T. Hasegawa USA, Inc. announced today that it completed the acquisition of Affinity Flavors, a privately owned company based in Corona, California. The acquisition is an integral part of T. Hasegawa Co. Ltd.’s strategy to accelerate its growth, by increasing investment in international markets. Terms of the transaction were not disclosed.
Following its prior investment in South East Asia, via the acquisition of Peresscol in Malaysia, and new capital investment in China, the acquisition of Affinity Flavors is aimed at strengthening its American market position. Takao Umino, Director, Deputy President & CFO of T. Hasegawa Co. Ltd., commented on the transaction, “This is an acquisition for growth—meaning its principal strategic objective is to give T. Hasegawa a stronger market penetration in the United States. Affinity, with its focus on Health & Wellness markets, brings complementary capabilities to our historical markets.”
Affinity also brings a proven management team that will be integrated with T. Hasegawa USA management. As part of that integration, Tom Damiano, Chief Executive Officer of Affinity, will head the combined entities as new Chief Executive Officer of T. Hasegawa USA. In addition, Dan Freimuth, Executive Vice President of Sales for Affinity, will be joining the combined management team as well. Tom Damiano commented, “It is a privilege to join THUSA as its new CEO. I am excited about this combination of the two companies and what it brings to our customers.”
Mark E. Bair, former President & CEO, will be departing the company, following a brief transition period. Mr. Umino added, “We thank Mark Bair for his service, 5.5 years leading the company. We wish him well in the future.”