Irca is acquired by Advent International
The transaction is expected to close in the third quarter of 2022
Advent International, one of the largest global private equity investors, today announced the acquisition of Irca, an Italian company engaged in the production of specialized ingredients for pastry, bakery and ice cream from the global investment firm Carlyle. Terms of the transaction were not disclosed. For over 100 years the company has provided professional B2B channels (pastry shops, ice cream shops, hotels, restaurants and industrial companies) with a complete portfolio of products, including creams, chocolates and decorations, preparations for cakes and leavened products, ice cream bases, variegated and gaskets. It is headquartered in Gallarate (Varese), employs over 1,000 people, and supports chefs in over 100 countries through seven production facilities and four development and innovation laboratories in Europe, North America and Asia.
Carlyle invested in Irca in June 2017 through Carlyle Europe Partners IV, a European buyout fund focused on the upper mid-market segment. He has supported the company's growth in multiple areas, starting with investments in product innovation and geographic expansion, particularly in the United States, continuing with M&A, including the acquisition of Dobla, a global producer of premium chocolate decorations, up to the strengthening of management and its skills, creating a more dynamic and flexible organizational structure in managing complex decision-making processes. Advent will collaborate with the current management of Irca to continue developing the business in Italy and abroad, and expand the portfolio of ingredients for pastry, bakery and ice cream.
Advent has been actively investing in the Italian market since 1990 and has completed 11 investments in the country, including Ice, engaged in the production of pharmaceutical ingredients, and Nexi in digital payment systems, which represented the largest IPO in Europe in 2019. Today's sale continues a dynamic start to the year for the Cep fund, which last March signed the acquisitions of Theramex and Dainese Group and the partial sale of Hunkemöller. Vitale and Morgan Stanley acted as financial advisors to Advent, while BonelliErede as legal advisor. Rothschild & Co and Bnp Paribas acted as financial advisors to Carlyle, while Latham & Watkins acted as legal advisor. The transaction, which is subject to customary regulatory approvals, is expected to close in the third quarter of 2022.
EFA News - European Food Agency