Cleary Gottlieb represented International Flavors & Fragrances (IFF) in the $900 million sale of its global savory solutions business unit to PAI Partners (PAI).
The transaction was announced on December 20, 2022, and closed on May 31, 2023.
IFF’s savory solutions business focuses primarily on ingredients for prepared foods and foodservice. It includes several business units operating out of Germany, Austria, Italy, Ireland, the UK, Poland, Ukraine, Canada, Mexico, Switzerland, and Thailand with more than 25 legal entities in 11 countries. With approximately 1,800 employees, IFF’s savory solutions business serves more than 11,000 customers world-wide.
PAI is a leading global private equity firm with a strong focus on the food and consumer industry. Under PAI’s ownership, the savory solutions business has been rebranded to NovaTaste, a global leader in taste innovation with headquarters in Salzburg, Austria.
For more information, please see the press release here.