Key Takeaways
- • CVC Capital Partners IX has agreed to acquire Irca, a global B2B ingredients manufacturer, from Advent International in a transaction valued at approximately €3 billion ($1.6 billion USD), with closure expected in Q4 2026.
- • Irca achieved significant revenue growth under Advent's ownership, expanding from €370 million in 2021 to €1.5 billion by mid-2026, demonstrating a 4x expansion across 19 manufacturing facilities serving 100+ countries.
- • CVC will partner with Irca's management team to pursue operational optimization, add-on acquisitions, and acceleration of international expansion, with particular focus on US and EMEA market penetration.
- • CVC Capital Partners simultaneously acquired Clevertech, an Italian industrial automation and packaging systems provider, from the Reggiani family to support the company's growth acceleration and innovation investments.
- • Both transactions position CVC to expand its portfolio in specialized manufacturing and B2B solutions, leveraging its European and US operational expertise.
Summary
CVC Capital Partners announced on June 29, 2026, that its Fund IX has entered into an agreement to acquire Irca, a global manufacturer of value-added ingredient solutions for the food manufacturing, foodservice, and artisanal sectors, from current owner Advent International. The transaction is valued at approximately €3 billion and is expected to close in Q4 2026. Weil and PedersoliGattai are advising Advent on the sale, underscoring the deal's scale and complexity.
Irca represents a substantial platform acquisition for CVC, with the company having demonstrated exceptional growth trajectory during Advent's five-year ownership period. Revenue expanded from €370 million in 2021 to €1.5 billion by 2026—a fourfold increase—reflecting successful market consolidation and operational scaling. The company operates a comprehensive global platform spanning 19 manufacturing facilities and produces more than 7,000 products serving customers across pastry, bakery, chocolate, and ice cream segments. Its customer base ranges from artisanal local producers to multinational food manufacturers and international foodservice operators across more than 100 countries.
CVC's investment strategy centers on three primary value drivers: operational excellence across manufacturing and supply chain functions, selective add-on acquisitions to expand product capabilities and geographic reach, and continued international expansion. Management plans to leverage CVC's European and US operational networks to accelerate growth particularly in the US and EMEA markets, areas identified as key expansion opportunities. Irca's management team, led by CEO Massimo Garavaglia, will remain engaged in directing the company's growth strategy under CVC's ownership.
Concurrently, CVC Capital Partners reached an agreement to acquire Clevertech, an Italian industrial automation and packaging systems company, from the Reggiani family. The acquisition will enable Clevertech to accelerate growth, support international expansion, and make targeted investments in innovation capabilities. Together, these transactions reflect CVC's strategic focus on building a portfolio of specialized manufacturing and industrial solutions businesses with strong international platforms and demonstrated operational leverage.
Irca represents a substantial platform acquisition for CVC, with the company having demonstrated exceptional growth trajectory during Advent's five-year ownership period. Revenue expanded from €370 million in 2021 to €1.5 billion by 2026—a fourfold increase—reflecting successful market consolidation and operational scaling. The company operates a comprehensive global platform spanning 19 manufacturing facilities and produces more than 7,000 products serving customers across pastry, bakery, chocolate, and ice cream segments. Its customer base ranges from artisanal local producers to multinational food manufacturers and international foodservice operators across more than 100 countries.
CVC's investment strategy centers on three primary value drivers: operational excellence across manufacturing and supply chain functions, selective add-on acquisitions to expand product capabilities and geographic reach, and continued international expansion. Management plans to leverage CVC's European and US operational networks to accelerate growth particularly in the US and EMEA markets, areas identified as key expansion opportunities. Irca's management team, led by CEO Massimo Garavaglia, will remain engaged in directing the company's growth strategy under CVC's ownership.
Concurrently, CVC Capital Partners reached an agreement to acquire Clevertech, an Italian industrial automation and packaging systems company, from the Reggiani family. The acquisition will enable Clevertech to accelerate growth, support international expansion, and make targeted investments in innovation capabilities. Together, these transactions reflect CVC's strategic focus on building a portfolio of specialized manufacturing and industrial solutions businesses with strong international platforms and demonstrated operational leverage.
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