CERHA HEMPEL advised publicly-listed International Flavors & Fragrances Inc. 3(IFF) on the Austrian aspects of the sales transaction, which included Savory Solutions Group (as well as WIBERG GmbH and Frutarom Savory Solutions Austria GmbH, based in Salzburg, which have worldwide operations). The assistance provided to IFF also included, among other things, advice on an Austrian sale and purchase agreement, an Austrian share transfer agreement, structuring considerations and certain regulatory matters relating to Austria.
Closing took place on 31 May 2023. According to the parties involved in the divestiture, the transaction is valued at approximately USD 900 million.
IFF is active worldwide in food and beverages, fragrances, and health and wellness products. PAI Partners is a French private equity firm based in Paris. Savory Solutions Group is primarily focused on spice mixtures and ingredients for ready meals and food services, including products for butchers, as well as plant-based solutions for the vegan and vegetarian markets. It comprises several business units that operate from Austria, Germany, Italy, Ireland, Poland, Canada, Mexico and Thailand.
The team at CERHA HEMPEL, headed by Dr. Clemens Hasenauer LL.M./MBA (Partner, Corporate/M&A) and Dr. Harald Stingl LL.M. (Partner, Corporate/M&A), consisted of Mag. Johannes Prinz (Partner, M&A/Tax), Mag. Lorenz Pracht, LL.M. (Partner, Corporate/M&A), Mag. Tobias Tangl (Attorney, Corporate/M&A) and Svitlana Kuzmenko (Associate, Corporate/ M&A).