Private equity firm Advent International has agreed to purchase Italian ingredient producer IRCA from Carlyle for an undisclosed sum.
Headquartered in Gallarate, Italy, IRCA supplies speciality ingredients for artisanal pastries, cakes and gelatos to businesses such as patisseries, restaurants and confectionery manufacturers, among others.
IRCA works with chefs in over 100 countries and employs more than 1,000 staff. The company has seven production plants and four innovation and demonstration kitchens in Europe, North America and Asia.
Following the acquisition, Advent will support IRCA in scaling its business in Italy and internationally, and expanding its portfolio into adjacent product categories.
Francesco Casiraghi, managing director at Advent, said: “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.”
Filippo Penatti, managing director of the Carlyle Europe Partners advisory team, added: “Through investment in its manufacturing capabilities, diversifying its product offering also through the strategic acquisition of Dobla, expanding the company’s global footprint with inroads into the US, and strengthening management, IRCA has achieved excellent and above-market growth”.
The deal, which is subject to customary regulatory approvals, is expected to close later this year.
The terms of the transaction were not disclosed.
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