CVC Capital Partners announced that it has agreed to acquire IRCA, an Italian manufacturer of dessert ingredients, from Advent International. The parties did not disclose the transaction price, but sources familiar with the matter indicated that the sale could fetch between €2.5 billion and €3 billion (approximately $2.7 billion to $3.2 billion). Advent International had originally acquired IRCA in 2022 from Carlyle in a deal that valued the company at around €1 billion. Under Advent’s ownership, IRCA’s revenue expanded to €1.5 billion in the most recent period, up from €370 million in 2021. CVC stated that it will work with IRCA to drive further growth by expanding the business across the United States, Europe, the Middle East and Africa. The transaction is expected to close in the fourth quarter of 2026, subject to the receipt of all required regulatory approvals.