IFF announced that it has successfully completed the previously announced divestiture of its Savory Solutions business unit to PAI Partners (PAI), a leading global private equity firm with a strong focus on the food and consumer industry.
Under PAI ownership, Savory Solutions Group has been rebranded to NovaTaste, taste innovation with headquarters in Salzburg, Austria.
“The sale of IFF’s Savory Solutions Group represents our continued efforts to optimise our portfolio as we focus on core businesses and strengthen our capital structure,” said Frank Clyburn, CEO of IFF. “We remain steadfast in our commitment to further pursue portfolio optimisation opportunities as we drive toward our deleverage target by the end of 2024. We’re grateful to our Savory Solutions colleagues, who have demonstrated their commitment to innovation, service and quality. We wish them the best in their new journey.”
Earlier in the year PAI Partners was involved in an agreement with Nestlé that oversaw the companies setting up a joint venture for Nestlé’s frozen pizza business in Europe.
“This transaction is testimony to our relationship with Nestlé and brings together Nestlé’s iconic brands with PAI’s depth of expertise in creating leaders in Food & Consumer. We are delighted to once again partner with Nestlé to replicate our previous success,” said Frédéric Stévenin, a Managing Partner at PAI Partners at the time.
“This investment is what we set out to do with PAI’s Mid-Market Fund – to continue PAI’s approach of partnering with strong brand platforms and building international leaders in the mid-market. We look forward to working closely with Nestlé and the management team to develop a leader in the European frozen pizza segment,” added Raffaele Vitale, a Founding Partner of PAI MMF.
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