Israel’s Frutarom has acquired 70% of flavour solutions manufacturer GewuzMuhle Nesse for EUR18.41m “plus a future success fee payment based on continued improvement in Nesse’s future EBIT,” reported Globes.
Frutarom has an option to purchase the remaining 30% in 2007. The price will be based on 30% of the average annual EBIT multiplied by 6.5.
Nesse has 120 employees, two production facilities in Germany, and offices in 20 other countries.
Nesse’s revenue was EUR21.4m in 2004. Frutarom said Nesse achieved remarkable growth: “Sales have grown from EUR14.4m in 2001 to EUR21.4m in 2004 and are expected to continue growing at a double-digit rate in 2005.”