The merger of the two companies, to now be known as Savena Sfinc, will nearly double the size of Savena and significantly increase its geographic footprint, said the company.
The company said the combination of French based Savena and Belgium based Sfinc will generate significant revenues and purchasing synergies, broaden product offerings, and further pool the existing technologies and expertise of the respective teams.
“The merger of our two companies will allow the combined group to generate significant synergies developed by teams with a common vision. In addition, the combined R&D and expertise will benefit clients of both companies,” said Chris De Wolf, CEO of Sfinc.
“The new group will become a leading player in France, Belgium, Holland, Sweden and Germany with a strong export strategy for the rest of Europe and Asia," he said.
Savena CEO Eric Terré also welcomed the merger, explaining that the deal will open new European markets for the company, “in particular the Benelux area.”
“The nature of our respective client bases, our complementary geographical reach, and the potential to rationalise our industrial footprint and to produce a wide range of synergies means both companies are an ideal fit geographically and strategically” he explained.
Savena supplies a wide range of texture and flavour solutions and mixes to industry and catering firms across Europe, whilst the Sfinc group manufactures supplies spices, sauces, marinades and functional food mixes for agro-food businesses.
Both groups manufacture and produce their ingredient mixes for clients across Europe, and are said to have a ‘robust’ growth track-record – achieving double-digit growth rates in 2011.