Cascadia Capital Advises Phoenix Flavors & Fragrances, a Portfolio Company of SK Capital, on its Acquisition by Turpaz Industries

Cascadia Capital, an investment bank serving middle-market clients globally, is pleased to announce that Phoenix Flavors & Fragrances Inc. (“Phoenix” or the “Company”), a portfolio company of SK Capital Partners, LP and a developer and manufacturer of customized flavor and fragrance solutions, has been acquired by Turpaz Industries Ltd (TLV:TRPZ).

Phoenix, headquartered in Norwood, New Jersey, develops, manufactures, markets, and sells fragrance solutions used primarily in air care, personal care and home fragrance products, alongside flavors for the food and beverage industry, and serves a broad customer base of several hundred customers across the U.S. Over the past several years, Phoenix has expanded its footprint through complementary acquisitions, including Ascent Aromatics (2017), Creative Concepts (2018) and Innovative Fragrances (2022). Phoenix employs 76 people and currently operates three leased U.S. sites – a fragrance production facility in Norwood, New Jersey, a flavor production facility in South Bend, Indiana, and an advanced R&D center in Red Bank, New Jersey with strong development capabilities. Phoenix’s existing management team is expected to continue leading the business following completion of the acquisition.

Headquartered in Israel, Turpaz Industries Ltd. is an international company that develops, manufactures, and markets flavors, fragrances, and specialty fine ingredients, with a focus on natural, innovative, and high value-added products for the food, beverage, perfumery, and personal care industries.

The acquisition strengthens and expands Turpaz’s footprint in North America and establishes a full-scale U.S. operational platform combining development, manufacturing, marketing and sales capabilities, expected to support Turpaz’s continued growth in the region. Phoenix integrates directly with Turpaz’s existing U.S. fragrance operations under Klabin, which Turpaz acquired in 2022. Turpaz expects to consolidate fragrance production by transferring Klabin’s manufacturing into Phoenix’s Norwood, New Jersey site, driving operational efficiencies, cost savings and an improved cost structure for Turpaz’s U.S. activities. The combined platform is also expected to expand Turpaz’s customer reach in the U.S. through cross-selling, broader product offerings and combined development and innovation capabilities.

“This transaction represents a significant milestone for Phoenix,” said JP Benveniste, Chief Executive Officer of Phoenix. “Our partnership with Turpaz reflects a strong alignment of values, complementary capabilities, and shared industry expertise, positioning us to enhance our offerings, deliver greater value to our customers, and drive continued growth and innovation. Cascadia was instrumental in guiding us through this process with thoughtful advice, deep industry knowledge, and steadfast support.”

“We are honored to have advised Phoenix and SK Capital on this important transaction,” said George Sent, Managing Director at Cascadia Capital. “This deal underscores our deep expertise in the sector and our commitment to delivering optimal outcomes for our clients. Turpaz is an excellent partner for Phoenix, and we look forward to seeing the company continue to thrive under its new ownership.”

Related Transactions

This transaction represents Cascadia’s third flavor and fragrance (“F&F”) deal in the past eight months and its fifth specialty ingredient transaction over the last two years, four of which were cross-border. It also underscores the firm’s ability to execute seamlessly alongside leading private equity firms.