Paneuropean private equity opertor Ardian will acquire control of Irca srl, a leading italian bakery and pastry products maker, MF-Milano Finanza writes today.
Founded in 1919, Irca is now controlled by Bruno Nobili trhough Essenze Italiane sas, while the rest of the company is owned by his sons. part of the deal signed in the last few days is an agreement that Ardian,, which is managed in italy by Nicolò Saidelli, will buy ( through Axa Lbo Fund V ) also control of other two companies controlled by the Nobili family (Italcima srl and D&D Service srl) which will me merged with Irca srl. Roberto Nobili, one of Bruno’s sons, rwill retain a minority while the rest of the family will divest completely.
Irca operates through its three plants in Gallarate and Vergiate (Varese, Northern Italy) and exports its products in more than 70 countries. At the moment the deal is conditioned by he go-ahead of differnt Antiturst European Authorities.
Irca reached 179.8 million euros of revenues in 2013 (last availabel FY statement), an ebitda of 12.3 millions and a net profit of 9.5 millions, with a 15.1 million euros positive net financial position. Italcima has revenues for about one million euros while D&D Service (where at the moment Michele Bertelli ha a 41.6% stake) last year reached 9.3 million euros of revenues (from 8.9 millions in 2013) and ebitda of 1.7 millions (from 1.5 millions). The whole group then reached a revenue of about 190 millions in 2013 with a 13.8 millions of ebitda, while in 2014 revenues where about 200 millions.
