NEW YORK — Private equity firm PAI Partners (PAI) has finalized its acquisition of the savory solutions group of IFF in a transaction valued at about $900 million. With the completion of the deal, PAI has rebranded the savory solutions group as NovaTaste with headquarters in Salzburg, Austria.
Commenting on the completion of the deal, Frank Clyburn, chief executive officer of IFF, said the sale of the savory solutions group represents IFF’s continued efforts to optimize its portfolio as it focuses on core businesses and strengthens its capital structure.
“We remain steadfast in our commitment to further pursue portfolio optimization opportunities as we drive toward our deleverage target by the end of 2024,” he said. “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.”
The transactionfirst was announced in December 2022. At that time, PAI said it planned to expand the business in Europe and North America both organically and through acquisitions, notably in the plant-based and clean label segments.
