Ingredients giant Döhler has snapped up struggling flavour maker Treatt.
Announced alongside Treatt’s half-year results this morning, the deal valued Treatt at £183m. It will see the family-owned Döhler increase its stake from just over a quarter to 100%.
The 305p per share offer represents a premium of 47% to Treatt’s average share price over the past three months, and is 48% higher than Treatt’s pre-deal price of 206p on 28 April.
The takeover has been agreed by both companies’ boards. But it will need to be approved by Treatt shareholders, who rejected a £170m bid from Natara Global in 2025 – a process that led to CEO David Shannon departing the business.
Investors had felt the £170m price tag was too cheap, as the offer had followed a crash in share price after two profit warnings earlier in the year knocked the stock down from around 400p to 200p.
After the offer’s rejection, however, Treatt’s shares have remained stagnant just above 200p.
Döhler was among Treatt’s shareholders at the time of Natara’s bid in September 2025. By January 2026, it had built up a 28% stake and entered into an arms-length relationship agreement with Treatt, which is both a supplier and customer to Döhler.
The German-headquartered group told investors it believed Treatt had a highly complementary portfolio and geographic reach, and would help extend Döhler’s business further into the US market.
“The acquisition combines the Treatt Group’s deep expertise in high‑performance natural extracts with the Döhler Group’s technology-driven ingredient systems and integrated solutions capabilities,” Döhler said.
It expected “immediate” cross-selling opportunities.
Treatt chairman Vijay Thakrar said his board believed the offer represented “the certainty of a cash exit for shareholders at an attractive value”.
“Döhler would be a highly complementary owner for Treatt, offering the scale, resources and global platform to support the business’ development over time,” he added.
“The combination of Treatt’s technical expertise and innovation capabilities with Döhler’s established ingredients platforms and international distribution network creates a strong foundation for future growth within an ownership structure with family culture and long-term investment at its core.
“Being part of the Döhler Group will provide significant development opportunities for Treatt’s employees and for Treatt to accelerate its new product innovation to develop even more products for customers with access to Döhler’s deep ingredients expertise.
No comments yet