CVC Capital Partners agreed on 29 June to acquire Irca, the Italian supplier of dessert and bakery ingredients, from Advent through its ninth flagship fund.
Why CVC Capital Partners is buying Irca
CVC plans operational improvements in manufacturing and the supply chain, selective add-on acquisitions and expansion in the US and EMEA. Managing partner Giampiero Mazza pointed to Irca's strong market position and resilient business model.
“When we invested in Irca four years ago, we saw a strong Italian heritage brand”
Deal terms and financing
Financial terms were not disclosed. Sources told Reuters before the deal that a sale could fetch €2.5bn–3bn; Advent bought Irca from Carlyle in 2022 at a valuation reported at about €1bn.
Regulatory approvals and timing
Completion is expected in the fourth quarter of 2026, subject to customary regulatory approvals.
Market context
Founded in 1919 near Varese, Irca employs more than 2,200 people and supplies local bakeries, gelato shops, foodservice chains and multinational food manufacturers. Its revenue has quadrupled since 2021 under Advent.
