Ardian’s portfolio company Frulact acquires business unit of IFF

Niederer Kraft Frey acted as Swiss counsel to 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 transaction was successfully closed on 30 September 2021.

Frulact is a leading company for the production of ingredients for the food and beverage industry. The company specialises in the processing of fruits 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 flavours, extracts and fragrances for consumer products based in New York, USA. IFF’s food preparation business comprises the development, production and distribution of fruit and vegetable products for the food, beverage and pet food industries. As part of the transaction, Frulact takes over the production sites in Emmerich (Germany) and Reinach (Switzerland), a site in Dijon (France) as well as assets and employees in other European countries.

The NKF team was led by Corporate/M&A partner Patrik Peyer, working with partner Moritz Maurer, associate Binderiya Gan-Ayush and junior associate Lukas Würgler (all Corporate/M&A), supported by senior associate Oliver Zbinden (Real-Estate), as well as partner Valerie Meyer Bahar and junior associate Luisa Egli (both Employment) and partner Christina Rinne (Tax).

Clifford Chance LLP acted as lead counsel for Frulact. The team was led by Frankfurt private equity partner Frederik Mühl, working with senior associate Gerd Hegele and associate Iliana Diedrich.