Advent International, a private equity firm, completed the acquisition of IRCA, a manufacturer of ingredients and base food products, from Carlyle, a private equity firm, for $1.09bn. “We have identified IRCA as 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. We believe IRCA is perfectly placed for further expansion, reaching a growing number of chefs globally with increasingly innovative solutions. We are very excited to support the management team in the next phase of IRCA’s journey," Francesco Casiraghi, Advent Managing Director.