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Symrise acquires Giraffe Foods Inc.
Symrise AG today announced that it has signed a purchase agreement for the acquisition of Giraffe Foods Inc., a Canada based producer of customized sauces, dips, dressings, syrups and beverage concentrates for B2B customers, in the home meal replacement, food service and retail markets. With this transaction, Sym- rise will take a major step forward in the value chain, providing a wider variety of advanced taste solutions to a larger customer base in North America. In their fiscal year (end June 2021), Giraffe Foods saw an in- crease in sales above 25%, generat- ing revenues of approximately CAD $80 million. The closing of the trans- action is expected before the end of 2021. The purchase amount has not been disclosed.
“We consider this acquisition as a strategic opportunity to expand our portfolio into the highly attractive mar- ket for customized flavor and taste enhancement solutions. By combining Symrise’s Flavor & Nutrition expertise with Giraffe Food’s custom formula- tion capabilities, we aim to become a
leader in integrated taste solutions in North America to always better serve our customers. The acquisition of Gi- raffe Foods supports our well estab- lished Symrise businesses in the region and will enlarge our value proposition in Taste, Nutrition and Health”, said Dr. Jean-Yves Parisot, President Flavor & Nutrition of Symrise AG.
Through this acquisition, Symrise strengthens its market position with a fast-growing customer base in North America and will benefit from Giraffe Foods’ high degree of customer intima- cy. Additionally, moving further down the value chain will facilitate access to and further develop new capabilities, including advanced food science and culinary expertise, proprietary recipes as well as new and sustainable packag- ing formats.
Giraffe Foods Inc. is a leading player in the formulation and manufactur- ing of custom taste solutions in a wide array of packaging. Based on its ad- vanced R&D and culinary capabilities, customers rely on Giraffe to formulate and produce unique sauces, dress- ings, syrups, beverage concentrates
and more. In addition, customers also value Giraffe for their wide options of packaging and broad range of pro- cessing capabilities housed in state- of-the-art facilities. The food service, value added protein and home meal replacement sectors have historically seen strong growth in both North America and Europe.
Ari Powell, CEO of Giraffe Foods Inc., said, “I am very excited about this transaction. Our two organizations share a common culture that always puts the customer first. We will now be able to provide a larger variety of advanced flavor solution systems and products to a broader set of custom- ers, accelerating our growth for years to come.”
Symrise will acquire 100% of Giraffe Foods Inc. from private investment firm Graham Partners and the founding Pow- ell family. Symrise will finance the trans- action through a dedicated bank facility. As part of the transaction, Symrise will acquire the existing two production facil- ities and one warehousing site and inte- grate the approximately 250 employees of Giraffe Foods.
(Source: Symrise/ Giraffe Foods)
INGREDIENTS
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