Private-equity firm CVC Capital Partners Fund IX has purchased Italian B2B dessert ingredients manufacturer Irca from private-equity firm Advent International for an undisclosed amount, CVC announced Monday.
Irca manufactures more than 7,000 food products in more than 100 countries, catering to baking, chocolate and ice cream markets. Their customer base includes a broad range of local bakeries, gelato shops, international foodservice operators and multinational food manufacturers, CVC said in a press release.
“Over the past years, Irca has strengthened its international platform and broadened its capabilities and today we are in a great position to continue to expand into new markets and segments,” said Massimo Garavaglia, CEO of Irca. “We look forward to working with CVC as we continue to invest in our business and pursue the next phase of growth for the company.”
Expanding Irca’s product range
Advent purchased Gallarate, Italy-based Irca from global investment firm Carlyle in 2022, with Advent Managing Director Francesco Casiraghi calling the company a “structural winner in a sector with secular growth tailwinds.”
“Irca’s long-term growth track record comes from a consistent focus on understanding customer needs, creative innovation and Italian excellence in high-quality food ingredients.”
Advent Managing Director Francesco Casiraghi
Over the last four years, Irca has grown rapidly from annual revenue of €370 million ($400 million) in 2021 to €1.5 billion ($1.6 billion).
“Irca’s long-term growth track record comes from a consistent focus on understanding customer needs, creative innovation and Italian excellence in high-quality food ingredients,” he said.
Casiraghi said in April that it was Irca’s technical know-how and product quality that attracted Advent to the company.
“The company had solid operations in Italy, but had yet to conquer the world. The opportunity to expand across Europe and, critically, the US, excited us,” he said.
Garavaglia called the partnership “game-changing.”
“It’s driven a significant increase in Irca’s scale and ambition, allowing us to expand our global reach and broaden our product portfolio,” Garavaglia said. “This strategic collaboration positions us to continually offer an extensive array of top-quality specialty ingredients tailored for the food industry.”
Irca’s Dubai chocolate pivot
Casiraghi praised Irca for its flexibility in a rapidly changing market, noting its ability to capitalize on emerging trends such as the Dubai chocolate craze.
“A viral social media buzz drove high interest in this pistachio-based product, and with our expertise and resources, we were quick to formulate a complete solution that allowed chefs to capture the trend with ease,” Garavaglia said. “Innovation remains pivotal for our growth in the food ingredients sector.”
A pistachio company Irca acquired experienced a threefold increase in size, Garavaglia said. “We also have our sights set on further international growth – markets such as South America, India and China hold significant potential for us,” he added.
Irca’s next phase of growth with CVC
The confection ingredients company will work with CVC on its next growth phase, which will focus on “operational excellence across manufacturing and supply chain, selected add-on acquisitions and continued international expansion,” according to CVC.
CVC will also support Irca’s growth in the US and EMEA, the private-equity firm added.
“Irca combines a strong market position, a resilient business model and significant opportunities for further international expansion,” said CVC Managing Partner Giampiero Mazza. “Working alongside management, we will support the company’s continued development through operational excellence initiatives, selective acquisitions and investment in its global platform.”
Private equity's influence grows in food and beverage
Private equity tightens hold on Big Food (June 26, 2026)
Private equity is tightening its grip on food and beverage, driving change through strategic investments, acquisitions and operational overhauls.
Firms are targeting everything from emerging challenger brands to established legacy companies, attracted by steady consumer demand, strong cash flow potential and opportunities for value creation.
And their influence extends beyond capital injection alone – private equity investors are driving consolidation, accelerating international expansion, and pushing for efficiency gains, digitalisation, and portfolio optimisation across the industry. (Continue reading)
