International Flavors & Fragrances Inc. (IFF) used Brandon Van Dyke and C. Michael Chitwood of Skadden, Arps, Slate, Meagher & Flom LLP for counsel on an agreement to sell its food ingredients business to funds managed by CVC Capital Partners Ltd. announced on Friday, May 29. The transaction values the business at about $4.3 billion.

The Deal reported in early March that IFF’s food ingredients business was fetching bids between roughly $3.5 billion and the low $4 billions and that CVC, which previously bid on IFF’s pharma solutions business, was a logical financial bidder for the food ingredients unit.

Anu Aiyengar, Jeffrey Price, Michael T. Murphy and David Ciagne at JPMorgan Chase & Co. and Marcus Olsson at Bank of America Corp. gave financial advice to New York-based IFF, where general counsel Steve Landsman is on the deal. IFF develops products related to food, beverage, scent, home and personal care and health.

Van Dyke represented International Flavors & Fragrances on the sale of its pharma solutions unit to Roquette Freres SA in a deal that valued the business at up to $2.85 billion, a deal announced in March 2024 and closed last year. Aiyengar and Murphy gave financial advice to IFF on the pharma sale.

Van Dyke also worked with the company in 2023 on the $810 million sale of Lucas Meyer Cosmetics to Clariant AG.

Daniel Kozin, Oliver C. Brahmst and Ben von Maur of White & Case LLP were counsel to CVC, which turned to Citigroup Inc. for financial advice. Lorne Somerville, managing partner and co-head of North American private equity at CVC, is on the deal at the London-based private equity sponsor along with partner James Christopoulos.

Brahmst and Kozin advised CVC on the purchase of a significant stake in Epicor Software Corp. from Clayton, Dubilier & Rice LLC in a deal announced in August 2024 and closed later that year, as well as on its 2021 purchase of a majority stake in Examworks LLC.

Kozin was also part of a White & Case team that worked with CVC earlier this year on an agreement to buy DSM-Firmenich AG’s animal nutrition and health business for an enterprise value of about €2.2 billion ($2.6 billion).

Jesse K. Sheff, Erika L. Weinberg and Daniel C. Seale of Latham & Watkins LLP are advising the financing sources on the deal.

IFF will retain a 10% equity interest in the business, worth about $200 million, and hold a board seat in the new company. The company expects to receive about $3.8 billion in cash when the deal closes, which it will allocate to debt reduction, share repurchases and reinvestment in its remaining businesses.

The parties plan to close the deal by the end of the second quarter of 2027, pending regulatory approvals.