Turpaz buys US co in largest ever acquisition

Turpaz has bought New Jersey-based Phoenix Flavors and Fragrances for $95 million.

Fragrances and flavors producer Turpaz (TASE: TRPZ), controlled and managed by Karen Cohen-Khazon, has bought New Jersey-based Phoenix Flavors and Fragrances for $95 million plus up to $5 million depending on the company’s performance in 2026. This is the largest acquisition ever made by Turpaz. Turpaz’s share price has risen by 180% in the past year but has been at a standstill in the past quarter.

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The acquisition was made via Turpaz’s wholly owned US subsidiary Klabin Fragrances Inc., and was completed on May 1. It was financed by Turpaz’s own resources.

Cohen-Khazon floated Turpaz in May five years ago, and since then investors have made an impressive 740% return on the stock, thanks to a policy of growth via acquisitions. Cohen-Khazon, together with partners, took Turpaz over in 2011 for NIS 11 million. Its current market cap is NIS 8.1 billion.

Since 2017, Turpaz has made 27 acquisitions around the world. Phoenix Flavors and Fragrances develops, produces and sells fragrances for personal care and household products, and flavors for the food and beverages industry. It has a fragrances factory in New Jersey and a flavors factory in Indiana, and a research and development facility in New Jersey which, according to Turpaz, has advanced development capabilities. The company employs 76 people, and has a broad customer base.

On the basis of management accounts drawn up in accordance with International Financial Reporting Standards, Phoenix Flavors and Fragrances had revenue of $36.8 million and EBITDA of $6.9 million in 2025.

Turpaz sees this acquisition leading to greater operational efficiency, cost savings, and improvement in its cost structure in the US. It expects synergies of $2 million.

Published by Globes, Israel business news - en.globes.co.il - on May 3, 2026.

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