Fourth purchase for Turpaz since the beginning of 2024
TEL AVIV, Israel, Nov. 12, 2024 /PRNewswire/ -- Turpaz Industries Ltd. (TASE: TRPZ) reports today the purchase of 100% of the share capital of the German company, Schumann & Sohn GmbH, which operates in the field of food flavors, for approx. 10.7 million euros. The deal, which was completed on November 7, 2024, was financed through bank credit.
The purchase is a continuation of Turpaz's international expansion strategy and strengthens its position in the field of sweet flavors in Western Europe.
The Schumann company, which is well respected in its field, was founded by the Schuman family in 1948 and sold 6.7 million euros in the 9 months ending on September 30, 2024, a sales rate similar to 2023. The turnover for the entire year of 2023 was 9 million euros. Schuman's profitability rate is similar to the profitability rate of Turpaz's Flavor division.
The German company operates a production and development site in Karlsruhe, Germany, and employs 21 people. Leveraging the synergies between the companies is expected to generate Cross-Selling opportunities for Turpaz, both through the expansion of the customer base and through the expansion of the integrated product portfolio. Schumann's complementary portfolio, which specializes in flavor solutions for the food industry and nutritional supplements, is expected to increase Turpaz's ability to respond to the needs of its customers in the European market.
Karen Cohen Khazon, Chairperson and CEO of Turpaz: "The purchase of Schumann is a continuation of the realization of Turpaz's global expansion strategy and strengthening of its position, whilst entering the sweet flavors market in Germany. We recognized the potential for growth based on the customer base and distribution channels of both companies. Leveraging the synergyies between the companies will allow Turpaz to utilize the competitive advantages of both companies and accelerate the rate of organic growth."
Mrs. Sabine Schuman, the shareholder in Schumann, and Mr. Gerd Mossmann, one of Schumann's managers, who will continue to accompany Schumann during the transition period: "Schumann's integration into the Turpaz Group will bring with it new opportunities to expand Schumann's product portfolio and distribution channels, by leveraging the geographical distribution of Turpaz, and will enable the preservation of Schumann's legacy and the development of its business in the German flavor market."
This purchase joins 3 purchases made by Turpaz in 2024, the English flavor company Flavors and Essences, the purchase of Sunspray in South Africa and the purchase of the Belgian-German Clarys & Willich group. In total, Turpaz has made 20 purchases since its establishment.
About Turpaz Industries
Turpaz Industries Ltd. (TASE: TRPZ) is one of the leading companies in Israel in the field of development, production and marketing of flavors and raw materials for the food industry. The company, founded in 2011, operates 17 production facilities and R&D centers in Israel and around the world, and serves more than 3,000 customers in 60 countries around the world.
In the first quarter of 2024, the company's revenues totalled $85.8 million, with an EBITDA rate of 45%. Turpaz will publish their 3rd quarter report for 2024 on Monday 11/18/24.
Company website: www.turpaz.co.il
Contact:
Yoni Adini, General Counsel
[email protected]
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SOURCE Turpaz Industries
