SK Capital Partners LP holding Tilley Distribution Inc. on Monday, May 4, said it’s completed the sale of Phoenix Flavors & Fragrances Inc. to Turpaz Industries Ltd., exiting the flavors and fragrances business after five years.
New York-based SK Capital didn’t disclose the financial terms of the sale, but it will receive $95 million plus a potential earnout of up to $5 million based on performance this year, Turpaz said in its own statement. The sale comes after The Deal reported in January that Cascadia Capital LLC was set to run a marketing process.
Norwood, N.J.-based Phoenix develops and manufactures customized flavor and fragrance solutions for customers across food and beverage, personal care and industrial applications. The company operates manufacturing and research and development facilities in the U.S. and works with global and regional customers on tailored products.
Phoenix had adjusted Ebitda of $6.9 million on $36.8 million in revenue in 2025.
Baltimore-based Tilley acquired what was then known as Phoenix Aromas LLC in December 2021, with the combined platform generating about $30 million of Ebitda, The Deal reported. During its ownership, SK Capital invested in leadership, organizational build-out, production capabilities and operational infrastructure, positioning the company for continued expansion under Turpaz.
SK Capital had acquired a controlling interest in Tilley Chemical Co. in December 2020. With a 70-year history, Tilley is a value-added distributor of flavors, fragrances and ingredients for end markets including food and nutrition, industrial, personal care, healthcare and pharmaceuticals.
Under SK Capital’s ownership, the Tilley platform expanded through acquisitions, including Ingredients Solutions Inc. in September 2021 and Callahan Chemical Co. in January 2022. It rebranded as Tilley Distribution in September 2022.
Holon, Israel-based Turpaz develops, manufactures and markets flavors, fragrances and specialty fine ingredients for the food, beverage, perfumery and personal care sectors. The company serves more than 4,000 customers in more than 90 countries and has been expanding across Europe, the Americas, Asia and the Middle East.
The acquisition adds Phoenix Flavors & Fragrances to Turpaz’s portfolio of flavor, fragrance and natural ingredient companies and expands the buyer’s presence in North America.
New York-based SK Capital focuses on specialty materials, ingredients and life sciences companies, with a track record of carving out and scaling high-performance platforms. It invests from its flagship strategy in upper middle market and large companies and from its Catalyst funds in smaller and midsize companies.
It closed its sixth flagship fund with $2.95 billion in commitments in 2024.
The Phoenix sale extends a streak of activity for the firm in situations previously reported by The Deal. SK Capital last month announced its acquisition of food importer, distributor and supplier Brothers International Food Holdings LLC from Benford Capital Partners LLC and sold specialty materials business Isolatek International to Catchment Capital.
Elsewhere in the industry, American Pacific Group LP in April said it invested in fragrance brand Dossier, marking its fifth platform investment in the consumer products sector.
Cascadia Capital was the financial adviser to SK Capital and Phoenix, with Kirkland & Ellis LLP providing counsel.
Turpaz tapped Stifel, Nicolaus & Co. for financial advice, while OlenderFeldman LLP provided counsel.