Turpaz Industries, previously known as Bkf Perfume Compounding, has acquired Carotex, a Polish company specialising in flavours and fragrances, for $23.4m.
Based in Israel, Turpaz develops and markets flavours, fragrances, and speciality ingredients for food, beverage, perfumery, and personal care industries in over 65 countries.
The deal includes the issuance of 22% shares in Turpaz’s Polish subsidiary, Pollena Aroma.
The strategic acquisition aims to strengthen Turpaz’s presence in the European flavour and fragrance sector, particularly enhancing its offerings in the beverage industry.
Turpaz chairperson and CEO Karen Cohen Khazon said: “We are pleased to welcome Carotex to the Turpaz group. The acquisition of Carotex’s operations marks a strategic step in Turpaz’s expansion within the European flavour and fragrance market.
Carotex synergistically complements Pollena’s operations, and the integration in the segment of sweet flavours and innovative solutions for the food and beverage industries, as well as in the fragrance segment, will enable Turpaz to achieve operational efficiencies and expand its customer and product portfolio.
“This acquisition brings significant value, including professional expertise, complementary products, and a broad customer base. The merger will strengthen our presence and position in the European market and create greater value for our customers and shareholders.”
Founded in 1989, Carotex operates in Poland, focusing on sweet flavours, emulsions, and colourants for beverages and food products.
It also develops fragrances for personal care, cosmetics, and detergent industries.
Carotex’s product range complements Pollena’s existing portfolio, especially in the beverage sector, where Pollena has had limited presence.
The company employs 31 people and has a strong customer base across Europe.
As part of the acquisition, Carotex founders will join Pollena’s management team to facilitate the integration of operations.
The collaboration is expected to leverage Carotex’s expertise and expand Pollena’s reach.
Carotex founders, Lidia, Jan, and Andrzej Tatrzański stated: “We are excited to join the Turpaz Group and to merge Carotex with a company that shares our organisational culture, passion for innovation, and commitment to excellence in flavours and fragrances.
“The merger between Carotex and Pollena creates true added value, a combination of deep expertise in the world of flavours and fragrances, advanced development and production capabilities, a strong understanding of customer needs, and complementary geographic presence.
“We are confident that these synergies will allow us to expand our range of solutions, deliver even greater value to our customers, and grow together to new heights, all while preserving Carotex’s legacy.”
