Deal Detail

Phoenix Flavors & Fragrances Inc. to Turpaz Industries Ltd.

EV / LTM EBITDA

13.8x

EV / LTM Sales

2.6x

Enterprise Value

$95M

Primary Source

Company Release

Comparable Transactions

Ingredients & Flavors transactions announced in the five years to May 2026. 6 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
May 2026	IFF Ingredients Business	CVC Capital Partners	$4.3B	1.4x	10.0x	Financial
Jul 2025	Attractive Scent SAS	Turpaz Industries Ltd.	$47M	3.1x	15.4x	Strategic
Oct 2023	Orkla Food Ingredients	Rhone	$1.4B	0.9x	-	Financial
Jan 2023	Kerry Group plc	Irca S.p.A.	$500M	1.2x	12.2x	Strategic
Oct 2022	Denali Ingredients	Orkla Food Ingredients	$200M	2.0x	13.9x	Strategic
Jun 2022	Natra S.A.	CapVest Partners LLP	$503M	1.1x	-	Financial
	Mean			1.6x	12.9x
	Median			1.3x	13.1x

Source-specific multiples and notes for this transaction.

Comp	Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
	Primary	press release	Press Release	-	2026	$95M	2.6x	13.8x	-	excludes USD 5m earnout tied to Q2-Q3 2026	Open