HOLZMINDEN, GERMANY — Symrise AG announced it has reached an agreement to acquire Giraffe Foods, Inc., a Mississauga, Ont.-based producer of customized sauces, dips, dressings, syrups and beverage concentrates for the home meal replacement, foodservice and retail markets, from private investment firm Graham Partners and the founding Powell family. Financial terms of the transaction were not disclosed.
“We consider this acquisition as a strategic opportunity to expand our portfolio into the highly attractive market for customized flavor and taste enhancement solutions,” said Jean-Yves Parisot, PhD, president of Flavor & Nutrition at Symrise AG. “By combining Symrise’s Flavor & 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.”
Symrise said the acquisition of Giraffe Foods will strengthen its market position with a “fast-growing customer base” in North America and will benefit from Giraffe Foods’ “high degree of customer intimacy.” The acquisition also will add access to advanced food science and culinary expertise, proprietary recipes and new sustainable packaging formats, Symrise said.
The acquisition includes two production facilities and one warehousing location.
Giraffe Foods generated revenues of approximately C$80 million in the fiscal year ended June 30, 2021, up more than 25% from the previous year.
“I am very excited about this transaction,” said Ari Powell, CEO of Giraffe Foods. “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.”