IFF agrees to sell Food Ingredients business to CVC for $4.3 billion

International Flavors & Fragrances said on May 29 that it has agreed to sell its Food Ingredients business to funds advised by CVC Capital Partners for about $4.3 billion.

IFF said it will retain an approximately 10% minority equity interest in the business, worth about $200 million. The company said the transaction values Food Ingredients at about 10 times EBITDA.

The deal covers a business that generated nearly $3.1 billion in sales and about $430 million in EBITDA in 2025, according to IFF.

IFF said the sale is expected to close by the end of the second quarter of 2027, subject to regulatory approvals and customary closing conditions.

The company has been moving through a sale process for the unit in recent months. In its first-quarter results on May 5, IFF said it was progressing a disciplined process for the Food Ingredients business.

The transaction is part of a broader portfolio reshaping at IFF as it exits the unit while keeping a small equity stake in the business.