PAI Partners, a private equity firm, has bought Savory Solutions Group, an international provider of taste and functional services for the food sector, from IFF.
Savory Solutions Group offers a range of ingredients and blends under brands such as Wiberg and Piasa. The company serves food manufacturers, butchers and food service players, aiming to improve texture and taste as well as extend the shelf life of their products. The Group operates 17 manufacturing facilities and serves more than 11,000 clients across Europe, North America and Asia.
“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,” says Frank Clyburn, IFF CEO. “We will work closely with PAI Partners to have a successful transition and look forward to Savory Solutions’ future under its ownership.”
J.P. Morgan Securities LLC and Lazard acted as financial advisors to IFF and Cleary Gottlieb Steen & Hamilton LLP provided legal support.