CVC Credit is pleased to announce that it recently provided senior facilities and a dedicated acquisition facility, to fund PAI Partners' acquisition of NovaTaste (formerly Savory Solutions Group) , a leading international provider of taste and functional solutions for the food sector, from NYSE-listed International Flavours and Fragrances.
NovaTaste provides a range of savoury ingredients and blends, most notably under the Wiberg and Piasa brands, which are used by food manufacturers, butchers and food service players to improve texture and taste, as well as extend the shelf life of their products. The business operates 17 manufacturing facilities and nine innovation sites, with over 1,800 employees. It serves more than 11,000 clients across Europe, North America and Asia.
Our goal at CVC Credit is to support strong and stable businesses backed by experienced financial sponsors and we look forward to supporting NovaTaste and PAI.
John Empson Managing Partner, Co-Head of Private Credit at CVC
Simone Zacchi, Managing Director at CVC Credit, commented: "NovaTaste is a market leader with a clear customer-centric value proposition, and the number one player in the DACH region (Germany, Austria and Switzerland), as well as being top three in other key markets. We are thrilled to be supporting NovaTaste to strengthen their leadership position in the food sector."
John Empson, Managing Partner and Co-Head of Private Credit at CVC Credit added: "We are delighted to be partnering with PAI Partners once more, having previously backed their investments in Theramex and Scrigno. Our goal at CVC Credit is to support strong and stable businesses backed by experienced financial sponsors and we look forward to supporting NovaTaste and PAI as they work together through this next phase of growth."