OC&C advises on deal in the Ingredients Sector

We’re pleased to congratulate CVC on agreeing to acquire IRCA Group, a global B2B manufacturer of ingredient solutions across food manufacturing, including foodservice and artisanal channels. We acted as strategic advisor to CVC, providing buy-side Commercial Due Diligence support in connection with the acquisition of IRCA.

Operating on a global scale with a distribution platform spanning 19 facilities and more than 7,000 products across 4 categories- bakery, pastry, chocolate and ice cream-IRCA produces value-added ingredients and semi-finished products, serving customers in over 100 countries. IRCA’s customer base is broad, serving artisanal, foodservice and food manufacturing channels ranging from local bakeries and gelato shops to international foodservice operators and multinational food manufacturers.

Since Advent’s investment, IRCA has transformed into a global ingredients leader, increasing revenue from €370 million in 2021 to €1.5 billion today. The company is widely recognised by customers for its comprehensive product portfolio, strong innovation capabilities, and deeply customer-centric culture.

Following completion of the transaction, CVC will work closely with IRCA’s management team to support its next phase of growth, focusing on operational excellence across manufacturing and supply chain, selected add-on acquisitions, and continued international expansion. CVC will also support the acceleration of IRCA’s growth ambitions across the US and EMEA, leveraging the expertise and network of its European and US teams.

OC&C and Private Equity

We’re a leading global strategy consultancy, with deep expertise in the ingredients sector, working with both major global corporations and local champions. In private equity, we have commercially advised on more than 500 successful transactions over the last 5 years, encompassing sell-side and buy-side roles.

How we can help:

• We provide commercial due diligence and vendor due diligence for transactions.
• We assist investors with accelerating or improving their portfolio companies’ performance.
• We help investors identify potential investment themes or assets to target.

For more details on our experience in this space, please contact our leaders below or email [email protected].