Carlyle kicks off $1.1 bln sale of Italian food ingredients maker Irca – sources

MILAN, March 17 (Reuters) – U.S. non-public equity organization Carlyle Group (CG.O) has requested investors to post bids for Irca in a offer valuing the Italian meals ingredients maker at far more than 1 billion euros ($1.1 billion), two sources near to the make a difference said.

Carlyle, which owns 97% of the group dependent north west of Milan, has sent out initial teasers to traders and expects non-binding bids to appear in the to start with fifty percent of April, the resources reported.

Both equally Carlyle and Irca declined to comment.

BNP Paribas and Rothschild are advising Carlyle on the sale, which 1 of the sources claimed must close by the end of June.

Irca, which manufactures elements for the foodstuff market which include for pastry-earning, baking and ice-product retailing, is predicted to command a double-digit multiple to main earnings, one of the sources claimed.

Irca’s revenues in 2021 topped 365 hundreds of thousands euros, Main Govt Officer Paolo Perego informed Reuters.

In 2017, Carlyle acquired an 80% stake in Irca from European personal fairness fund Ardian and from the company’s founding relatives Nobili.
($1 = .9019 euros)

Reporting by Valentina Za and Stephen Jewkes Additional reporting and producing by Francesco Zecchini
Modifying by Keith Weir

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