Turpaz Industries Ltd. announced on May 3 that its U.S. subsidiary, Klabin-Turpaz, Inc., has acquired all shares of Phoenix Flavors & Fragrances Inc. for $95 million, with an additional potential payment of up to $5 million based on performance in the second and third quarters of 2026. The acquisition was completed using Turpaz’s own resources.
The move is significant as it establishes a full-scale operational platform for Turpaz in the United States, one of the largest flavor and fragrance markets globally. By integrating Phoenix with existing Klabin operations, Turpaz aims to enhance development, production, marketing and sales capabilities across both fragrance and flavor sectors.
Karen Cohen Khazon, Chief Executive Officer of Turpaz Industries, said, “We welcome the Phoenix team and its highly experienced management team to the Turpaz Group. The acquisition of Phoenix marks an important strategic step for Turpaz and significantly strengthens our presence in North America – one of the most important flavor and fragrance markets in the world. 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 flavor sectors, that we believe will support our continued growth in the region. We expect meaningful synergies from combining the two businesses, both through consolidated production at the Norwood site and through expanded cross-selling opportunities across our combined customer base.” JP Benveniste, Chief Executive Officer of Phoenix Flavors & Fragrances added: “I am thrilled, as is everyone in our organization, to be joining forces and partnering with Turpaz. This acquisition not only represents a perfect fit of values and industry expertise but also allows us to seamlessly integrate our strengths into Turpaz’s global platform. Together we are well-positioned for significant growth and innovation in the very near future.”
Phoenix Flavors & Fragrances is headquartered in Norwood, New Jersey with additional facilities including a flavors production site in South Bend Indiana as well as an advanced R&D center located at Red Bank New Jersey; it employs 76 people across these locations. In 2025 Phoenix generated revenues totaling $36.8 million alongside adjusted EBITDA reaching $6.9 million—up from $36.6 million revenue reported during 2024.
The transaction builds on previous expansion efforts by Phoenix such as acquiring Ascent Aromatics (2017), Creative Concepts (2018), Innovative Fragrances (2022) along with recent operational improvements including consolidating manufacturing sites opening new facilities implementing advanced IT systems—all measures contributing toward improved efficiency according to company information provided.
Looking ahead Turpaz estimates approximately $2 million worth synergies can be realized over coming quarters by integrating Klabin’s manufacturing into Phoenix’s Norwood facility while expanding customer reach via cross-selling broader product offerings leveraging combined innovation capabilities within North America market segment.
