[South Africa] Iberchem Group to acquire a majority stake in Versachem
Global player in food and fragrance Iberchem Group has entered into an agreement to acquire a majority stake in Versachem, an established privately owned company specialized in the development and manufacturing of food flavours and colours.
Headquartered in Pretoria, South Africa, Versachem has been operating successfully in the region since 2006, offering a wide portfolio of high-quality products and counting on a full team of food technologists and flavourists.
Rina Wulfsohn, founder and CEO of Versachem, will remain in the capital.
This announcement comes as a first milestone in Iberchem Group's ongoing 2020 strategy of accelerating its organic growth through mergers and acquisitions. The Group is also currently focusing on the expansion of the footprint and capabilities of its flavour division, Scentium, within key fast-growing markets.
The terms of the mentioned deal have not been disclosed, while Deloitte and PwC acted as advisors of the transaction.
"We are glad to be welcoming all of Versachem's employees within the Iberchem Group's family," said Ramón Fernández, CEO of Iberchem. "Versachem's portfolio and expertise, as well as its corporate culture, are highly complementary to the ones of the Group. This acquisition will help us to quickly expand our offer in what represents a key market for both our flavour and fragrance divisions. It will definitely accelerate our commitment to developing unique products tailored to local preferences and characteristics. Our team looks forward to leveraging on Versachem's expertise."
"We are delighted to be teaming with the Iberchem Group," said Rina Wulfsohn, CEO of Versachem. "This alliance will highly benefit our trusted customers in the region mostly by strengthening our existing capabilities and abilities in the development of innovative flavour solutions. It will allow both companies to broaden their offering in South Africa and its neighbouring countries."