Ardian buys majority stake in IRCA

Roberto Nobili, a member of IRCA's founding family, will remain as shareholder in the business after the transaction and will stay at the helm of the management team.

The GP was attracted by the growth potential perceived in IRCA's current position in the food sector. The business has plans to develop internationally and expand into new market segments.

The transaction saw Ardian deploy equity from its mid-cap generation of funds, which have been used for the acquisition of stakes in four other Italy-headquartered companies to date, according to the GP.

Prior investments include the purchase of a 67.6% interest in Genoa-based phosphorus derivatives provider Italmatch Chemicals from Mandarin Capital Partners.

Company
Founded in 1919 by the Nobili family, IRCA is a food company providing ingredients such as chocolate, powder mixes, creams and jams for clients within the baking and pastry-making sectors. The business has also been active in the ice cream market via its Joy Gelato brand since 2014.

Headquartered in Gallarate, Italy, IRCA manages three production sites in the Lombardy region. Currently employing around 250 professionals, the business posted €200m in sales in 2014.

People
Ardian's investment was coordinated by head of mid-cap buyout funds Philippe Poletti. Roberto Nobili is general manager at IRCA.

Advisers
Equity – Vitale e Associati (M&A); PwC (Financial due diligence); Giovannelli & Associati (Legal); Gattai Minoli Agostinelli & Partners (Legal); CBA (Tax).
Company – Cube8 (M&A); D'Urso Gatti e Bianchi (Legal); Ludovici & Partners (Tax).

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• Topics
• Southern Europe
• Buyouts
• Consumer
• Italy
• Ardian (formerly Axa PE)