Irish foods firm Redbrook acquired for over €40m
Irish ingredients maker Redbrook has been snapped up for at least €40m by an Israeli company.
Owned by chief executive Kieran Fox and his family, Redbrook has a manufacturing premises in Dublin, and another in the UK.
Founded in 1987, it develops, produces and markets taste ingredients such as marinades, glazes and seasoning for food processors. It employs 39.
Haifa-based Frutarom said it has agreed to pay €40m for the Irish company, but that the final purchase price may be more if Redbrook achieves certain milestones.
For the 12 months to the end of June, Redbrook generated sales of €22.7m.
The most recent set of publicly-available accounts show it made a €1.9m pre-tax profit in the 12 months to the end of April 2015. That compared to a €1.8m profit the year before. It had shareholder funds of €5.7m at the end of April 2015. Mr Fox will remain with Redbrook. Frutarom said he will also continue in his role there and join Frutarom's flavour's activity management.
"The acquisition reinforces our market leadership in the UK and constitutes Frutarom's first entry into the Irish market, also giving us the advantages of a global manufacturer having a local R&D, production and sales platform for shortening delivery times and improving service to customers of the region," said Frutarom chief executive Ori Yehudai.
Established in 1933, Frutarom is considered a leading player in the global fine ingredients and flavours industry.
Quoted on the stock market, it markets and sells over 31,000 products to more than 15,000 customers in 145 countries.
It has 41 r&d labs and over 30 production facilities across Europe, North America, Israel and Asia. Its acquisition of Redbrook is its sixth purchase so far this year.