CVC Credit to support Advent International with IRCA acquisition

CVC Credit will provide senior and acquisition facilities to support Advent International’s acquisition of Italian dessert ingredient products IRCA.

Advent International announced it would acquire IRCA from Carlyle Group in April. The size of the deal was not disclosed, however, Reuters reported it valued IRCA at $1.1bn.

IRCA has supplied specialty ingredients to patisseries, gelato parlours, hotels, restaurants, and confectionery manufacturers for over 100 years.

It supports artisan chefs in over 100 countries and employs more than 1,000 people across seven production plants and four innovation and demonstration kitchens in Europe, North America and Asia.

Advent International managing director Francesco Casiraghi said, “We have identified IRCA as a structural winner in a sector with secular growth tailwinds.

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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.”

Speaking on the investment, CVC Credit partner and co-head of private credit John Empson, added, “IRCA’s track-record demonstrates the group’s ability at identifying and executing on opportunities in the sector, and with Advent’s guidance we expect the business to continue on its impressive growth trajectory. We look forward to utilising the expertise and resources of our collective network to support this further development over the coming years.”

Source: Alt Assets

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