CVC Capital Partners has agreed to acquire Irca, the Italian B2B food-ingredients manufacturer, from Advent through its Fund IX. The transaction provides Advent an exit after approximately four years of ownership, during which the company transformed from a regional player into a significant market presence.

Irca's revenue has surged from €370m in 2021 to €1.5bn today, representing nearly a fourfold increase. This growth came through targeted acquisitions, manufacturing investment, and expansion into new markets and channels. The company now serves as a global ingredient solutions platform rather than just an Italian heritage brand.

Francesco Casiraghi, managing director at Advent, noted that the investment thesis centered on scaling a strong regional brand globally. Working closely with management, Advent executed this transformation successfully. The deal is expected to close in the fourth quarter of 2026, pending regulatory approvals.

This acquisition reflects continued private equity interest in food ingredients sector consolidation. CVC gains a platform with proven growth trajectory and international reach, while Advent realizes substantial returns on its four-year investment in a fundamentally repositioned business.