CVC profits twice on Irca: equity buy four years after its credit arm financed the deal

CVC Capital Partners agreed on 29 June 2026 to acquire Italian ingredient maker Irca from Advent International, completing a four-year hold. The twist: CVC's credit division financed Advent's 2022 purchase of Irca at roughly €1 billion. Now the equity arm buys what the credit arm once funded—a rare intra-platform cycle where divisions compound returns on the same asset.