PAI Partners agrees to acquire Savory Solutions Group from IFF
20 Dec 2022
PAI Partners (“PAI”), a pre-eminent private equity firm, today announces that it has agreed to acquire Savory Solutions Group (“the Group”), a leading international provider of taste and functional solutions for the food sector, from IFF.
Savory Solutions Group provides a range of value-add savoury ingredients and blends, most notably under the Wiberg and Piasa brands. The solutions are used by food manufacturers, butchers and food service players to improve texture and taste, as well as extend the shelf life of their products.
The Group operates 17 manufacturing facilities and nine innovation sites, with over 1,800 employees. It serves more than 11,000 clients across Europe, North America and Asia, and generates approximately €470 million turnover.
With the support of PAI, Savory Solutions Group will seek to accelerate the business further through international expansion in Europe and North America, both organically and through acquisitions, notably in the attractive plant-based and clean labels segments.
This transaction underlines PAI’s unrivalled expertise in the Food & Consumer sector and strong track record in Consumer carve-out transactions. The company has particular experience within the Food ingredients space, built across numerous transactions including Chr. Hansen, which PAI successfully transformed together with the management team before floating the business in 2010.
The acquisition is subject to customary regulatory approvals and is expected to be completed by Q2 2023.