Carlyle won a competitive auction for acquiring full control of Irca, a large European manufacturer of ingredients and food products for pastry-making, baking and ice-cream retailing (see here a previous post by BeBeez).
Through its Carlyle Europe Partners IV fund, Carlyle will acquire an 80% shareholding from Ardian and the Nobili founding family, who will continue to manage the company (see here the press release). Details were not disclosed but MF Milano Finanza writes that Irca was vlued about 520 million euros.
The Carlyle Group was advised by BNP Paribas, DVR Capital and Latham & Watkins. The sellers were advised by Rothschild, UBS, Cube8, Giovannelli and Pedersoli.
Led by ceo Roberto Nobili and headquartered in Gallarate (Varese), Irca employs 300 people and operates three production plants in the Lombardy region, with an additional facility currently under construction. Irca has experienced strong growth over the last four years, posting a Cagr of 10% and 26.1% in revenues and ebitda, respectively.
The company’s 2016 revenues were around 251 million euros, of which approximately 25% was generated outside of Italy, with ebitda of approximately 40 millions.
Ardian had acquired its 80% stake in 2015 through its lAxa Lbo Fund V from the Nobili family (who was retaining a 20% stake) and acquired at the same time also Italcima srl and D&D Service srl from the Nobili family (see here a previous post by BeBeez). The whole group posted 190 million euros in revenues in 2013 with 13,8 millions in ebitda and reached 200 million euros in revenues in 2014. Back then the deal was closed on the basis of an enterprise value of about 230 million euros for the group.
Established in 1919, Irca has a prominent position in the artisanal pastry and ice-cream markets, expanding its European presence across France, Germany, Spain and Eastern Europe, renowned for the quality of its product offering, which currently totals nearly 1800 lines. Irca currently distributes its products in approximately 70 countries, through a strong network of long-standing distributors.
