Turpaz Industries, a global developer and manufacturer of flavors, fragrances, and specialty fine ingredients operating in more than 90 countries, has signed and closed an agreement to acquire Phoenix Flavors & Fragrances, a U.S.-based developer and manufacturer of fragrance and flavor extracts, for $95 million. The transaction, financed entirely from Turpaz’s own resources, also includes up to $5 million in contingent consideration tied to Phoenix’s performance during the second and third quarters of 2026.
Phoenix, headquartered in Norwood, New Jersey, develops, manufactures, markets and sells fragrance extracts used primarily in air care, personal care and home fragrance products, alongside flavor extracts for the food and beverage industry. The company serves several hundred customers across the US flavor and fragrance markets and currently operates three leased facilities — a fragrance production site in Norwood, a flavor production facility in South Bend, Indiana and an advanced R&D center in Red Bank, New Jersey. Phoenix generated revenues of $36.8 million and adjusted EBITDA of $6.9 million in 2025.
The acquisition integrates directly with Turpaz’s existing US fragrance operations under Klabin, which the company acquired in 2022, establishing what Turpaz describes as a full-scale US operational platform spanning development, production, marketing and sales across both the fragrance and flavor sectors. Turpaz plans to consolidate fragrance production by transferring Klabin’s manufacturing into Phoenix’s Norwood site, with savings of approximately $2 million expected to be realized over coming quarters through the integration.
Support: Cascadia Capital acted as financial advisor and Kirkland & Ellis as legal counsel to the seller; Stifel, Nicolaus served as financial advisor and OlenderFeldman as legal counsel to Turpaz.
KEY QUOTES:
“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 US Klabin operations, we are creating a full-scale operational platform in the US, spanning development, production, marketing and sales, in both the fragrance and flavor sectors, that we believe will support our continued growth in the region.”
Karen Cohen Khazon, Chief Executive Officer, Turpaz Industries
“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.”
JP Benveniste, Chief Executive Officer, Phoenix Flavors & Fragrances
