IFF Announces the Sale of Its Savory Solutions Group to PAI Partners
20 Diciembre 2022 - 5:55AM
Business Wire
IFF (NYSE: IFF) today announced it has 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 cash proceeds net of taxes and
expenses will be primarily used to reduce outstanding debt.
“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. With approximately 1,800 employees, IFF’s Savory
Solutions served more than 11,000 customers, and generated
approximately $475 million in revenue over the last 12 months. The
transaction values the business at approximately 14x the last
12-month EBITDA.
IFF and PAI Partners expect to close the transaction in the
second quarter of 2023, subject to customary closing conditions,
including satisfaction of applicable consultation requirements, and
regulatory clearances.
J.P. Morgan Securities LLC and Lazard acted as financial
advisors to IFF and Cleary Gottlieb Steen & Hamilton LLP
provided legal support.
Cautionary Statement under the Private Securities Litigation
Reform Act of 1995
This press release contains “forward-looking statement” within
the meaning of the federal securities laws, including Section 27A
of the Securities Act, and Section 21E of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). Forward-looking
statements often address expected future business and financial
performance and financial condition, and often contain words such
as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,”
“see,” “will,” “would,” “target,” similar expressions, and
variations or negatives of these words. Forward-looking statements
by their nature address matters that are, to different degrees,
uncertain, such as statements about the proposed transaction and
the expected timetable for completing the proposed transaction. The
forward-looking statements included in this release are made only
as of the date hereof, and we undertake no obligation to update the
forward-looking statement to reflect subsequent events or
circumstances.
Welcome to IFF
At IFF (NYSE: IFF), an industry leader in food, beverage, scent,
health and biosciences, science and creativity meet to create
essential solutions for a better world – from global icons to
unexpected innovations and experiences. With the beauty of art and
the precision of science, we are an international collective of
thinkers who partners with customers to bring scents, tastes,
experiences, ingredients and solutions for products the world
craves. Together, we will do more good for people and planet. Learn
more at iff.com, Twitter, Facebook, Instagram, and LinkedIn.
© 2022 by International Flavors & Fragrances Inc. IFF is a
Registered Trademark. All Rights Reserved.
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Media Relations: Paula Heinkel 332.877.5339
Media.request@iff.com
Investor Relations: Michael Bender 212.708.7263
Investor.Relations@iff.com
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