Global private equity investor Advent International (Advent) is to acquire IRCA, an Italian producer of specialty ingredients for artisanal pastries, cakes and gelatos, from global investment firm Carlyle.
Terms of the transaction have not been disclosed.
Headquartered in Gallarate, Italy, IRCA currently supports artisan chefs in over 100 countries. It employs over 1,000 people and has seven production plants and four innovation and demonstration kitchens in Europe, North America and Asia.
Carlyle invested in IRCA in June 2017 through Carlyle Europe Partners IV (CEP IV), a European-focused, upper mid-market buyout fund.
Advent will work with the current IRCA management team to continue scaling the business in Italy and abroad and expand its already broad portfolio of artisanal pastry, baking and gelato ingredients into further attractive high value-add product adjacencies.
