Symrise has signed a purchase agreement for the acquisition of Giraffe Foods, a Canada based producer of sauces, dips, dressings, syrups and beverage concentrates for business customers in the home meal replacement, food service and retail markets. The acquisition will enable Symrise to offer a wider range of taste solutions to an expanded customer base in North America. The move is hoped to drive accelerated growth in the region for the company’s flavour & nutrition segment. The closing of the transaction is expected before the end of 2021.
“We consider this acquisition as a strategic opportunity to expand our portfolio into the highly attractive market for customised flavour and taste enhancement solutions. By combining Symrise’s flavour & nutrition expertise with Giraffe Food’s custom formulation capabilities, we aim to become a leader in integrated taste solutions in North America to always better serve our customers. The acquisition of Giraffe Foods supports our well established Symrise businesses in the region and will enlarge our value proposition in taste, nutrition and health”, said Dr Jean-Yves Parisot, President Flavor & Nutrition of Symrise AG.
The company hopes to benefit from Giraffe Foods’ high degree of customer intimacy. Additionally, moving further down the value chain will facilitate access to and further develop additional capabilities, including food science and culinary expertise, proprietary recipes as well as sustainable packaging formats. The food service, value added protein and home meal replacement sectors have historically seen strong growth in both North America and Europe.
Ari Powell, CEO of Giraffe Foods, said: “I am very excited about this transaction. Our two organizations share a common culture that always puts the customer first. We will now be able to provide a larger variety of advanced flavor solution systems and products to a broader set of customers, accelerating our growth for years to come.”