The firm, which bought US-based Brucia Plant Extracts in early 2002, has signed mergers and acquisitions specialist Canec International to seek a new opportunity in Europe or North America.
Naturex said it is looking out for producers of extracts of vegetables, fruits, herbs, spices or botanicals that are sold to the industry, but not to retail. They have also hinted an interest in natural colours or flavour components, but not finished flavours or seasonings.
The acquisition of Brucia helped Naturex significantly grow its North American presence in botanical extracts. It currently generates half of its revenues (total €30 million) from the market, selling its products to food processors, flavour houses and nutraceutical companies.
It also saw an immediate rise in sales that have been growing on a yearly basis. After increasing its 2002 turnover by more than 80 per cent on the previous year to €29.6 million, growth slowed during 2003. The company was aiming to lift turnover a further 10 per cent last year with expected net income for the year between €1.8 and €2.2 million.
The Avignon-based firm plans to finalise its next acquisition during the first half of 2004.