At what enterprise value was IRCA acquired in 2022?

During the acquisition of IRCA by ADVENT INTERNATIONAL in 2022, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the AgriFood industry currently tracks an average EBITDA multiple of 10.6x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of IRCA when it was acquired by ADVENT INTERNATIONAL?

The estimated EV/EBITDA multiple for IRCA is in the range of 10x - 18x. For comparison, the AgriFood sector currently shows an average EBITDA multiple of 10.6x. Join our community for free to access full valuation data and industry trends.

When was IRCA acquired by ADVENT INTERNATIONAL?

IRCA was acquired by ADVENT INTERNATIONAL in 2022.

What was the revenue of IRCA at the time of the deal?

The revenue of IRCA at the time of the deal is estimated to be in the range of 250M - 500M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of IRCA during the acquisition?

IRCA's EBITDA is estimated to be in the range of 50M - 100M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the IRCA acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the IRCA deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.carlyle.com/media-room/news-release-archive/advent-international-acquire-leading-artisanal-food-ingredients

← DATABASE

Home Database AgriFoodIRCA

04/2022

IRCA

Acquired by

ADVENT INTERNATIONAL

ITALY Food Processing / Ingredients EV 1b - 4b EUR

IRCA acquired by ADVENT INTERNATIONAL

ITALY Food Processing / Ingredients EV 1b - 4b EUR

Context

Advent International has acquired IRCA in a secondary buyout from The Carlyle Group, marking a significant transaction in the European food ingredients sector. Carlyle, which acquired a majority stake in 2017 and later increased its ownership, successfully executed a value creation strategy focused on internationalization and strategic acquisitions. During its ownership, Carlyle transformed IRCA from a primarily domestic Italian player into a leading European manufacturer with a growing presence in the United States. This was achieved through organic growth, investment in product innovation, and the key acquisition of Dobla, which expanded IRCA's product portfolio and global footprint. The transaction demonstrates the continued appetite of private equity for high-quality, resilient assets with strong market positions. Advent identified IRCA as a leader in a structurally growing and fragmented market. Advent's investment thesis is centered on continuing this growth trajectory by leveraging IRCA as a platform for further consolidation through meaningful acquisitions. The firm plans to partner with IRCA's existing management team to scale the business globally, expand into adjacent high-value product categories, and further penetrate key international markets. This deal underscores investor confidence in the B2B food ingredients space, which benefits from strong pricing power and consistent demand from professional end-markets.

IRCA, which reported an EBITDA margin of LOGIN in 2022, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the AgriFood sector (10.6x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> Deep-dive in AgriFood market trends

Target

Irca is a leading Italian and European manufacturer of semi-finished ingredients and food products for the artisanal pastry, baking, and ice-cream sectors. Established in 1919 in Gallarate, Italy, by the Nobili family, the company has built a strong reputation for the quality and breadth of its product offering. Its portfolio consists of nearly 1,800 product lines, catering to a diverse customer base that includes industrial food companies, large-scale retail bakeries, and traditional artisanal pastry shops and bakeries. In 2014, the company strategically expanded into the artisanal ice-cream ingredients market with the launch of its Joy Gelato brand. Operationally, Irca is headquartered in Gallarate (Varese) and, as of 2017, employed 300 people across three production plants in the Lombardy region, with an additional facility under construction at that time. The company has a significant international footprint, distributing its products in approximately 70 countries through a well-established network of long-standing distributors. International sales have historically represented a substantial and growing portion of the company's total business.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2022

2021

Other operations with IRCA

Date	Acquirer	Target	Country	Sector	Deal Context
06/2017	THE CARLYLE GROUP	IRCA	ITALY	Food Processing	Irca is a leading Italian and European manufacturer of semi-finished ingredients and food products for the artisanal pastry, baking, and ice-cream sectors. Established in 1919 in Gallarate, Italy, by the Nobili family, the company has built a strong reputation for the quality and breadth of its product offering. Its portfolio consists of nearly 1,800 product lines, catering to a diverse customer base that includes industrial food companies, large-scale retail bakeries, and traditional artisanal pastry shops and bakeries. In 2014, the company strategically expanded into the artisanal ice-cream ingredients market with the launch of its Joy Gelato brand. Operationally, Irca is headquartered in Gallarate (Varese) and, as of 2017, employed 300 people across three production plants in the Lombardy region, with an additional facility under construction at that time. The company has a significant international footprint, distributing its products in approximately 70 countries through a well-established network of long-standing distributors. International sales have historically represented a substantial and growing portion of the company's total business.
07/2015	ARDIAN	IRCA	ITALY	Food Processing	Irca is a leading Italian and European manufacturer of semi-finished ingredients and food products for the artisanal pastry, baking, and ice-cream sectors. Established in 1919 in Gallarate, Italy, by the Nobili family, the company has built a strong reputation for the quality and breadth of its product offering. Its portfolio consists of nearly 1,800 product lines, catering to a diverse customer base that includes industrial food companies, large-scale retail bakeries, and traditional artisanal pastry shops and bakeries. In 2014, the company strategically expanded into the artisanal ice-cream ingredients market with the launch of its Joy Gelato brand. Operationally, Irca is headquartered in Gallarate (Varese) and, as of 2017, employed 300 people across three production plants in the Lombardy region, with an additional facility under construction at that time. The company has a significant international footprint, distributing its products in approximately 70 countries through a well-established network of long-standing distributors. International sales have historically represented a substantial and growing portion of the company's total business.

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 250M - 500M EUR

EBITDA range: 50M - 100M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of IRCA by ADVENT INTERNATIONAL are reserved for mynth community members. Register for free to unlock full data.

Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: irca

Acquirer: advent international