CVC doubles down on Irca: equity buy four years after credit arm financed the deal

CVC Capital Partners agreed 29 June to buy Italian ingredient maker Irca from Advent International after a four-year hold. The catch: CVC's credit division had financed Advent's 2022 purchase at roughly €1 billion. Now the equity arm acquires what its lending arm once backed—a rare cycle where internal divisions compound returns on the same asset.