“A key aspect of our strategy is to continuously evaluate our portfolio to identify opportunities to maximize shareholder value,” said Frank Clyburn, CEO of IFF, in the release. “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 has approximately 1,800 employees, and has served more than 11,000 customers, generating approximately $475 million in revenue over the last 12 months, per the release. 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.