Under the terms of the agreement, AromataGroup will hold a 76% stake in Fiorio Colori with the remainder owned by the Fiorio family.
Fiorio Colori’s CEO, Enzo Rosati, remains in the hot seat along with AromataGroup’s CEO Tonio Grassmann, who will co-manage the company. Fiorio family member Franco Fiorio will remain in the company as non-executive chairman.
The company said it would continue to operate on its current production site in Gessate, where the commercial and R&D offices are based. It plans to continue as an independent business unit of AromataGroup and build on a 2015 turnover of around €11m.
Bruno Arena, export manager for the AromataGroup said that the latest purchase was in keeping with the AromataGroup growth strategy of "aggregating medium size companies within the flavour and colour business".
Previous acquisitions of Select Alimenta, Emans Derivati Aromatici and Variati Aromi, means AromataGroup have interests in the household, personal care, chemical as well as food & beverage industries.
“In our opinion the health segment is the one that is heavily trending so we are trying to develop innovations in the sweet and savoury areas as well as in beverage,” said Arena.
Hans Udo Wenzel, president of AromataGroup said: “This is our fourth successful closing after we have started our project end 2011 with the acquisition of Select Alimenta.”
“We continue the aggregation process of flavour and colour producing companies for the food & beverage industry, with the goal of fostering the cooperation among innovative companies and in order to be for our customers a valid alternative versus the major market players."