Sector News

IFF to sell Savory Solutions Group to private equity firm for $900m

January 8, 2023
Consumer Packaged Goods

IFF has entered into an agreement to sell its Savory Solutions Group to PAI Partners for approximately $900 million.

Cash proceeds net of taxes and expenses will be used primarily to reduce outstanding debt.

IFF’s Savory Solutions supplies ingredients for prepared foods and foodservice, including products for butchers and plant-based solutions for the vegan and vegetarian markets. The group has several business units operating out of Austria, Germany, Italy, Ireland, Poland, Canada, Mexico and Thailand.

With approximately 1,800 employees, IFF’s Savory Solutions has served over 11,000 customers and generated nearly $475 million in revenue over the last 12 months.

IFF CEO Frank Clyburn said: “A key aspect of our strategy is to continuously evaluate our portfolio to identify opportunities to maximise shareholder value. 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.”

He continued: “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.”

The transaction is expected to close in the second quarter of 2023, subject to customary closing conditions and regulatory clearances.

By Rafaela Sousa

Source: foodbev.com

comments closed

Related News

December 3, 2023

‘Hangover Beauty’ tipped to be top trend in 2024 – WGSN

Consumer Packaged Goods

A new wave of brands is emerging that promotes indulgence and rejects the notion of sacrifice. Low-maintenance “hangover” beauty products are designed to address the effects of late nights and partying without judgment or hassle, and even include cosmetics that are formulated in a way that means you can fall asleep in your makeup without feeling guilty.

December 3, 2023

Diageo transforming Captain Morgan and Smirnoff distribution with circular packaging strategy

Consumer Packaged Goods

The pilot will allow the company to scale circular packaging in about 18 markets over the next three years, an approach that jumps on the success of similar efforts in the company’s Indonesia ecoSPIRITS program, which launched in 2022 and is active in 38 bars.

December 3, 2023

Unilever CEO: We will stop ‘force fitting’ purpose to our brands

Consumer Packaged Goods

Unilever’s focus on purpose across its brands has been a source of criticism from some of its investors. Its new CEO Hein Schumacher says the company now recognises there are some brands where the concept is simply not relevant.

How can we help you?

We're easy to reach