Turpaz acquires Phoenix Flavours and Fragrances in USD 100M deal
This move creates a strong North American platform for the brand via integration with its Klabin subsidiary.
USA – Turpaz Industries Ltd. has secured a major foothold in the U.S. by acquiring Phoenix Flavours & Fragrances Inc. for USD 95 million plus up to USD 5 million in performance-based earn-outs through Q3 2026.
Turpaz’s U.S. arm, Klabin-Turpaz Inc., finalized the purchase of all Phoenix shares from a private equity seller on May 3, 2026, using only internal funds.
This deal merges Phoenix with Turpaz’s 2022-acquired Klabin for end-to-end U.S. capabilities in development, manufacturing, sales, and marketing across fragrances and flavours.
Turpaz plans to shift Klabin production to Norwood for USD 2 million in near-term collaboration, plus cross-selling and innovation boosts linking to its fine fragrance unit.
Karen Cohen Khazon, Chief Executive Officer of Turpaz Industries, said, “By integrating Phoenix with our existing U.S. Klabin operations, we are creating a full-scale operational platform in the U.S., spanning development, production, marketing and sales, in both the fragrance and flavour sectors, that we believe will support our continued growth in the region.”
This purchase stands out as Turpaz’s largest to date, surpassing its 27 prior global acquisitions since 2017 amid a strategy that has delivered investors a 740% return since its 2021 IPO, with shares up 180% over the past year despite recent stagnation.
Advisors included Stifel and OlenderFeldman for Turpaz, Cascadia Capital and Kirkland & Ellis for the seller.
Forward-looking elements like alliances carry risks from market shifts, as Turpaz’s 2025 report notes.
The transaction, executed through Turpaz’s U.S. subsidiary Klabin Fragrances Inc. and fully funded from internal cash reserves, closed on May 1, 2026, marking a pivotal step in bolstering the company’s North American footprint.
Deal Financials and Target Profile
Turpaz develops and sells flavours, fragrances, intermediates, and fine ingredients in over 90 countries, focusing on organic expansion and acquisitions.
The firm has grown through acquisitions such as Ascent Aromatics (2017), Creative Concepts (2018), and Innovative Fragrances (2022), while boosting efficiency in 2025 by merging fragrance sites, launching a flavours plant in South Bend, Indiana, and upgrading IT systems.
On the other hand, Phoenix, based in Norwood, New Jersey, crafts fragrance extracts for air care, personal care, home scents, and flavour extracts for food and drinks, catering to hundreds of U.S. clients.
Phoenix recorded USD 36.8 million in revenue and USD 6.9 million in adjusted EBITDA in 2025, up from USD 36.6 million in sales and USD 5.1 million in EBITDA in 2024.
It runs three leased facilities: a 3,500 sqm fragrance plant in Norwood, a 2,000 sqm flavours site in South Bend, and a 1,200 sqm R&D hub in Red Bank, New Jersey, with 76 employees staying under the current leaders.
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