Établissements Doucy acquired by Turpaz Industries

Turpaz Industries acquired the whole of Établissements Doucy on 24 February 2025 through its Belgian subsidiary, together with the property occupied by the plant. The sellers were the managers who held the company through Janodor, the Belgian holding above it. Consideration amounted to €0–15M, funded by bank borrowing, with a further payment due on the company’s EBITDA through February 2027. Doucy held 1.6 million euros of net cash at the end of 2024. Its directors remained in charge and joined the management of the acquiring group. Trading since 1929 from Marcinelle before establishing itself at Fernelmont, Doucy formulates and produces sweet flavourings and food colourings. Its customers manufacture foods, soft drinks and alcoholic beverages, and it also supplies colourings and additives for animal feed. Development, application work and production occupy a single site of 5,600 square metres, of which 2,644 are built, acquired alongside the business. Revenue amounted to €0–5M for 2024, at a margin comparable to that of Turpaz’s taste division. Sweet and savoury are separate disciplines within flavour. The raw materials differ, the formulation work differs, and so do the customers: a dairy or a soft drink producer buys from different suppliers than a meat processor or a soup manufacturer. Turpaz already operated two plants in Belgium, both dedicated to savoury, and lacked the other half of the market in a region where it was otherwise established. The purchase was the group’s second of 2025, within an acquisition programme that has taken it into successive national markets, each time retaining the management of the business bought.

By taking control of Établissements Doucy, Turpaz Industries continues its expansion strategy. Previously, the group had completed 3 acquisitions, including Schumann & Sohn in 2024.