May 2017

May 30, 2017

Symrise expands presence in British beverage market through acquisition of Cobell Limited

— Cobell as number one supplier for juices in Great Britain ideally complements Symrise’s activities
— Symrise to increase customer proximity in the British beverage market segment
— Cobell and Symrise to become the leading single source for beverage ingredients and formulations

Symrise AG will strengthen its position in the British market segment for beverages. The Company has signed an agreement to acquire Cobell Limited from the Managing Partners. Cobell, which was established in 1999, is the largest supplier of processed fruit and vegetable juices in Great Britain and a leading supplier across Europe. Cobell ideally complements the activities and will enhance Symrise’s local presence and customer proximity.

"Knowhow meets innovation – this is the guiding principle of our acquisition of Cobell. The Group is firmly anchored in the British market and operates with extremely high customer orientation. It thus represents an ideal match for Symrise. In recent years, we have seen increased demand for innovative beverage solutions. Together with Cobell we prepare the ground for accelerated growth and expand our footprint. By combining Cobell’s impressive application and manufacturing capacities with our strong portfolio of natural flavors and our joint technological knowhow we will become a driving force. In addition, we will significantly enhance our customer proximity and act as single source for beverage ingredients and formulations in Great Britain,” said Dirk Bennwitz, President Flavor Segment EAME.

Symrise has been active for more than five decades in Great Britain and is a highly valued supplier to the Food and Beverage industry. After significantly growing the sweet and savory activities in the past, Symrise now aims to further drive growth in the British beverage market category which comprises annual sales potential of more than £ 100 million. Cobell’s state-of-the art manufacturing sites will play a decisive role in reducing lead times and make Symrise a partner that is even closer to its customers.

Cobell runs a modern plant in Exeter covering the full production cycle from sourcing ingredients, developing customer-specific recipes to blending and packaging products on an aseptic basis. The product range comprises juices, purees, cordials, concentrates and alcoholic drinks. Cobell generated sales of about £ 50 million (€ 58 million) in 2016 and employs 56 people. Symrise will continue to run Cobell’s activities under the well-established Cobell brand.

"We are delighted to have found a strong new owner for Cobell. Symrise shares the same mindset culturally and from a business perspective. Cobell will benefit from Symrise’s strong access to an impressive range of natural ingredients, as well as additional technologies, such as in taste modulation. Symrise on the other hand will be able to enhance its local supply chain and benefit from Cobell’s specialist sourcing and global supply base. Together we will be able to significantly increase our offering and differentiate ourselves in the market with tailor made solutions that fully respond to local consumer needs," said Nick Sprague, Chairman and founder of Cobell.

Both parties have agreed not to disclose financial details of the acquisition. Closing of the transaction is expected to take place at the beginning of July 2017.

 

 

About Cobell:

Leading British ingredients specialist, Cobell, which had an annual turnover of £ 50 million in 2016, has more than 250 suppliers and 600 customers worldwide. It was established in 1999 and employs 56 customer-focused staff across two locations including its head office in Exeter, Devon. Cobell is one of the largest purveyors in the UK of processed fruit and vegetable juices to businesses of all sizes from artisan producers to large food and drink corporations and is also a major provider throughout Europe. It trades in more than 370 processed fruit and vegetable ingredients and products for the food and drink industry such as fruit juices, concentrates, purees and natural flavors and colors.

Contact:

Nick Sprague
Tel.: +44 7968 186559
E-Mail: nick(at)cobell.co.uk

About Symrise:

Symrise is a global supplier of fragrances, flavorings, cosmetic base materials and substances as well as functional ingredients. Its clients include manufacturers of perfumes, cosmetics, food and beverages, the pharmaceutical industry and producers of nutritional supplements and pet food.

With sales of more than € 2.9 billion in 2016, Symrise is among the global leaders in the market for flavors and fragrances. Headquartered in Holzminden, Germany, the Group is represented with over 90 sites in Europe, Africa and the Middle East, Asia, the United States and Latin America.

Symrise works with its clients to develop new ideas and market-ready concepts for products that form an indispensable part of everyday life. Economic success and corporate responsibility are inextricably linked as part of this process. Symrise – always inspiring more...

www.symrise.com

Media contact:

Bernhard Kott
Tel.: +49 (0) 553190-1721
E-Mail: bernhard.kott(at)symrise.com

Investor contact:

Tobias Erfurth
Tel.: +49 (0) 553190-1879
E-Mail: tobias.erfurth(at)symrise.com

Symrise Shares (Xetra)

Contact

Tobias Erfurth
Head of Investor Relations

Phone: +49 (0) 5531 90 1879
E-mail: IR(at)symrise.com

Annika Stern
Phone: +49 (0) 5531 90 1547
E-mail: IR(at)symrise.com

Christian Haverkamp
Phone: +49 (0) 5531 90 1910
E-mail: IR(at)symrise.com

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