Frutarom continues spending spree with $13M Enzymotec stake
August 02, 2017
Consumer Non-Durables | Migdal Ha'Emeq, Israel | Secondary Transaction
Frutarom has paid almost $13 million for a 7.6% stake in nutritional ingredients manufacturer Enzymotec, with a view to increasing its holding subject to the company's performance. Enzymotec saw revenues fall by more than 14% in 1Q 2017 compared with 1Q 2016, while adjusted EBITDA tanked by 44% in the same timeframe. The purchase comes as Frutarom CEO Ori Yehudai announced that his business has a shortlist of around 200 acquisition targets and approximately 20 deals in the works, per FoodBev Media.