The acquisition is Emmi's third in the past two months.
In December, Emmi bought an 80% stake in Spanish goat milk processor Lácteos Caprinos S.A., and followed that up earlier this month with the takeover of another goat milk manufacturer, American company Jackson-Mitchell, Inc. (Meyenberg).
IFF is an international company that manufactures and markets Italian desserts.
According to Emmi, the acquisition allows it to strengthen its position in the dessert segment.
The company has already taken over two other Italian dessert companies, A-27, in 2012, and Rachelli, in 2013.
Italian desserts
IFF’s best-known brand Dolce Italia started out in 1992 with tiramisù. Today, the IFF product range includes many other traditional Italian desserts.
IFF, which employs 70 people, generates sales of almost €20m ($21.4m), 85% of which comes from outside Italy, with key markets in the Netherlands and the UK.
Emmi said IFF provides access to the Netherlands, US and Canadian markets, where Emmi has so far had little presence in desserts.
No change to IFF brands
Emmi will keep the current production structure in Lasnigo. Flavio Pok, IFF founder and CEO, will remain in charge of the company.
The transaction is still subject to approval by the relevant competition authorities.
The parties have agreed not to disclose the purchase price.