Turpaz Acquires Phoenix for $95M

Turpaz Industries has completed its acquisition of Phoenix Flavors & Fragrances Inc., a U.S.-based fragrance and flavor extracts company, for $95 million. This transaction underscores Turpaz's strategy to strengthen its footprint in North America, a key market for the flavor and fragrance industry. The deal has been financed entirely from Turpaz’s own resources and includes a potential additional payout of up to $5 million contingent on Phoenix's performance in 2026.

Phoenix Flavors & Fragrances, located in Norwood, New Jersey, produces and sells fragrance extracts for air care, personal care, and home fragrance sectors, as well as flavor extracts for food and beverage applications. With facilities in New Jersey and Indiana, Phoenix generated $36.8 million in revenue and an adjusted EBITDA of $6.9 million in 2025, serving hundreds of customers across the U.S.

The acquisition aligns with Turpaz's strategic goal to consolidate and expand its U.S. operations. By integrating Phoenix with its existing Klabin operations acquired in 2022, Turpaz aims to create a comprehensive U.S. operational platform. This consolidation will involve moving Klabin’s manufacturing to Phoenix’s Norwood facility, with anticipated cost savings of $2 million. This move bolsters Turpaz's capacity in development, production, and sales in the fragrance and flavor sectors.

The transaction, advised by Stifel, Nicolaus and OlenderFeldman for Turpaz, and Cascadia Capital and Kirkland & Ellis for the seller, places Turpaz in a stronger competitive position as it seeks to leverage the scale and capabilities of its expanded U.S. presence. This acquisition is significant in the backdrop of growing demand in the North American flavors and fragrance market, where scale and efficient production are increasingly critical.

Looking ahead, Turpaz expects the integration of operations to unfold smoothly and believes this acquisition will provide a robust platform for further growth in the region. The realization of synergies and operational efficiencies remains a priority, as does the successful meeting of the performance requirements tied to the contingent payout.