Advent International is preparing to sell Italian industrial confectionery group Irca for an estimated €3bn. UBS and Rothschild are advising on the process, expected to launch this quarter. The deal adds to a growing pipeline of buyout exits anticipated in 2026 as market sentiment improves.

Banks and private credit funds are competing to finance the acquisition. Debt packages under discussion range from €1.2bn to €1.6bn, equating to six to eight times Irca’s EBITDA of about €200m. Private credit lenders are said to be more willing to underwrite leverage at the upper end.

Advent acquired Irca from Carlyle in 2022. Since then, Irca expanded internationally, buying Kerry Group's Sweet Ingredients Portfolio for €500m in 2023 and refinancing its debt in 2024. Founded over a century ago, Irca employs 2,000 people and operates 21 facilities across Europe, the US, and Vietnam.