IFF has recently entered into an agreement to sell its Savory Solutions Group to PAI Partners, a leading global private equity firm with a strong focus on the food and consumer industry. The transaction values the business at approximately $900 million and is expected to be closed by 2nd quarter 2023.
“A key aspect of our strategy is to continuously evaluate our portfolio to identify opportunities to maximize shareholder value,” said IFF CEO Frank Clyburn. “The sale of IFF’s Savory Solutions Group is an important milestone as it allows us to focus on our highest-return businesses, improve our capital structure and enhance our go-forward growth and return profile. We appreciate the contributions of our Savory Solutions colleagues who have, for years, demonstrated their commitment to innovation, service and quality. We will work closely with PAI Partners to have a successful transition and look forward to Savory Solutions’ future under its ownership.”
IFF’s Savory Solutions Group focuses primarily on ingredients for prepared foods and foodservice, including products for butchers, and plant-based solutions for the vegan and vegetarian markets. It includes several business units operating out of Austria, Germany, Italy, Ireland, Poland, Canada, Mexico and Thailand.
IFF Savory Solutions served more than 11,000 customers with about 1,800 employees, and generated approximately US$475 million in revenue over the last 12 months.