CVC is poised to acquire International Flavors & Fragrances’ food‑ingredients division for roughly $4 billion. The Amsterdam‑listed firm will outbid rivals for the unit that supplies sweeteners, emulsifiers and other industrial food components.

IFF’s ingredients arm has stumbled amid weaker demand for plant‑based proteins. Last quarter of 2025 the unit posted $802 million in net sales, down 4 percent from a year earlier, though first‑quarter sales rebounded 3 percent year‑on‑year.

The deal mirrors a broader trend of private‑equity carve‑outs: Advent bought Reckitt’s cleaning‑products business for $4.8 billion last year, and CD & R is set to acquire Sanofi’s consumer‑medications unit for €15.5 billion. Rising rates and geopolitical tension press PE firms to chase undervalued divisions.

If completed, the transaction will reposition CVC as a leading buyer of underperforming corporate units, signalling that large‑cap food‑ingredients producers may continue to divest to focus on core brands.