International Flavors and Fragrances [NYSE:IFF] collected final bids last week for the sale of its Pharma Solutions unit, four sources familiar with the situation said.

Each of the sources said that CVC Capital Partners has emerged as a strong contender to acquire IFF’s unit. One of the sources noted that the sponsor owns an asset called DFE Pharma, which is likely to have synergies with IFF’s Pharma Solutions unit.

Platinum Equity and France-based strategic Roquette were also around the process in the final stage, said three of the sources. Clayton Dubilier & Rice reportedly had partnered up with Roquette to acquire IFF’s business. It is unclear if CD&R is still pursuing the business as an investor, two of the sources said.

Last December, this news service reported that IFF’s sale of its Pharma Solutions unit was in the midst of the second round with management presentations wrapped up. The same article said at least one strategic, Roquette, and less than a handful of financial sponsors, including CVC, Platinum and Brookfield, were pursuing the Pharma Solutions unit. Netherlands-based specialty chemicals company Nouryon, owned by The Carlyle Group [NASDAQ:CG], was the other strategic that showed interest in the business as well, but its interest may have petered out, as reported.

Pharma Solutions is being marketed off more than USD 250m in EBITDA, with the final valuation more likely to be between USD 2.5bn and USD 3bn, some of the sources said. This news service previously reported that IFF was aiming for a USD 3bn+ offer.

This news service first reported in October 2023 that New York-based IFF was working with JPMorgan to sell Pharma Solutions.

IFF, Platinum and Roquette did not respond to requests for comment. CVC and CD&R declined to comment.