Schellenberg Wittmer acted as Swiss legal counsel to International Flavors & Fragrances Inc. (IFF) on the sale of its savory solutions business to PAI Partners (PAI). The transaction values the business at approximately $900 million which is expected to close in the second quarter of 2023, subject to regulatory approvals and other customary closing conditions.
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 Switzerland, 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.
Schellenberg Wittmer acted alongside Cleary Gottlieb Steen & Hamilton, Germany, lead counsel to IFF for this transaction. The Swiss team was led by Corporate/M&A partner Josef Caleff and included Elia Claude Schunck (Corporate/M&A), Michael Nordin and Roland Wild (both Tax) as well as Melina Suter (Employment).
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