By Adam Whittaker
CVC Capital Partners said it has agreed to buy ingredients business Irca from private-equity company Advent.
Amsterdam-listed CVC said it would support the next phase of Irca's growth. Advent had helped grow Irca's revenue to 1.5 billion euros ($1.71 billion) from 370 million euros in 2021, CVC said.
Irca makes ingredients and semi-finished products for the pastry, bakery, chocolate and ice cream markets. It creates more than 7,000 products and serves customers in more than 100 countries, CVC said.
The transaction is expected to close in the fourth quarter of the year.
In late May, CVC agreed to buy International Flavors & Fragrances' food-ingredients business in a deal that valued the division at $4.3 billion including debt.
Write to Adam Whittaker at adam.whittaker@wsj.com