"The company intends to use the proceeds to finance future strategic acquisitions, as part of Frutarom's growth strategy and to refinance the cost of the recent acquisition of the European food systems business of IFF," said the group in January, operating in the €5 billion global flavours market. Reflecting the firm's hunger, in August last year Frutarom completed the €30 million acquisition of International Flavours & Fragrances (IFF) fruit preparation operations in Europe, including Germany, Switzerland and France. Buying into IFF's fruit and vegetable extract business gives Frutarom a firm foothold in the growing natural ingredients market. The fruit and vegetable extracts market has risen in parallel to the burgeoning functional food trend, itself driven by the consumer's desire to improve health and prevent disease through food and beverage consumption.