Private Equity Giants CVC, Cinven Among Bidders for IRCA in Major Sale
Major Players and Market Implications in the IRCA Sale
By Elvira Pollina and Amy-Jo Crowley
Initial Bids and Interested Parties
MILAN/LONDON, June 1 (Reuters) - Private equity funds CVC and Cinven are among initial bidders for Italian dessert ingredients maker IRCA, two sources familiar with the matter said.
A third person said PAI Partners also placed a bid.
Market Context and Investor Sentiment
The potential deal is likely to act as a gauge of investor appetite for larger buyouts at a time of market volatility driven by the Middle East crisis, with bankers citing consumer-focused businesses as among the most resilient segments.
Deal Value and Timeline
• The sale could fetch between 2.5 billion and 3 billion euros ($2.7 billion–$3.2 billion), one of the sources and a third person told Reuters.
• Preliminary bids for IRCA were filed last week, the people said, speaking on condition of anonymity because the talks are private.
Ownership History
• Advent acquired IRCA in 2022 from Carlyle in a deal that valued the group at around 1 billion euros, sources said at the time.
• Advent, CVC, Cinven and PAI Partners declined to comment. IRCA was not immediately available for comment.
About IRCA
• Founded in 1919, IRCA employs over 2,200 people and operates 19 production facilities across Europe, the United States and Vietnam, supplying customers in more than 100 countries.
• It supplies chocolate, creams and other semi-finished food ingredients to professional customers worldwide, particularly in the pastry and ice-cream sectors.
Reporting and Editorial Credits
(Reporting by Elvira Pollina and Amy Jo Crowley, additional reporting by Elisa Anzolin; Editing by Anousha Sakoui and Susan Fenton)
