Turpaz Acquires German Flavor Company Schumann
Turpaz Industries Ltd. purchased 100% of the share capital of the German company Schumann & Sohn GmbH which operates in the field of food flavors, for approx. EUR10.7m. The deal, which was completed on November 7, 2024, was financed through bank credit.
The purchase is a continuation of Turpaz’s international expansion strategy and strengthens its position in the field of sweet flavors in Western Europe. The Schumann company was founded by the Schuman family in 1948 and sold EUR6.7m in the 9 months ending on September 30, 2024, a sales rate similar to 2023. The turnover for the entire year of 2023 was EUR9m. Schuman’s profitability rate is similar to the profitability rate of Turpaz’s Flavor division.
The German company operates a production and development site in Karlsruhe, Germany, and employs 21 people. Leveraging the synergies between the companies is expected to generate Cross-Selling opportunities for Turpaz, both through the expansion of the customer base and through the expansion of the integrated product portfolio. Schumann’s complementary portfolio, which specializes in flavor solutions for the food industry and nutritional supplements, is expected to increase Turpaz’s ability to respond to the needs of its customers in the European market.
Karen Cohen Khazon, Chairperson and CEO of Turpaz: “The purchase of Schumann is a continuation of the realization of Turpaz’s global expansion strategy and strengthening of its position, whilst entering the sweet flavors market in Germany. We recognized the potential for growth based on the customer base and distribution channels of both companies. Leveraging the synergyies between the companies will allow Turpaz to utilize the competitive advantages of both companies and accelerate the rate of organic growth.”
Mrs. Sabine Schuman, the shareholder in Schumann, and Mr. Gerd Mossmann, one of Schumann’s managers, who will continue to accompany Schumann during the transition period: “Schumann’s integration into the Turpaz Group will bring with it new opportunities to expand Schumann’s product portfolio and distribution channels, by leveraging the geographical distribution of Turpaz, and will enable the preservation of Schumann’s legacy and the development of its business in the German flavor market.”
This purchase joins 3 purchases made by Turpaz in 2024, the English flavor company Flavors and Essences, the purchase of Sunspray in South Africa and the purchase of the Belgian-German Clarys & Willich group. In total, Turpaz has made 20 purchases since its establishment.