Carotex acquired by Turpaz Industries

Turpaz Industries acquired the business of Carotex in June 2025 from its founders, Lidia, Jan and Andrzej Tatrzański. Consideration combined 23.4 million dollars in cash, equivalent to 87.2 million zloty, with the issue of 22% of the shares in Pollena Aroma, the Polish subsidiary through which the purchase was made. Turpaz holds an option over that minority, exercisable four years after completion. Rather than withdrawing, the founders joined the management of Pollena to oversee the integration of the two businesses. Established in 1989, Carotex formulates and produces both flavours and fragrances. Its flavour range comprises sweet compounds, emulsions and colourings supplied to producers of alcoholic and soft drinks, dairy, bakery and pharmaceutical products; its fragrance activity serves manufacturers of personal care items, cosmetics, air fresheners and detergents. The company employs 31 people and sells across Europe, though Poland remains its principal market. Revenue reached $10.9m in 2024 against 9.1 million dollars the year before, with adjusted EBITDA of $5–25M and operating profit of 5.3 million dollars. Beverages explain the logic of the combination. Flavouring a soft drink or a spirit requires emulsions that remain stable in liquid and colourings that survive pasteurisation, competences distinct from those applied to a baked good or a detergent. Pollena, acquired by Turpaz in 2021 and already established in Polish fragrance and flavour manufacturing, had barely entered that segment; Carotex brought both the formulations and the customers. The acquisition formed part of a broader European expansion by Turpaz, which has assembled its positions through successive purchases of specialist producers in national markets, retaining their teams and their customer relationships while consolidating production and development across the group.

The acquisition of Carotex is part of the growth strategy of Turpaz Industries, which already has several external growth operations under its belt, notably Romessence in 2026.