renntag has acquired the Israeli specialty chemicals distributor Y.S. Ashkenazi Agencies Ltd, along with its subsidiary, Biochem Trading. This acquisition represents Brenntag’s entry into the Israeli market. Signing and closing of the acquisition occurred simultaneously.
Henri Nejade, Member of the Management Board of Brenntag SE and Chief Operating Officer Brenntag Specialties: “The acquisition of Y.S. Ashkenazi Agencies is an excellent opportunity for us to gain a foothold in the highly developed and innovative market in Israel. With this local presence, which is vital for our business, we can further expand our specialty products and services to suppliers and customers in the fast-growing Food & Nutrition and Personal Care markets in the region. We also see opportunities to expand our value proposition with global key accounts that operate in these markets.”
“We are proud to join Brenntag, the world’s leading specialty chemical distributor,” comments Yosi Cohen, CEO and President of Y.S. Ashkenazi Agencies. “This is a natural step for Ashkenazi as a top distributor of specialty chemicals in Israel to continue its growth with Brenntag Group.“
Y.S. Ashkenazi Agencies is one of the largest specialty chemical distributors in Israel and is located at Kibbutz Netzer Sereni, in close proximity to Ashod Harbor and Tel Aviv airport. Its extensive portfolio includes more than 500 specialty products, as well as value-added services and technical support.
Anthony Gerace, Senior Vice President M&A Brenntag Group: “The acquisition of Y.S. Ashkenazi Agencies is perfectly in line with our M&A strategy in the region. Y.S. Ashkenazi Agencies is the market leader in Israel in the important markets of Personal Care and Food & Nutrition. Its comprehensive product portfolio, large customer base and reputation for quality provide an excellent opportunity for us to leverage this new platform in the region.”
The acquired businesses generated sales of approximately 39 million EUR in the 2021 financial year.
