Symrise acquiring Giraffe Foods to advance food science scope and proprietary recipes
07 Dec 2021 --- Symrise has agreed to acquire Giraffe Foods, a Canadian-based producer of sauces, dips, dressings, syrups and beverage concentrates, in a bid to expand its customer base in North America. No financial details of the deal have been disclosed.
With this move, Symrise will provide a more comprehensive selection of taste solutions by growing its flavor and nutrition segment. The closing of the transaction is expected before the end of 2021.
“The acquisition supports our well-established businesses in the region and will enlarge our value proposition in taste, nutrition and health,” says Dr. Jean-Yves Parisot, president flavor and nutrition, Symrise.
As part of the transaction, Symrise will acquire two production facilities, one warehousing site and integrate Giraffe Foods employees.
Plans to advance food science
In its fiscal year ended June 2021, Giraffe Foods saw an increase in sales above 25%, generating revenues of approximately CAD$80 million (US$63 million).
“We consider this acquisition as a strategic opportunity to expand our portfolio into the highly attractive market for customized flavor and taste enhancement solutions,” explains Parisot.
Further down the value chain, the partnership further develops advanced food science, culinary expertise, proprietary recipes, and sustainable packaging formats.
Symrise will acquire 100% of Giraffe Foods from private investment firm Graham Partners and the founding Powell family.
Symrise has strategically been expanding its taste portfolio this year. The company recently opened an innovation laboratory at Colworth Science Park in the UK. The on-site resources allow the local application specialists to “decode the market” to create taste solutions that meet current consumer trends.
The German Stock Exchange admitted Symrise, with a market capitalization of more than €16 billion (US$19 billion), into the DAX stock market index – in line with its expansion from 30 to 40 companies.
Patented taste formulations
The foodservice, value-added protein and home meal replacement sectors have seen strong growth in North America and Europe.
Giraffe Foods is a specialist in the formulation and manufacturing of custom taste solutions in a wide array of packaging and can, therefore, cater to the requirements of these sectors.
“We will now be able to provide a larger variety of advanced flavor solution systems and products to a broader set of customers, accelerating our growth for years to come,” adds Ari Powell, CEO of Giraffe Foods.
Edited by Inga de Jong
