Company Overview: IRCA is a leading international provider of semi-finished ingredients for the bakery, pastry and gelato markets, serving independent producers as well as large food manufacturers (e.g. CPG). Core products include chocolate, chocolate decorations, creams, pastry mixes, gelato ingredients, and other bakery / pastry ingredients. The Company, headquartered in Italy, was acquired by Advent International, the global Private Equity firm, in July 2022, and has a strong track record of growth over the last decade. IRCA has made 2 bolt-on acquisitions in the areas of candied fruits (Cesarin) and pistachio ingredients (Anastasi) in 2022 and recently entered exclusive negotiations to acquire a leading manufacturer of sweet and cereal products in Europe and the US. The target’s business focuses on high value add specialty ingredients for the Food Manufacturers segment, with a portfolio that incorporates a range of products including sweet particulates, chocolate confections, baked inclusions, variegates and fruit purées. This transformative deal would create a global leader in the semi-finished ingredients industry, with 22 manufacturing facilities in Europe, US and Vietnam and a combined €1 billion of revenues (2022).