Independent research on the U.S. markets, Baptista Research

Baptista Research

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. 

We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Intl Flavors & Fragrances / Equity Bottom-Up

<ul><li>International Flavors & Fragrances has moved forward with one of the most important steps in its portfolio simplification plan by agreeing to sell its Food Ingredients business to funds advised by CVC Capital Partners in a transaction valuing the unit at about $4.3 billion.</li><li>The business, which supplies texturants, emulsifiers, plant-based solutions, and specialty food ingredients, generated nearly $3.1 billion in 2025 sales and roughly $430 million in EBITDA, implying a deal valuation of approximately 10x enterprise value-to-EBITDA.</li><li>IFF will retain around a 10% minority equity stake worth about $200 million and keep a board seat in the new company.</li></ul>

International Flavors & Fragrances has moved forward with one of the most important steps in its portfolio simplification plan by agreeing to sell its Food Ingredients business to funds advised by CVC Capital Partners in a transaction valuing the unit at about $4.3 billion.The business, which supplies texturants, emulsifiers, plant-based solutions, and specialty food ingredients, generated nearly $3.1 billion in 2025 sales and roughly $430 million in EBITDA, implying a deal valuation of approximately 10x enterprise value-to-EBITDA.IFF will retain around a 10% minority equity stake worth about $200 million and keep a board seat in the new company.

IFF’s $4.3 Billion Buyout Deal: The Hidden Value In Its Food Ingredients Exit!