European savoury ingredient producer Solina has agreed to purchase Smithfield Foods’ seasoning business, Saratoga Food Specialties, for $587.5 million.
Seasoning and sauce supplier Saratoga operates in the US and has annual sales of $280 million, supplying food manufacturers and quick-service restaurants with custom dry seasoning blends and liquid solutions, including dressings and glazes.
The acquisition will accelerate Solina’s North American expansion by adding liquid solutions to its existing dry seasoning capabilities, while doubling its number of facilities in the region.
CEO of Solina, Anthony Francheterre, commented: “With Saratoga joining Solina, we will create a leading one-stop-shop for ingredient solutions in North America”.
The transaction is expected to close at the end of October 2022, and upon closing, Saratoga’s leadership team and its 500 employees will join Solina.
“Solina has become a market leader in Europe by providing integrated solutions that address the diverse needs of each project, which complements the way we focus on our customers’ needs. This acquisition is good for our business, our customers and our people,” said Michael Marks, president of Saratoga.
With the acquisition of Saratoga, Solina will have four sites in the US and two in Canada, mirroring its capabilities in dry and liquid solutions in Europe.
© FoodBev Media Ltd 2022
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