Munich — International law firm Clifford Chance has advised Frulact Serviços Partilhados SA, a portfolio company of private equity investor Ardian, on the acquisition of the food preparation business of International Flavors & Fragrances Inc (IFF).
The master asset purchase agreement was concluded in April 2021. The transaction is subject to antitrust clearance and is expected to be completed in the third quarter of 2021.
Frulact is a leading company for the production of ingredients for the food and beverage industry. The company specializes in fruit processing and is headquartered in Maia, Portugal. French private equity investor Ardian had acquired a majority stake in Frulact in 2020.
IFF is a leading manufacturer of flavors, extracts and fragrances for consumer products based in New York, USA. IFF’s food preparation business includes the development, production and distribution of fruit and vegetable preparation products for the food, beverage and pet food industries. As part of the transaction, Frulact will acquire the production sites in Emmerich (Germany) and Reinach (Switzerland), a site in Dijon (France) and assets and employees in other European countries.
The Clifford Chance team advising Frulact was led by partner Frederik Mühl (Corporate/Private Equity, Frankfurt).
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