News

Frutarom takes full ownership of Enzymotec

30 Oct 2017

Frutarom is to take full ownership of Enzymotec at a cost of approx. $210 million, acquiring the 81% of the company it did not previously own.

Frutarom is to take full ownership of Enzymotec at a cost of approx. $210 million, acquiring the 81% of the company it did not previously own. Enzymotec will become a subsidiary of Frutarom.

"We are delighted at having signed a definitive agreement for the acquisition of Enzymotec and its merger with Frutarom”, said Ori Yehudai, President and CEO of Frutarom Group. “This acquisition will provide additional reinforcement to our growing activity in natural specialty fine ingredients based on innovation which is expanding at a rapid pace. Following our announcement of the acquisition of Enzymotec shares and our intention to make a tender offer, we conducted friendly and professional negotiations with Enzymotec’s board of directors and reached an agreement on acquiring 100% ownership. This amicable transaction offers significant advantages to both parties, including a further boost in value for our shareholders along with providing a quick and efficient implementation of a growth strategy and profitability for Enzymotec’s operations as well as a rapid and effective realization of the significant synergies between the companies.”

“We are pleased that we have reached an amicable agreement with Frutarom in a manner that benefits our shareholders,” said Steve Dubin, Chairman of Enzymotec. “We believe that our customers will also benefit from the merger through Frutarom’s global presence and our employees will have the opportunity to thrive under Frutarom’s leadership as one of the world’s top companies in its field.”

"In the wake of the accelerated internal growth and the contribution of acquisitions made until now, Frutarom’s rate of annual sales already approaches US$ 1.5 billion,” said Yehudai. “We are working at identifying and executing further strategic acquisitions of companies and activities within the range of our operations. We will continue carrying out our rapid profitable growth strategy, which is based on combining profitable internal growth and strategic acquisitions, in order to achieve the targets we set for ourselves: sales of at least US$ 2 billion with an EBITDA margin of over 22% in our core activities by the year 2020.”