Key Takeaways
- • CVC Capital Partners IX has agreed to acquire Irca, a global B2B ingredients manufacturer, from Advent International in a transaction expected to close in Q4 2026, with the business valued at approximately $1.6 billion.
- • Irca demonstrated exceptional growth under Advent's ownership, expanding revenue from €370 million in 2021 to €1.5 billion by 2026, representing a 4x increase driven by organic growth and strategic acquisitions including Kerry Group's €500 million Sweet Ingredients portfolio.
- • The company operates a diversified global platform with 19 manufacturing facilities, over 7,000 products, and presence in more than 100 countries, serving artisanal, foodservice, and food manufacturing customers ranging from local bakeries to multinational food corporations.
- • CVC's strategy post-acquisition focuses on operational excellence across manufacturing and supply chain optimization, add-on acquisitions, and geographic expansion, particularly in the US and EMEA regions, leveraging CVC's European and US investment expertise.
- • This transaction represents Advent's exit from Irca approximately four years after acquiring the business from Carlyle in 2022, during which period the company completed multiple bolt-on acquisitions and refinanced its capital structure with €1.1 billion in floating-rate notes in 2024.
Summary
CVC Capital Partners has entered into an agreement to acquire Irca, a global manufacturer of ingredient solutions for the food industry, from private equity owner Advent International. The transaction, announced on June 29, 2026, is expected to close in the fourth quarter of 2026. Irca is valued at approximately $1.6 billion as a fully operational business.
Irca manufactures value-added ingredients and semi-finished products serving three primary customer segments: artisanal producers (local bakeries and gelato shops), foodservice operators, and multinational food manufacturers. The company's product portfolio spans pastry, bakery, chocolate, and ice cream applications, with manufacturing and distribution infrastructure across 19 facilities globally and presence in over 100 countries. The business maintains a portfolio exceeding 7,000 distinct products.
The growth trajectory under Advent's ownership has been substantial. Since Advent's acquisition from Carlyle in 2022, Irca expanded revenue from €370 million in 2021 to €1.5 billion by 2026—a 4-fold increase. This growth was achieved through organic expansion and strategic bolt-on acquisitions, most notably the €500 million acquisition of Kerry Group's Sweet Ingredients business in 2023. The company refinanced its capital structure in 2024 with €1.1 billion in floating-rate notes, strengthening its balance sheet ahead of the transition.
Under CVC's ownership, management will focus on three primary value creation levers: operational improvements across manufacturing and supply chain functions, selected add-on acquisitions to expand the product portfolio and geographic footprint, and continued international expansion with particular emphasis on US and EMEA market penetration. Irca's CEO Massimo Garavaglia noted the company is "in a great position to continue to expand into new markets and segments," indicating management continuity and alignment with CVC's growth strategy.
This transaction marks Advent's exit from Irca after approximately four years of ownership and reflects the maturation of the business into a substantial, geographically diversified ingredients platform with demonstrated operational scale and acquisition integration capabilities.
Irca manufactures value-added ingredients and semi-finished products serving three primary customer segments: artisanal producers (local bakeries and gelato shops), foodservice operators, and multinational food manufacturers. The company's product portfolio spans pastry, bakery, chocolate, and ice cream applications, with manufacturing and distribution infrastructure across 19 facilities globally and presence in over 100 countries. The business maintains a portfolio exceeding 7,000 distinct products.
The growth trajectory under Advent's ownership has been substantial. Since Advent's acquisition from Carlyle in 2022, Irca expanded revenue from €370 million in 2021 to €1.5 billion by 2026—a 4-fold increase. This growth was achieved through organic expansion and strategic bolt-on acquisitions, most notably the €500 million acquisition of Kerry Group's Sweet Ingredients business in 2023. The company refinanced its capital structure in 2024 with €1.1 billion in floating-rate notes, strengthening its balance sheet ahead of the transition.
Under CVC's ownership, management will focus on three primary value creation levers: operational improvements across manufacturing and supply chain functions, selected add-on acquisitions to expand the product portfolio and geographic footprint, and continued international expansion with particular emphasis on US and EMEA market penetration. Irca's CEO Massimo Garavaglia noted the company is "in a great position to continue to expand into new markets and segments," indicating management continuity and alignment with CVC's growth strategy.
This transaction marks Advent's exit from Irca after approximately four years of ownership and reflects the maturation of the business into a substantial, geographically diversified ingredients platform with demonstrated operational scale and acquisition integration capabilities.
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