Turpaz Industries takes majority stake in Sensory FX

Turpaz Industries acquired 70% of Sensory FX on 30 October 2026 from its existing shareholders, for 10.6 million dollars in cash, equivalent to 177.4 million rand, with an additional consideration payable on the company’s performance over the year to February 2027. The purchase was made through Sunspray, its South African subsidiary, completed on signature and financed by long-term bank debt. Founded in 1999 and based in the Johannesburg area, Sensory FX develops, manufactures and markets flavour and fragrance compositions for manufacturers of food, beverages, personal care products, household goods and home fragrances. Its perfumers and flavourists formulate to each customer’s specification, and it ranks among the few independent producers of fragrance compositions in South Africa. It employs 75 people and operates a plant and creative centre opened a year before the transaction. Revenue reached $10.9m in the year to February 2026, against 9.2 million previously, with an EBITDA of $2.4m and an operating profit of 2.0 million dollars. The remaining 30% stayed with shareholders experienced in the South African flavours and fragrances industry, who continued to run the business. Reciprocal put and call options cover those shares, exercisable after two or three years depending on the holder, at a price determined by the company’s performance over the intervening period and payable in cash or in Turpaz shares issued at their average market price over the preceding thirty days. Formulation work requires proximity to the customer, since a flavour or fragrance is developed through successive trials against the manufacturer’s own product and process, which a supplier operating from another continent cannot conduct at the same speed and which is what gives a local producer its position. The acquirer already operated two businesses in the same part of South Africa, Sunspray in spray-dried food ingredients and Nicola-J in flavours, and the purchase added fragrance composition, a field in which it had no South African presence, to an emerging regional platform.

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