Azelis has agreed to acquire Euroconsultant, a Polish distributor of flavours, shelf life extenders and other products predominantly for the meat segment.
Euroconsultant is predominantly active in the meat segment, although the company is diversifying into other segments such as fish, cheese, dairy and poultry flavours.
Azelis claims that the acquisition will significantly expand its flavours offering in one of Europe’s fastest-growing economies, particularly as meat is a staple of Polish diets and the country is a major producer of meat products.
All of Euroconsultants employees will transfer to Azelis once the transaction is completed, expected in the first quarter of 2019.
Renata Bugiel, regional managing director Poland and Ukraine, said:
“We are very excited to bring on board such a well-reputed company like Euroconsultant, known in the market for its expertise and service.
“There is an excellent strategic fit that supports our further growth in Poland and beyond, allowing us to provide an improved product offering and customer reach.
“Meat consumption in Poland is expected to stay high while more customers switch to the use of flavours compared to traditional smoking methods.
“Azelis already has a lot of expertise in smoke segment and integration with Euroconsultant will further enhance our position in this market.”
Michał Bąbelek and Bartosz Maryniak, founders and managing directors of Euroconsultant, add: “We are very proud of what we have achieved over the last decade, having gradually grown the company to where it is today.
“Joining Azelis will only strengthen the company and will enable us to continue to thrive under their ownership, securing long-term prospects for our principals, customers, employees and other partners.
“While we focus on integration in short-term, we will continue to pursue our long-term ambition of increasing the use of clean smoke condensates.
“Joining such a well-established global player as Azelis will enable us not only to continue to deliver high-quality products and service to our customers, but also to access new growth opportunities.
“Our business will benefit from the speciality chemicals focus of Azelis and their immense technical knowledge, including access to food labs.”
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The move will assist in repaying outstanding debt (circa €1.6 billion or US$1.9 billion), while providing the company with increased financial flexibility. The IPO is also expected to support Azelis’ growth strategy and future acquisitions by providing funding and giving it access to capital markets.