CVC Credit is pleased to announce that it has committed senior and acquisition facilities to support Advent International’s acquisition of IRCA, a leading Italian producer of specialty ingredients for artisanal pastries, cakes and gelato.

For over 100 years, IRCA has been supplying a broad portfolio of products to patisseries, gelato parlours, hotels, restaurants, and confectionery manufacturers. IRCA occupies a niche space in the industry as a result of its “one-stop-shop” strategy, providing simple, complete, and expert solutions for the preparation of products, which would otherwise be far more costly, time-consuming, and complex to produce. Headquartered in Italy, IRCA 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.

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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.

John Empson Partner and Co-Head of Private Credit at CVC Credit

Alessio Di Vito, Director at CVC Credit said: “IRCA is the undisputed leading player in speciality ingredients in Italy. Its market position, achieved through investments in product innovation and geographic expansion, have enabled it to grow through market cycles, furthermore it is expected to continue to benefit from attractive market tailwinds due to growing demand of semi-finished ingredients solutions.”

John Empson, Partner and Co-Head of Private Credit at CVC Credit 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.”

Francesco Casiraghi, Managing Director at Advent International, commented: “We have identified IRCA as a structural winner in a sector with secular growth tailwinds. 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.”