PAI Partners Acquires Savory Solutions Group from IFF

International Flavors & Fragrances (IFF) Sells Food Ingredients Business to CVC Capital Partners

June 2, 2026

Food & Beverage

IFF has entered into an agreement to sell its Food Ingredients business to funds advised by CVC Capital Partners for an enterprise value of approximately $4.3 billion (about 10x EBITDA). IFF will retain an approximately 10% minority equity stake and a board seat in the newly formed company, and expects to receive about $3.8 billion in net cash proceeds at closing.

PAI Partners to Acquire Innovad Group from IK Partners

December 8, 2025

Healthcare Services

PAI Partners has entered into a definitive agreement to acquire Innovad Group, a global specialty animal feed additives provider, from IK Partners. The deal is expected to close in the first quarter of 2026, and Innovad management led by Ben Letor will reinvest as part of the transaction.

Paeonia Industries Acquires the Savant Group

March 3, 2025

Industrial Services

Paeonia Industries, the industrial operating platform of Singapore-based Paeonia Group, has acquired the Savant Group, a Midland, Michigan–based consortium of companies specializing in lubricant testing, laboratory instrumentation, and materials certification. The deal will keep Savant's operations in Midland while leveraging Paeonia's global resources to expand capabilities and market reach in the energy, automotive and manufacturing end markets.

PAI Partners Acquires Majority Stake in Nutripure

July 25, 2024

Consumer Products

PAI Partners, through its PAI Mid-Market Fund, has agreed to acquire a majority, controlling stake in Nutripure from Ardian. The investment will support Nutripure’s product development, community growth and European expansion while founders and Bpifrance remain shareholders.

Exponent Acquires IFF's Flavour Specialty Ingredients (FSI) Business

August 2, 2023

Food & Beverage

Exponent Private Equity agreed to acquire the Flavour Specialty Ingredients division (FSI) from International Flavors & Fragrances (IFF), a UK‑headquartered supplier of natural and aroma chemical base aromas. The carve‑out includes four manufacturing and distribution facilities across the UK, US and China, serves ~970+ clients and generates over $100 million in revenue; Exponent will back FSI to grow organically and via acquisitions.

PAI Partners to Acquire Areas from Elior Group

April 24, 2019

Food & Beverage

PAI Partners has submitted an irrevocable offer to acquire Areas, a global travel catering leader, from Elior Group in partnership with Areas’ current management team. The deal would support rapid growth plans, including organic expansion and acquisitions, with additional focus on new geographies such as North America.