Azelis said the acquisition further strengthens its position in the fast-growing and attractive Turkish market for food, as well as in the broader life sciences market.
Tunçkaya’s portfolio of products complements the Group’s lateral value chain for the domestic market, thereby further expanding its expertise and product offering to customers.
Founded by the late Zülfikar Tunç, Tunçkaya has grown to become a leading provider of ingredients and additives, as well as a range of blended products for various segments of the food market. Tunçkaya employs 25 people from its headquarters in Istanbul and serves more than 500 customers.
The company is active in food and beverages, with divisions in dairy, bakery and others. For the dairy sector, its products include melting salts and phosphates, texturizing agents, milk proteins and functional products for yogurts, ice cream and creams, preservatives, lactose, acidity regulators, antioxidants and colors.
Sertaç Sürür, managing director of Azelis Turkey, said, “We’re very happy to bring Tunçkaya into the Azelis family. Their strong relationships in the food market and general market position is a fantastic addition for our lateral value chain and complements the organic growth of Azelis.
“Turkey is a fast-growing region, and an increasingly important market in the food segment, so we’re delighted to grow together with Tunçkaya. We look forward to combining our talents, and leveraging our combined capabilities and expertise for our customers and principals in Turkey and across the wider EMEA region.”
The transaction is expected to close in the first quarter of 2022, after customary closing conditions are fulfilled.