Dublin-headquartered food seasoning specialist Redbrook has been acquired by Israeli firm Frutarom for $44.8m (€40m) with potential for the final cost to rise.
The purchase agreement includes a mechanism for additional consideration to be paid, based on Redbrook’s future business performance.
The Israeli flavours and specialty ingredients company said the acquisition would continue the implementation of its rapid and profitable growth strategy.
“This is an important acquisition in establishing Frutarom’s standing as one of the world’s largest and leading companies for flavours, and strengthens its presence and position as a top global producer of natural, healthy and innovative savory taste solutions.
“It reinforces our market leadership in the UK and constitutes Frutarom’s first entry into the Irish market, giving us 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,” group chief executive Ori Yehudai said.
Redbrook was founded in 1987 and has an R&D and sales and marketing centre and production site near Dublin as well as operations in Daventry in England.
Redbrook chief executive Kieran Fox will continue in his role and will join Frutarom’s “flavours activity management” unit.
Frutarom said it considers the field of savory flavours an important growth engine for itself and about 10 years ago embarked on a strategic course of action to significantly build increase its presence in the sector with a string of acquisitions.
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