CVC Capital Partners has agreed to acquire Irca, the food-ingredients business of International Flavors & Fragrances, from private-equity firm Advent in a $4.3 billion transaction announced in late May. The Amsterdam-listed firm will support Irca's next growth phase after the deal closes in the fourth quarter.

Advent transformed Irca's revenue from €370 million to €1.5 billion between 2021 and the present, according to CVC. The ingredients company produces semi-finished products for pastry, bakery, chocolate and ice cream markets, offering more than 7,000 items to customers across 100 countries.

This acquisition represents CVC's expansion into specialty food ingredients amid growing consumer demand for premium bakery and confectionery products. The deal values Irca at roughly 2.5 times its 2021 revenue base, reflecting Advent's successful turnaround of the business.

The transaction positions CVC Capital Partners to capitalize on Irca's established market presence while providing exit returns for Advent's private-equity investment in the specialty ingredients sector.