CVC Capital Partners has agreed to acquire Irca, a global B2B manufacturer of ingredients for the food industry, from private-equity firm Advent International, the companies said Monday. The Amsterdam-listed buyout firm said it would support the next phase of Irca’s growth.
Advent, which acquired Irca from Carlyle in 2022 in a deal that valued the business at approximately €1 billion, helped grow the company’s revenue to €1.5 billion ($1.71 billion) from €370 million in 2021, CVC said.
Irca makes ingredients and semi-finished products for the pastry, bakery, chocolate and ice cream markets. The company creates more than 7,000 products and serves customers in more than 100 countries, according to CVC.
The transaction is expected to close in the fourth quarter of this year, the companies said.
The acquisition is the second large food-ingredients deal this spring for CVC. In late May, the firm agreed to buy International Flavors & Fragrances’ food-ingredients business in a transaction that valued the division at $4.3 billion including debt.