PRESS RELEASE
Bank Leumi (uk) plc

PRESS RELEASE
Bank Leumi (uk) plc

Frutarom Industries Ltd acquires Sonarome

PRESS RELEASE

 

BANK LEUMI (UK) PLC

 


London, May 2015


Frutarom Industries Ltd acquires Sonarome

Israeli fine ingredients company Frutarom Industries Ltd has acquired 60% of the share capital of Indian flavours and fragrances company Sonarome.

Bank Leumi (UK) provided a £10.96 million facility to help finance the deal.

Vered Itzkovitch, Bank Leumi’s Head of Israel Desk and Israeli Related Business, said: “We have enjoyed a very successful relationship with Frutarom for the past ten years, and have been part of several key acquisitions in the UK and overseas.

“We were pleased to be able to help with this investment, which is a continuation of our support for the company’s overall growth investment strategy.

“We look forward to continuing to work with Frutarom and to supporting future investments and acquisitions.”

The current deal will see Frutarom pay $17.2 million in cash, a reflection of Sonarome’s company value of $28.6 million.

The purchase agreement includes an option to acquire the remaining balance of shares in 2017, at a price to be determined by the company’s business performance.

This is Frutarom’s fifth acquisition in 2015.

For further details please contact:
Vered Itzkovitch, Head of Israel Desk, Israeli Related Business at Bank Leumi (UK) plc
T: +44 (0) 020 7907 8166
E: vitzkovitch@BankLeumi.co.uk