At what enterprise value was IRCA acquired in 2015?

During the acquisition of IRCA by ARDIAN in 2015, 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 100M - 350M 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 10.2x, providing a valuable benchmark for this transaction.

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

The estimated EV/EBITDA multiple for IRCA is in the range of 5x - 12x. For comparison, the AgriFood sector currently shows an average EBITDA multiple of 10.2x. Join our community for free to access full valuation data and industry trends.

When was IRCA acquired by ARDIAN?

IRCA was acquired by ARDIAN in 2015.

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 150M - 250M 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 10M - 30M 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.decideurs-magazine.com/strategie/22037-ardian-prend-possession-d-irca.html

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Home Database AgriFoodIRCA

07/2015

IRCA acquired by ARDIAN

ITALY Food Processing / Ingredients EV 100M - 350M EUR

Context

Ardian, a pan-European private equity firm, acquired a majority controlling stake in Irca, a prominent family-owned Italian manufacturer of bakery and pastry ingredients. The transaction was executed through Ardian's Mid Cap Buyout fund, Axa Lbo Fund V. The deal structure also involved the acquisition and subsequent merger of two smaller entities controlled by the founding Nobili family, Italcima srl and D&D Service srl, to create a consolidated group. The Nobili family, who founded the company in 1919, opted to divest the majority of their holdings, with Roberto Nobili, a son of the patriarch, retaining a minority interest to ensure continuity and participate in the company's future growth. The primary rationale for the acquisition was to accelerate Irca's expansion strategy. Ardian plans to leverage its resources and international network to support the company's organic growth, particularly in foreign markets where it already has a strong presence. Furthermore, a key pillar of the strategy involves pursuing synergistic bolt-on acquisitions and consolidating the fragmented food ingredients market, both in Italy and abroad. The transaction was subject to customary closing conditions, including approvals from relevant European antitrust authorities.

IRCA, which reported an EBITDA margin of LOGIN in 2014, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the AgriFood sector (10.2x).

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.

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List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
04/2022	ADVENT INTERNATIONAL	IRCA	ITALY	Food Processing	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
06/2017	THE CARLYLE GROUP	IRCA	ITALY	Food Processing	The Carlyle Group, through its European-focused upper-mid market buyout fund Carlyle Europe Partners IV, executed the acquisition of Irca. The transaction was a secondary buyout, with Carlyle acquiring the company from the previous majority shareholder, financial sponsor Ardian, and the founding Nobili family

REFERENCES

Valuation range: EV 100M - 350M EUR

Revenue range: 150M - 250M EUR

EBITDA range: 10M - 30M 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 ARDIAN are reserved for mynth community members. Register for free to unlock full data.

Authors: verified 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: ardian