Phoenix Flavors & Fragrances acquired by Turpaz Industries

Turpaz Industries acquired the entire share capital of Phoenix Flavors & Fragrances from SK Capital Partners on 1 May 2026, through its American subsidiary Klabin-Turpaz, at an enterprise value of $95m, an EV/EBITDA multiple of 10x–18x, with up to a further 5 million dollars payable against performance in the second and third quarters of 2026. The price included the repayment of around 63 million dollars of net debt, and Turpaz funded it entirely from its own resources. The transaction was signed and completed the same day, and the existing management team under chief executive JP Benveniste stayed in place. Headquartered in Norwood, New Jersey, Phoenix develops and manufactures the fragrance compounds that scent air fresheners, cleaning products, cosmetics and candles, together with flavour extracts for food and beverage manufacturers. It serves several hundred customers across the United States from three leased sites: fragrance production at Norwood, flavour production at South Bend, Indiana, and a development centre at Red Bank, New Jersey. That improvement in margin without revenue growth followed a reorganisation completed during 2025, in which the company consolidated its fragrance plants, opened the South Bend flavours facility and installed new systems. Phoenix had itself grown by acquisition, buying Ascent Aromatics in 2017, Creative Concepts in 2018 and Innovative Fragrances in 2022. Turpaz already held Klabin, the American fragrance business it acquired in 2022, and intended to move its manufacturing into the Norwood site, estimating around 2 million dollars of savings over the following quarters. The combination gave it development, production and sales in both fragrance and flavour in North America, where it had previously operated at smaller scale. Cascadia Capital advised SK Capital Partners and Phoenix, with Kirkland & Ellis as legal counsel, while Stifel advised Turpaz, with OlenderFeldman as counsel.