Italian ingredients maker IRCA has been sold by private equity giant Carlyle to rival firm Advent International for an undisclosed sum.
The group suppliers a range of customers such as patisseries, gelato parlours, hotels, restaurants and confectionery manufacturers with specialty ingredients for artisanal pastries, cakes and ice cream.
Headquartered in Gallarate, IRCA operates in about 100 countries and employs more than 1,000 staff at seven production plants and four innovation and demonstration kitchens in Europe, North America and Asia.
During Carlyle’s almost five years of ownership, IRCA had achieved “exceptional” growth, establishing itself as a leading European manufacturer in the artisanal pastry and gelato markets, the new PE owner said.
Advent will work with the current IRCA management team to continue scaling the business in Italy and abroad and expand its broad portfolio of artisanal pastry, baking and gelato ingredients into further high value-add product adjacencies.
Advent MD Francesco Casiraghi said: “We have identified IRCA as a structural winner in a sector with secular growth tailwinds.
“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.”
Vitale and Morgan Stanley served as financial advisors to Advent and BonelliErede acted as legal advisors. Rothschild & Co and BNP Paribas served as financial advisors to Carlyle, and Latham & Watkins were legal advisors.
The transaction, which is subject to customary regulatory approvals, is expected to close in Q3 2022.
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