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Carlyle kicks off $1.1 billion sale of Italian food ingredients maker Irca

by Mike Robinson

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© Reuters. FILEPHOTO: A Carlyle Group logo can be seen in the Tokyo company office, Japan on October 17, 2018. REUTERS/Issei Kato/

MILAN (Reuters). – U.S. Private Equity firm Carlyle Group (NASDAQ:) asked investors for bids on Irca as part of a deal that values the Italian food ingredient maker at over 1 billion Euros ($1.1 billion), according to two sources.

Carlyle (which owns 97%) of the company based in Milan north west of Milan has sent the initial teasers for investors. They expect to receive non-binding biddings by the end of April according to sources.

Carlyle, Irca and both declined to comment.

BNP Paribas and Rothschild advise Carlyle regarding the sale. One source said that it should be completed by June 30th.

One source said that Irca is expected to be worth twice as much in core earnings. It manufactures food ingredients, including baking, pastry, and ice cream retailing.

The revenues of Irca in 2021 exceeded 365,000,000 euros according to Paolo Perego (Chief Executive Officer), Reuters.

Carlyle acquired an 80% interest in Irca through the European private equity fund Ardian, and its founding family Nobili. ($1 = 0.9019 euros)

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