Innova will join Carbery’s international flavours business, Synergy, building on its existing portfolio of sweet flavours, extracts and essences.
The acquisition is the latest development in Carbery’s expansion – the company opened an expanded cheese facility towards the end of 2020 and diversified into producing mozzarella for international markets.
“Through a series of acquisitions in the UK, the USA, Europe, South America and Asia, we have successfully built Synergy, our international flavours business,” said TJ Sullivan, chairman of Carbery Group.
“This new acquisition brings new opportunities with customers and markets that will strengthen the returns across our whole business.”
Carbery said Innova’s integration into Synergy would offer its existing customer base access to a range of flavours to meet the growing demand for natural flavourings and savoury ingredients. In addition, Carbery’s global footprint and history of investment in acquisitions would allow Innova customers to benefit from its global reach.
Jason Hawkins, chief executive of Carbery Group, said that in light of the potential challenges presented by COVID-19 and Brexit, the acquisition was an important step in creating stability for the business.
“We also need to consider strategic opportunities for us to grow, to strengthen our offerings for our customers and maximise what we can deliver for our shareholders,” he added.
“Acquiring Innova Flavors will enhance our business in the US, but also in Asia and Central and South America. The deal will bring opportunities right across our platforms of Dairy, Taste and Nutrition.”
Commenting on the deal, Innova Flavors stated: "We believe Synergy's global footprint and history of investment in acquisitions will allow Innova customers to benefit from the deep flavor expertise, insight and innovation programs, and global reach of the Synergy organization, making this acquisition a true win-win for all involved."
In addition to multiple locations in the US, Synergy has production, research and development and technical facilities in Ireland, UK, Italy, Thailand, Indonesia, and Brazil.
Meanwhile, the sale of Valeo Foods – owner of brands including Kettle and Rowse – to Bain Capital Private Equity has been agreed by current owner CapVest for an undisclosed sum.
Chief executive Seamus Kearney will continue to lead the business, boosted by Bain’s ‘deep knowledge and heritage in innovation and investment in the food and grocery sectors’.