Downer & Company Advises Givaudan on Sale of Givaudan Flavors Inc.
BOSTON, February 26, 2008 - Downer & Company, an international investment banking firm specializing in middle-market corporate acquisitions and divestitures, is pleased to announce that Givaudan has sold its US subsidiary, Givaudan Flavors Inc. (GFI), to a subsidiary of Performance Chemicals & Ingredients Company (PCI). The deal closed on February 13, 2008 and the transaction value was not disclosed.
Givaudan, headquartered in Vernier, Switzerland, is the most significant fragrance and flavors company in the world. Givaudan Flavors Inc., manufactures dairy flavor systems, variegates and bases used in the production of ice cream. The divestment of GFI is in line with Givaudan's announced strategy of selling non-core businesses while focusing on high value-added flavor products. GFI is an excellent strategic fit with PCI and its subsidiaries, Diehl and Sensory Effects, and will allow PCI to become one of the leading suppliers of dairy flavor systems and ice cream ingredients.
"GFI was slightly off-core for Givaudan as dairy flavor systems are somewhat different than the traditional flavor business," said Joseph Downing, Managing Director, Downer and Company. "The pairing of GFI with PCI will provide an excellent strategic home for GFI and will help the company to prosper and become a true leader in this market," he continued. "PCI's entrepreneurial philosophy is best designed to leverage GFI's superior technical knowledge and application expertise. We couldn't have found a better partner for our client," Mr. Downing concluded.
The Downer & Co. team for the Givaudan divestiture included Mr. Downing (Managing Director, Boston), Jeffrey Robards (Director, Boston), Edward Raffoni (Vice President, Boston), Marion Gösweiner (Analyst, Frankfurt) and Jason Kustka (Analyst, Boston).
As the leading company in the Flavours and Fragrances industry, Givaudan creates and manufactures unique and innovative taste and smell solutions. They are developed for global, regional and local food and beverage manufactures as well as household, personal care and fine fragrance companies. Givaudan's tailor made flavour and fragrance compounds are a differentiating key element for its customers' successful consumer products. For more information visit www.givaudan.com.
About Performance Chemicals & Ingredients Company
PCI Company, based in St. Louis, MO, was formed in 2006 to acquire and manage specialty chemical and food ingredient businesses. The principals of PCI Company are experienced in the chemical and food industries, and have an exclusive alliance with the private investment firm Highlander Partners, L.P. PCI Company invests in small to mid-sized private companies and non-strategic business units of larger companies that possess capable management teams, fundamentally strong operations and leading technology platforms.
About Downer & Company
Downer & Co. is an independent, global investment bank offering its clients a high level of personal attention coupled with more than 30 years of international execution experience. With offices in five (5) countries and on three (3) continents, we have the unique ability to consistently identify the most appropriate buyers worldwide and to uncover "hidden" acquisition targets. Downer & Co. combines the global reach of a bulge-bracket investment bank with the personal touch of a boutique. For further information, visit www.downer.com.