Dublin-based Redbrook Ingredients has been acquired by Frutarom, one of the world's leading flavour and fine ingredient companies, in a €40 million deal. The cost may increase, depending on Redbrook's future business performance, due to an earn-out structure inserted into the deal.
Redbrook, which reported sales of €22.7 million in the 12 months to June 2016 according to the Irish Times, is Ireland's leading supplier of niche functional ingredients for the meat and savoury food processing sectors, employs 35 people, and has a product range of glazes, marinades, seasonings, sauces and cures.
This is the first foray into the Irish market for the Israeli-based Frutarom, which was established in 1933, and operates through two divisions, its Flavours Division and Fine Ingredients Division. Frutarom currently markets and sells over 31,000 products in 145 countries and employs 2,700 people worldwide.
Discussing the acquisition, Ori Yehudai, president and CEO of Frutarom said that it “reinforces our market leadership in the UK” and will provide the company with 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.”
A spokesperson for Redbrook added: “Redbrook’s activity is largely synergetic with Frutarom’s global savory activity and will enable Frutarom to continue expanding and deepening its activity and market share in the UK and Ireland, and reinforce its supply of savory products while leveraging Redbrook’s specialised knowhow and technology.”