David Ruf ’19 pitched International Flavors & Fragrances (IFF) to the Student Managed Investment Fund (SMIF) on April 1, 2019. Founded in 1958, IFF provides flavor and fragrance products in the form of naturals and synthetic additives and delivery systems & enzymes. Their $7.1 billion dollar acquisition of Frutarom in Oct 2018 created the largest naturals flavor and fragrance company encompassing 75% of the global market and added exposure to natural colors, natural food protection, cosmetics, and pharmaceuticals industries. The company focuses on developing products based on consumer market trends and local consumer taste and smell preferences to develop new products on trends like health consciousness and bold and exotic flavor testing. The company has continued its aggressive M&A tactics acquiring the Additive Advantage and Leagel in 2019 alone. IFF continues to grow and take over a large portion of the Flavor and Fragrance market share as the global market is undergoing consolidation. IFF & Frutarom have global combined revenue of $5.3 billion serving over 136,00 customers with over 90,000 products in 163 countries. The class voted to buy 80 shares of IFF.