Turpaz Industries acquires U.S. flavor and fragrance company Phoenix for $95 million

Turpaz Industries said its wholly owned U.S. subsidiary, Klabin-Turpaz, has acquired Phoenix Flavors & Fragrances in a deal valued at $95 million, plus up to $5 million in contingent consideration.

The company said the transaction was signed and closed on May 3, 2026, and that it was financed from its own resources. Turpaz described the acquisition as a way to strengthen its North American platform and improve its operating footprint in the U.S. flavor and fragrance market.

Phoenix is headquartered in Norwood, New Jersey, and operates sites in New Jersey and Indiana, according to the company’s announcement.

Deal terms

Turpaz said the base purchase price is $95 million, with additional contingent consideration of up to $5 million depending on performance in the second and third quarters of 2026.

The company said the deal adds scale and creates potential operating synergies as it expands in North America.

Why it matters

The acquisition gives Turpaz a larger U.S. presence in a niche ingredients market where distribution, customer relationships and manufacturing footprint can be strategically important. The key next step will be whether Phoenix’s performance triggers the contingent payment and how quickly Turpaz integrates the business.