IFF $IFF sells food ingredients unit to CVC for $4.3B at 10x EBITDA

$4.3B is the enterprise value attached to International Flavors & Fragrances $IFF's sale of its Food Ingredients business to CVC. The deal is well above the skill's $500M M&A threshold and values the division at about 10x EBITDA.

CVC's transaction release says IFF will retain an approximately 10% minority equity interest, or about $200M. The divested business generated nearly $3.1B in 2025 annual sales and about $430M of EBITDA. The Financial Times reported the transaction as part of a wider private-equity push to carve out underperforming corporate divisions.

Deal item | Figure
Enterprise value | About $4.3B
Valuation multiple | About 10x EBITDA
2025 sales | Nearly $3.1B
2025 EBITDA | About $430M
IFF retained stake | About 10%, or $200M

The market stake is portfolio simplification: IFF is narrowing toward Taste, Scent, and Health & Biosciences while CVC acquires a global food-ingredients platform. The next checkpoints are regulatory approvals, closing timing, use of proceeds, and whether IFF updates leverage or capital-return targets after the divestiture.