Turpaz Industries Ltd. (TASE: TRPZ), an international leader in the development, manufacture, marketing and sale of flavors, fragrances and unique raw materials, announced today that it has signed an agreement to acquire 60% of the shares of the South African flavor company Nicola-J, through its subsidiary Sunspray, for a total consideration of USD 6.8 million (ZAR 118.4 million). Completion of the transaction is expected in the coming months, subject to obtaining the required regulatory approvals in South Africa. The transaction will be financed by internal resources. The agreement includes a mutual option to purchase the remaining 40% of the shares in Nicola-J, subject to its business performance.
Nicola-J, founded in 1997, is engaged in the development, production and marketing of sweet and savory flavors, colorants, essential oils and botanical extracts for the food and beverage industry. The company operates in South Africa, and also serves customers in Zimbabwe, Mozambique, Zambia, Botswana, Kenya and more. Its facilities include R&D laboratories, a manufacturing plant and offices covering an area of 5,100m, of which 2,500 sqm are built-up area, in Johannesburg, near the Sunspray plant, which specializes in spray drying for the food and beverage industry. The company employs 71 people.
Nicola-J’s founders — Jason Vlantis, a veteran manager with extensive experience in the African flavors industry; Nicky Vlantis, a leading flavorist; and Gary Boast, who developed the company’s sales infrastructure — as well as Dr. Karina Rogers, who has served as the company’s CEO in recent years, will continue to lead Nicola-J in the coming years.
Turpaz’s expansion of its operations in Africa in general, and in South Africa in particular, constitutes a strategic move to strengthen the group’s global presence, and will serve as a managerial and regional platform for continued deeper penetration, consolidation, and expansion of activity also in neighboring countries.
Karen Cohen Chazon, Chairperson and CEO of the Turpaz Group: “We are pleased to welcome Nicola-J to the Turpaz group. This acquisition represents another step in our expansion in the African flavor markets. Nicola-J synergistically complements Sunspray’s operations in South Africa, joining the group with a high-quality product portfolio, experienced management, and a broad and diverse customer base. This acquisition adds professional expertise, expands our customer and product portfolio, and strengthens our operations in Africa.”
Jason Vlantis, Nicky Vlantis, Gary Boast, and Dr. Karina Rogers, founders and managers of Nicola-J: “We are delighted to join the Turpaz group and embark together on a new and promising chapter for Nicola-J. The combination of the local knowledge and experience we have accumulated over decades together with Turpaz’s global capabilities, will allow us to expand our operations and provide our customers with greater added value. We believe that the partnership with Turpaz will create a strong platform for expansion into additional African markets, while continuing to invest in the development of innovative products and deepening our relationships with our customers.”
Rene Cross, CEO of Sunspray:
“The combination of Sunspray and Nicola-J creates a significant competitive advantage for us — from local development and manufacturing capabilities to commercial synergies. This connection will allow us to offer a broader and higher-quality product portfolio to our customers in South Africa and neighboring countries, whilst continuing to expand our presence in emerging markets across Africa.”
The flavor market in South Africa is experiencing increasing demand, driven in part by a diverse, young, and growing population of over 60 million people. The rapid demographic growth in the region creates significant potential for continued expansion.
According to Nicola-J’s audited reports for the year ending February 28, 2025, Nicola-J recorded annual sales of USD 6.6 million (ZAR 120 million), with a profitability rate similar to that of Turpaz’s Taste division.
