The majority shareholder in enzyme supplier Novozymes has acquired PAI Partners' 25% stake in Denmark-based food ingredients group Chr. Hansen.

Privately-owned Novo said on Wednesday (11 January) that it had agreed to buy PAI's interest in Chr Hansen for around EUR560m (US$718.4m).

Novo said it did not intend to take control of Chr. Hansen but was "excited" to support the company as a "long-term minority shareholder".

"Chr. Hansen is a well-run company and is a good fit with our investment strategy, and we believe that it will prove to be an attractive long-term investment for us," Novo CEO Henrik Gürtler said.

PAI acquired Chr. Hansen, which makes food ingredients for manufacturers in the dairy, confectionery and meat sectors, in 2005.

The private-equity firm kept a majority stake in Chr. Hansen when the company listed in 2010 but has since reduced its shareholding.