Key Takeaways
- • CVC Capital Partners IX has agreed to acquire Irca, a global B2B ingredients manufacturer, from current owner Advent International in a transaction expected to close in Q4 2026, subject to regulatory approvals.
- • Irca has achieved significant scale under Advent's ownership, with revenue growing from €370 million in 2021 to €1.5 billion as of mid-2026, driven by organic expansion and strategic acquisitions including Kerry Group's €500 million Sweet Ingredients portfolio in 2023.
- • The company operates 19 manufacturing facilities globally with over 7,000 products, serving customers across 100+ countries in artisanal, foodservice, and food manufacturing channels, with particular strength in pastry, bakery, chocolate, and ice cream ingredients.
- • CVC's investment strategy focuses on operational excellence, supply chain optimization, add-on acquisitions, and geographic expansion in the US and EMEA regions, leveraging CVC's European and US investment infrastructure.
- • Advent acquired Irca from Carlyle in 2022 for approximately €1 billion, building the business into a global leader through growth-focused capital deployment and refinancing optimization (€1.1 billion floating-rate notes issued in 2024).
Summary
CVC Capital Partners announced on June 29, 2026, that its Fund IX vehicle has agreed to acquire Irca, a specialized ingredients manufacturer serving the global food sector, from private equity owner Advent International. The transaction, expected to complete in the fourth quarter of 2026 pending regulatory clearance, represents the latest transaction in a series of ownership transitions for the Italian-founded company and reflects continued consolidation activity within the global specialty ingredients sector.
Irca has undergone substantial transformation during Advent's four-year ownership period. The company's revenue expanded nearly fourfold, from €370 million in 2021 to €1.5 billion currently, driven by organic growth and bolt-on acquisitions. A significant milestone was the €500 million acquisition of Kerry Group's Sweet Ingredients portfolio in 2023, which substantially expanded Irca's product capabilities and market reach. The company currently operates across 19 manufacturing and distribution facilities globally, producing more than 7,000 distinct products and serving customers in over 100 countries. Its customer base spans artisanal producers such as local bakeries and gelato shops, as well as multinational food manufacturing corporations and international foodservice operators.
Advent's entry into Irca came in 2022 when it acquired the business from Carlyle for approximately €1 billion. To facilitate that transaction, Advent secured roughly €600 million in debt financing. During its ownership, Advent pursued an expansion strategy centered on international growth and capability building. In 2024, the company refinanced its capital structure by issuing €1.1 billion in floating-rate notes, reflecting optimization of its liability structure during the growth phase.
Under CVC's ownership, the company will maintain its existing management team led by CEO Massimo Garavaglia while pursuing a strategy centered on manufacturing and supply chain operational excellence, targeted add-on acquisitions, and accelerated geographic expansion in the US and EMEA regions. CVC's strategy emphasizes leveraging the firm's established operational and investment networks across its European and US operations to drive the next phase of scaling for the global ingredients business.
Irca has undergone substantial transformation during Advent's four-year ownership period. The company's revenue expanded nearly fourfold, from €370 million in 2021 to €1.5 billion currently, driven by organic growth and bolt-on acquisitions. A significant milestone was the €500 million acquisition of Kerry Group's Sweet Ingredients portfolio in 2023, which substantially expanded Irca's product capabilities and market reach. The company currently operates across 19 manufacturing and distribution facilities globally, producing more than 7,000 distinct products and serving customers in over 100 countries. Its customer base spans artisanal producers such as local bakeries and gelato shops, as well as multinational food manufacturing corporations and international foodservice operators.
Advent's entry into Irca came in 2022 when it acquired the business from Carlyle for approximately €1 billion. To facilitate that transaction, Advent secured roughly €600 million in debt financing. During its ownership, Advent pursued an expansion strategy centered on international growth and capability building. In 2024, the company refinanced its capital structure by issuing €1.1 billion in floating-rate notes, reflecting optimization of its liability structure during the growth phase.
Under CVC's ownership, the company will maintain its existing management team led by CEO Massimo Garavaglia while pursuing a strategy centered on manufacturing and supply chain operational excellence, targeted add-on acquisitions, and accelerated geographic expansion in the US and EMEA regions. CVC's strategy emphasizes leveraging the firm's established operational and investment networks across its European and US operations to drive the next phase of scaling for the global ingredients business.
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