IFF sells Food Ingredients business to CVC for $4.3B, retains ~10% stake

INTERNATIONAL FLAVORS & FRAGRANCES INC

Transaction values Food Ingredients at ~$4.3B (~10x EBITDA); net cash proceeds ~$3.8B.
IFF retains ~10% equity interest (~$200M) and a board seat in the new company.
Divested business generated ~$3.1B sales and ~$430M EBITDA in 2025.
Proceeds prioritized for debt reduction, share repurchases, and reinvestment.
Deal expected to close by end of Q2 2027; IFF reiterates FY 2026 guidance ($10.5B-$10.8B sales, $2.05B-$2.15B adj. EBITDA).

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

INTERNATIONAL FLAVORS & FRAGRANCES INC entered into Transaction Agreement with Foxtrot US Bidco, Inc. and Foxtrot Midco LP (affiliates of CVC Capital Partners) valued at approximately $4.3 billion (effective 2026-05-28).

Action: entry
Agreement: asset purchase
Counterparty: Foxtrot US Bidco, Inc. and Foxtrot Midco LP (affiliates of CVC Capital Partners)
Value: approximately $4.3 billion
Effective: 2026-05-28

Exact text from the filing

On May 28, 2026, International Flavors & Fragrances Inc. (“IFF” or the “Company”) entered into a Transaction Agreement (the “Transaction Agreement”) with Foxtrot US Bidco, Inc. (“Buyer”) and Foxtrot Midco LP (“Buyer Parent”), each affiliates of CVC Capital Partners, pursuant to which, subject to the satisfaction of customary closing conditions set forth in the Transaction Agreement, IFF has agreed to sell to Buyer the Company’s Food Ingredients business (the “Business”) in a transaction valuing the Business at approximately $4.3 billion (the “Transaction”).

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Source: SEC EDGAR

accession 0001193125-26-249963

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