will continue in his role and will join Frutarom’s Flavors activity management.
Ori Yehudai, president and chief executive of Frutarom Group, said: "The acquisition of Redbrook is the continuation of the implementation of Frutarom Group's rapid profitable growth strategy and the realization of its vision 'to be the preferred partner for tasty and healthy success."
“This is an important acquisition in establishing Frutarom’s standing as one of the world’s largest and leading companies for flavors, and strengthens its presence and position as a top global producer of natural, healthy and innovative savory taste solutions. “
“The acquisition reinforces our market leadership in the UK and constitutes Frutarom’s first entry into the Irish market, also giving us the advantages of a global manufacturer having a local R&D, production and sales platform for shortening delivery times and improving service to customers of the region."
“Thanks to our proven experience carrying out acquisitions and capitalizing on the synergy and abundant cross-selling opportunities inherent in merging the acquired activity with those of Frutarom Group, we are certain this acquisition too will contribute to Frutarom's continued rapid and profitable growth and generate high value for our customers, employees and investors.”
"Frutarom intends to utilize and combine Redbrook’s R&D, sales and marketing infrastructure and production and supply chain platform in Ireland and the UK together with Frutarom's R&D, sales, marketing and manufacturing infrastructures and platforms in order to realize and leverage the many cross-selling and product possibilities generated by this acquisition by expanding both the customer base and the product portfolio, and to capitalize on the operational synergies between Redbrook’s activity and the activities of Frutarom.”
He added: "We are working on seeking out and executing additional acquisitions of companies and activities in our fields of activity, with special focus on high-growth markets, and we have a strong pipeline of potential strategic acquisitions. We will continue carrying out our rapid profitable growth strategy, which is based on profitable internal growth and strategic acquisitions, in order to achieve the targets we recently set: sales of at least $2 billion with an EBITDA margin of over 22% in our core activities by the year 2020.”
