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In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the « summary of the transaction » below, containing the information provided by the parties.
This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed transaction.
The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition, as amended and supplemented.
Names of the companies and groups concerned:
- The direct acquirers: the companies “Foxtrot US Bidco, Inc.”, “Foxtrot UK Bidco Limited” and “Foxtrot Denmark Bidco ApS”, 100% owned by the company “Foxtrot Midco LP”.
- The indirect acquirers: funds managed or advised by subsidiaries of the company “CVC Capital Partners plc”;
- The target: the majority of the “Food Ingredients” business of the company “International Flavors & Fragrances Inc.”.
Nature of the transaction:
- Exclusive control acquisition.
Economic sectors concerned:
- Production sector of ingredient solutions for the food industry.
Deadline for interested third parties to submit their comments
- 10 days from the date of publication of this press release, i.e. September 14, 2026.
NON-CONFIDENTIAL SUMMARY OF THE TRANSACTION PROVIDED BY THE PARTIES
The Competition Council has received notification of an economic concentration project concerning the acquisition by the company “Foxtrot Midco LP” of the indirect exclusive control of the majority of the “Food Ingredients” business of the company “International Flavors & Fragrances Inc.” through its exclusive subsidiaries, the companies “Foxtrot US Bidco, Inc.”, “Foxtrot UK Bidco Limited” and “Foxtrot Denmark Bidco ApS”.
“Foxtrot Midco LP” is a Limited Partnership company under the laws of the State of Delaware, registered under number 10640320 and headquartered at Suite 302, 4001 Kennett Pike, New Castle County, Wilmington, Delaware, 19807, United States. “Foxtrot Midco LP” is a newly formed investment vehicle, indirectly controlled by funds or vehicles advised or managed by subsidiaries of the company “CVC Capital Partners plc”.
“Foxtrot US Bidco, Inc.” is a newly formed company under the laws of the State of Delaware with its registered office at Maples Fiduciary Services (Delaware) Inc., Suite 302, 4001 Kennett Pike, New Castle County, Wilmington, Delaware, 19807, United States.
“Foxtrot UK Bidco Limited” is a private company limited by shares newly formed under the laws of England and Wales with its registered office at 10th Floor, 110 Cannon Street, London EC4N 6EU, United Kingdom.
“Foxtrot Denmark Bidco ApS” is a private company newly formed under Danish law with its registered office at Alexandriagade 8, 2150 Nordhavn, Denmark.
“CVC Capital Partners plc” is a public limited company under Jersey law, listed on the Euronext Amsterdam stock exchange, registered under number 140080 and headquartered at 1st Floor, IFC1, Esplanade, St Helier, Jersey, JE2 3BX. “CVC Capital Partners plc” is an asset management and investment fund company. Funds managed or advised by subsidiaries of this company hold interests in companies operating in various sectors, including financial services, chemicals, utilities, manufacturing, retail, and distribution, in Europe, the United States, and the Asia-Pacific region.
The target business is currently 100% owned by the company “International Flavors Fragrances Inc.”, a company formed under the laws of the State of New York, headquartered at 521 West 57th Street, New York City, 10019, United States. “International Flavors & Fragrances Inc.” is a creator and manufacturer of products for the food, beverage, health, bioscience, and fragrance sectors. The target business represents the majority of the “Food Ingredients” segment of the selling company.
Done in Rabat, on September 3, 2026.
