Solina, a leading European producer of savoury ingredient solutions for the food industry, has announced that it has signed an agreement to acquire Saratoga Food Specialties in a carve-out transaction from Smithfield Foods. The transaction will further Solina’s expansion in North America. With operations in California, Illinois, and Nevada, and annual sales of US$280 million, Saratoga supplies Quick Service Restaurants (QSR) and food manufacturers with custom dry seasoning blends and liquid solutions such as sauces, dressings, and glazes. The transaction is expected to close at in the fourth quarter of 2022.
Latham & Watkins LLP represents Astorg and Solina in the transaction with a cross-border corporate deal team led by New York partner David Beller, Paris partner Alexander Crosthwaite, and Chicago partner Nathan Davis, with associate Aubrey Steiger. Advice was also provided on tax matters by New York partner Matthew Dewitz, with associate Jacob Nagelberg; on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum and Washington, D.C. counsel Laura Szarmach, with associate Dane Rebkowec; on labor and employment matters by Chicago partner Nineveh Alkhas, with associate Laura Waller; on real estate matters by New York counsel Shira Bressler; on debt financing matters by New York partner Stephanie Teicher and Paris partner Lionel Dechmann, with associates Aurelien Lorenzi and Florana Benabid; on intellectual property matters by New York partner Steven Betensky; on data privacy matters by Houston counsel Robert Brown; on FDA regulatory matters by associate Chad Jennings; on CFIUS matters by Washington, D.C. partner Les Carnegie, with associate Zachary Eddington; on antitrust matters by Washington, D.C. partners Amanda Reeves and Katherine Rocco and Paris partner Mathilde Saltiel, with associates Rebecca Frumento and Carla Palma; on HSR matters by Washington, D.C. counsel Britton Davis; on sanctions matters by Washington, D.C. counsel Andrew Galdes; on FCPA matters by Washington, D.C. partner Joseph Bargnesi; on environmental matters by New York counsel David Langer; on insurance matters by Los Angeles partner Drew Levin, with associate Harrison White; and on China securities law matters by Hong Kong partners Amy Beckingham and Terris Tang.