The Competition Commission has approved a proposed acquisition of the Food Ingredients Business of International Flavors & Fragrances Inc. by three investment vehicles linked to private equity firm CVC Capital Partners, without conditions.
Competition Commission spokesperson Siyabulela Makunga announced the decision in a statement issued on Thursday, 22 October 2026.
The acquiring firms are Foxtrot US Bidco Inc., Foxtrot UK Bidco Limited and Foxtrot Denmark Bidco ApS.
The three companies are newly incorporated investment vehicles controlled by Foxtrot Midco LP, which is indirectly controlled and financed by funds or vehicles advised or managed by CVC affiliates.
CVC is a global alternative investment manager with interests in private equity, credit, infrastructure and secondaries.
Its investments span several industries, including financial services, chemicals, utilities, manufacturing, retail and distribution.
The target business forms part of International Flavors & Fragrances Inc., a company incorporated in the United States.
The food ingredients business develops, manufactures and sells ingredient solutions for the food and beverage industry.
The Commission assessed the proposed acquisition and found that it was unlikely to substantially lessen or prevent competition in any market.
However, the parties agreed to an undertaking addressing public interest concerns.
The undertaking relates to local procurement and production from historically disadvantaged persons for a specified period after the merger.
The Commission approved the acquisition without conditions, while the parties’ public interest undertaking remains part of the commitments associated with the transaction.
The decision was taken at the Commission’s ordinary meeting on 20 October 2026.
The acquisition is one of several transactions considered by the Commission as part of its mandate to assess mergers and their potential effects on competition and the public interest.
