{"id":48638,"date":"2026-09-03T10:57:33","date_gmt":"2026-09-03T10:57:33","guid":{"rendered":"https:\/\/conseil-concurrence.ma\/communique-du-conseil-de-la-concurrence-relatif-au-projet-de-concentration-economique-portant-sur-la-prise-par-la-societe-foxtrot-midco-lp-du-controle-exclusif-indirect-de-le\/"},"modified":"2026-09-03T11:00:29","modified_gmt":"2026-09-03T11:00:29","slug":"press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o","status":"publish","type":"post","link":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\/","title":{"rendered":"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company \u201cFoxtrot Midco LP\u201d of the indirect exclusive control of the majority of the \u201cFood Ingredients\u201d business of the company \u201cInternational Flavors &#038; Fragrances Inc.\u201d"},"content":{"rendered":"<p>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 \u00ab summary of the transaction \u00bb below, containing the information provided by the parties.<\/p>\n<p>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&#8217;s position on the proposed transaction.<\/p>\n<p>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.<\/p>\n<p><strong>Names of the companies and groups concerned:<\/strong><\/p>\n<ul>\n<li><strong>The direct acquirers: the companies <\/strong>\u201cFoxtrot US Bidco, Inc.\u201d, \u201cFoxtrot UK Bidco Limited\u201d and \u201cFoxtrot Denmark Bidco ApS\u201d, 100% owned by the company \u201cFoxtrot Midco LP\u201d.<\/li>\n<li><strong>The indirect acquirers: funds managed or advised by subsidiaries of the company \u201c<\/strong>CVC Capital Partners plc\u201d;<\/li>\n<li><strong>The target: <\/strong>the majority of the \u201cFood Ingredients\u201d business of the company \u201cInternational Flavors &#038; Fragrances Inc.\u201d.<\/li>\n<\/ul>\n<p><strong>Nature of the transaction:<\/strong><\/p>\n<ul>\n<li>Exclusive control acquisition.<\/li>\n<\/ul>\n<p><strong>Economic sectors concerned:<\/strong><\/p>\n<ul>\n<li>Production sector of ingredient solutions for the food industry.<\/li>\n<\/ul>\n<p><strong>Deadline for interested third parties to submit their comments <\/strong><\/p>\n<ul>\n<li>10 days from the date of publication of this press release, i.e. September 14, 2026.<\/li>\n<\/ul>\n<p><strong>NON-CONFIDENTIAL SUMMARY OF THE TRANSACTION PROVIDED BY THE PARTIES<\/strong><\/p>\n<p>The Competition Council has received notification of an economic concentration project concerning the acquisition by the company \u201cFoxtrot Midco LP\u201d of the indirect exclusive control of the majority of the \u201cFood Ingredients\u201d business of the company \u201cInternational Flavors &#038; Fragrances Inc.\u201d through its exclusive subsidiaries, the companies \u201cFoxtrot US Bidco, Inc.\u201d, \u201cFoxtrot UK Bidco Limited\u201d and \u201cFoxtrot Denmark Bidco ApS\u201d.<\/p>\n<p>\u201cFoxtrot Midco LP\u201d 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. \u201cFoxtrot Midco LP\u201d is a newly formed investment vehicle, indirectly controlled by funds or vehicles advised or managed by subsidiaries of the company \u201cCVC Capital Partners plc\u201d.<\/p>\n<p>\u201cFoxtrot US Bidco, Inc.\u201d 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.<\/p>\n<p>\u201cFoxtrot UK Bidco Limited\u201d 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.<\/p>\n<p>\u201cFoxtrot Denmark Bidco ApS\u201d is a private company newly formed under Danish law with its registered office at Alexandriagade 8, 2150 Nordhavn, Denmark.<\/p>\n<p>\u201cCVC Capital Partners plc\u201d 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. \u201cCVC Capital Partners plc\u201d 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.<\/p>\n<p>The target business is currently 100% owned by the company \u201cInternational Flavors Fragrances Inc.\u201d, a company formed under the laws of the State of New York, headquartered at 521 West 57th Street, New York City, 10019, United States. \u201cInternational Flavors &#038; Fragrances Inc.\u201d is a creator and manufacturer of products for the food, beverage, health, bioscience, and fragrance sectors. The target business represents the majority of the \u201cFood Ingredients\u201d segment of the selling company.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: right;\">Done in Rabat, on September 3, 2026.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u00ab summary of the transaction \u00bb 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&#8217;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 \u201cFoxtrot US Bidco, Inc.\u201d, \u201cFoxtrot UK Bidco Limited\u201d and \u201cFoxtrot Denmark Bidco ApS\u201d, 100% owned by the company \u201cFoxtrot Midco LP\u201d. The indirect acquirers: funds managed or advised by subsidiaries of the company \u201cCVC Capital Partners plc\u201d; The target: the majority of the \u201cFood Ingredients\u201d business of the company \u201cInternational Flavors &#038; Fragrances Inc.\u201d. 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 \u201cFoxtrot Midco LP\u201d of the indirect exclusive control of the majority of the \u201cFood Ingredients\u201d business of the company \u201cInternational Flavors &#038; Fragrances Inc.\u201d through its exclusive subsidiaries, the companies \u201cFoxtrot US Bidco, Inc.\u201d, \u201cFoxtrot UK Bidco Limited\u201d and \u201cFoxtrot Denmark Bidco ApS\u201d. \u201cFoxtrot Midco LP\u201d 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. \u201cFoxtrot Midco LP\u201d is a newly formed investment vehicle, indirectly controlled by funds or vehicles advised or managed by subsidiaries of the company \u201cCVC Capital Partners plc\u201d. \u201cFoxtrot US Bidco, Inc.\u201d 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. \u201cFoxtrot UK Bidco Limited\u201d 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. \u201cFoxtrot Denmark Bidco ApS\u201d is a private company newly formed under Danish law with its registered office at Alexandriagade 8, 2150 Nordhavn, Denmark. \u201cCVC Capital Partners plc\u201d 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. \u201cCVC Capital Partners plc\u201d 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 \u201cInternational Flavors Fragrances Inc.\u201d, a company formed under the laws of the State of New York, headquartered at 521 West 57th Street, New York City, 10019, United States. \u201cInternational Flavors &#038; Fragrances Inc.\u201d is a creator and manufacturer of products for the food, beverage, health, bioscience, and fragrance sectors. The target business represents the majority of the \u201cFood Ingredients\u201d segment of the selling company. &nbsp; Done in Rabat, on September 3, 2026.<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[352],"tags":[],"class_list":["post-48638","post","type-post","status-publish","format-standard","hentry","category-press-releases"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company \u201cFoxtrot Midco LP\u201d of the indirect exclusive control of the majority of the \u201cFood Ingredients\u201d business of the company \u201cInternational Flavors &amp; Fragrances Inc.\u201d - Conseil de la concurrence du Maroc<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company \u201cFoxtrot Midco LP\u201d of the indirect exclusive control of the majority of the \u201cFood Ingredients\u201d business of the company \u201cInternational Flavors &amp; Fragrances Inc.\u201d - Conseil de la concurrence du Maroc\" \/>\n<meta property=\"og:description\" content=\"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 \u00ab summary of the transaction \u00bb 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&#8217;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 \u201cFoxtrot US Bidco, Inc.\u201d, \u201cFoxtrot UK Bidco Limited\u201d and \u201cFoxtrot Denmark Bidco ApS\u201d, 100% owned by the company \u201cFoxtrot Midco LP\u201d. The indirect acquirers: funds managed or advised by subsidiaries of the company \u201cCVC Capital Partners plc\u201d; The target: the majority of the \u201cFood Ingredients\u201d business of the company \u201cInternational Flavors &#038; Fragrances Inc.\u201d. 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 \u201cFoxtrot Midco LP\u201d of the indirect exclusive control of the majority of the \u201cFood Ingredients\u201d business of the company \u201cInternational Flavors &#038; Fragrances Inc.\u201d through its exclusive subsidiaries, the companies \u201cFoxtrot US Bidco, Inc.\u201d, \u201cFoxtrot UK Bidco Limited\u201d and \u201cFoxtrot Denmark Bidco ApS\u201d. \u201cFoxtrot Midco LP\u201d 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. \u201cFoxtrot Midco LP\u201d is a newly formed investment vehicle, indirectly controlled by funds or vehicles advised or managed by subsidiaries of the company \u201cCVC Capital Partners plc\u201d. \u201cFoxtrot US Bidco, Inc.\u201d 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. \u201cFoxtrot UK Bidco Limited\u201d 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. \u201cFoxtrot Denmark Bidco ApS\u201d is a private company newly formed under Danish law with its registered office at Alexandriagade 8, 2150 Nordhavn, Denmark. \u201cCVC Capital Partners plc\u201d 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. \u201cCVC Capital Partners plc\u201d 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 \u201cInternational Flavors Fragrances Inc.\u201d, a company formed under the laws of the State of New York, headquartered at 521 West 57th Street, New York City, 10019, United States. \u201cInternational Flavors &#038; Fragrances Inc.\u201d is a creator and manufacturer of products for the food, beverage, health, bioscience, and fragrance sectors. The target business represents the majority of the \u201cFood Ingredients\u201d segment of the selling company. &nbsp; Done in Rabat, on September 3, 2026.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\/\" \/>\n<meta property=\"og:site_name\" content=\"Conseil de la concurrence du Maroc\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-03T10:57:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-09-03T11:00:29+00:00\" \/>\n<meta name=\"author\" content=\"Youssef OTMANE\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Youssef OTMANE\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\\\/\"},\"author\":{\"name\":\"Youssef OTMANE\",\"@id\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/#\\\/schema\\\/person\\\/03683379dc5edfcb3044e506a05bdf1b\"},\"headline\":\"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company \u201cFoxtrot Midco LP\u201d of the indirect exclusive control of the majority of the \u201cFood Ingredients\u201d business of the company \u201cInternational Flavors &#038; Fragrances Inc.\u201d\",\"datePublished\":\"2026-09-03T10:57:33+00:00\",\"dateModified\":\"2026-09-03T11:00:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\\\/\"},\"wordCount\":649,\"articleSection\":[\"Press Releases\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\\\/\",\"url\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\\\/\",\"name\":\"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company \u201cFoxtrot Midco LP\u201d of the indirect exclusive control of the majority of the \u201cFood Ingredients\u201d business of the company \u201cInternational Flavors & Fragrances Inc.\u201d - Conseil de la concurrence du Maroc\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/#website\"},\"datePublished\":\"2026-09-03T10:57:33+00:00\",\"dateModified\":\"2026-09-03T11:00:29+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/#\\\/schema\\\/person\\\/03683379dc5edfcb3044e506a05bdf1b\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company \u201cFoxtrot Midco LP\u201d of the indirect exclusive control of the majority of the \u201cFood Ingredients\u201d business of the company \u201cInternational Flavors &#038; Fragrances Inc.\u201d\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/\",\"name\":\"Conseil de la concurrence du Maroc\",\"description\":\"Conseil de la concurrence\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/#\\\/schema\\\/person\\\/03683379dc5edfcb3044e506a05bdf1b\",\"name\":\"Youssef OTMANE\",\"url\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/author\\\/youssef\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company \u201cFoxtrot Midco LP\u201d of the indirect exclusive control of the majority of the \u201cFood Ingredients\u201d business of the company \u201cInternational Flavors & Fragrances Inc.\u201d - Conseil de la concurrence du Maroc","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\/","og_locale":"en_US","og_type":"article","og_title":"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company \u201cFoxtrot Midco LP\u201d of the indirect exclusive control of the majority of the \u201cFood Ingredients\u201d business of the company \u201cInternational Flavors & Fragrances Inc.\u201d - Conseil de la concurrence du Maroc","og_description":"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 \u00ab summary of the transaction \u00bb 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&#8217;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 \u201cFoxtrot US Bidco, Inc.\u201d, \u201cFoxtrot UK Bidco Limited\u201d and \u201cFoxtrot Denmark Bidco ApS\u201d, 100% owned by the company \u201cFoxtrot Midco LP\u201d. The indirect acquirers: funds managed or advised by subsidiaries of the company \u201cCVC Capital Partners plc\u201d; The target: the majority of the \u201cFood Ingredients\u201d business of the company \u201cInternational Flavors &#038; Fragrances Inc.\u201d. 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 \u201cFoxtrot Midco LP\u201d of the indirect exclusive control of the majority of the \u201cFood Ingredients\u201d business of the company \u201cInternational Flavors &#038; Fragrances Inc.\u201d through its exclusive subsidiaries, the companies \u201cFoxtrot US Bidco, Inc.\u201d, \u201cFoxtrot UK Bidco Limited\u201d and \u201cFoxtrot Denmark Bidco ApS\u201d. \u201cFoxtrot Midco LP\u201d 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. \u201cFoxtrot Midco LP\u201d is a newly formed investment vehicle, indirectly controlled by funds or vehicles advised or managed by subsidiaries of the company \u201cCVC Capital Partners plc\u201d. \u201cFoxtrot US Bidco, Inc.\u201d 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. \u201cFoxtrot UK Bidco Limited\u201d 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. \u201cFoxtrot Denmark Bidco ApS\u201d is a private company newly formed under Danish law with its registered office at Alexandriagade 8, 2150 Nordhavn, Denmark. \u201cCVC Capital Partners plc\u201d 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. \u201cCVC Capital Partners plc\u201d 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 \u201cInternational Flavors Fragrances Inc.\u201d, a company formed under the laws of the State of New York, headquartered at 521 West 57th Street, New York City, 10019, United States. \u201cInternational Flavors &#038; Fragrances Inc.\u201d is a creator and manufacturer of products for the food, beverage, health, bioscience, and fragrance sectors. The target business represents the majority of the \u201cFood Ingredients\u201d segment of the selling company. &nbsp; Done in Rabat, on September 3, 2026.","og_url":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\/","og_site_name":"Conseil de la concurrence du Maroc","article_published_time":"2026-09-03T10:57:33+00:00","article_modified_time":"2026-09-03T11:00:29+00:00","author":"Youssef OTMANE","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Youssef OTMANE","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\/#article","isPartOf":{"@id":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\/"},"author":{"name":"Youssef OTMANE","@id":"https:\/\/conseil-concurrence.ma\/en\/#\/schema\/person\/03683379dc5edfcb3044e506a05bdf1b"},"headline":"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company \u201cFoxtrot Midco LP\u201d of the indirect exclusive control of the majority of the \u201cFood Ingredients\u201d business of the company \u201cInternational Flavors &#038; Fragrances Inc.\u201d","datePublished":"2026-09-03T10:57:33+00:00","dateModified":"2026-09-03T11:00:29+00:00","mainEntityOfPage":{"@id":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\/"},"wordCount":649,"articleSection":["Press Releases"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\/","url":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\/","name":"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company \u201cFoxtrot Midco LP\u201d of the indirect exclusive control of the majority of the \u201cFood Ingredients\u201d business of the company \u201cInternational Flavors & Fragrances Inc.\u201d - Conseil de la concurrence du Maroc","isPartOf":{"@id":"https:\/\/conseil-concurrence.ma\/en\/#website"},"datePublished":"2026-09-03T10:57:33+00:00","dateModified":"2026-09-03T11:00:29+00:00","author":{"@id":"https:\/\/conseil-concurrence.ma\/en\/#\/schema\/person\/03683379dc5edfcb3044e506a05bdf1b"},"breadcrumb":{"@id":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-foxtrot-midco-lp-of-the-indirect-exclusive-control-o\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/conseil-concurrence.ma\/en\/"},{"@type":"ListItem","position":2,"name":"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company \u201cFoxtrot Midco LP\u201d of the indirect exclusive control of the majority of the \u201cFood Ingredients\u201d business of the company \u201cInternational Flavors &#038; Fragrances Inc.\u201d"}]},{"@type":"WebSite","@id":"https:\/\/conseil-concurrence.ma\/en\/#website","url":"https:\/\/conseil-concurrence.ma\/en\/","name":"Conseil de la concurrence du Maroc","description":"Conseil de la concurrence","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/conseil-concurrence.ma\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/conseil-concurrence.ma\/en\/#\/schema\/person\/03683379dc5edfcb3044e506a05bdf1b","name":"Youssef OTMANE","url":"https:\/\/conseil-concurrence.ma\/en\/author\/youssef\/"}]}},"_links":{"self":[{"href":"https:\/\/conseil-concurrence.ma\/en\/wp-json\/wp\/v2\/posts\/48638","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/conseil-concurrence.ma\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/conseil-concurrence.ma\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/conseil-concurrence.ma\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/conseil-concurrence.ma\/en\/wp-json\/wp\/v2\/comments?post=48638"}],"version-history":[{"count":1,"href":"https:\/\/conseil-concurrence.ma\/en\/wp-json\/wp\/v2\/posts\/48638\/revisions"}],"predecessor-version":[{"id":48639,"href":"https:\/\/conseil-concurrence.ma\/en\/wp-json\/wp\/v2\/posts\/48638\/revisions\/48639"}],"wp:attachment":[{"href":"https:\/\/conseil-concurrence.ma\/en\/wp-json\/wp\/v2\/media?parent=48638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/conseil-concurrence.ma\/en\/wp-json\/wp\/v2\/categories?post=48638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/conseil-concurrence.ma\/en\/wp-json\/wp\/v2\/tags?post=48638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}