CVC, Cinven among bidders for Italian dessert ingredients maker IRCA, say sources

MILAN/LONDON, June ⁠1 (Reuters) - Private equity funds CVC ​and Cinven are among initial bidders for Italian dessert ingredients maker ​IRCA, ‌two sources familiar with the matter said.

A third person said PAI ⁠Partners also placed a bid.

The potential ⁠deal is likely ​to act as a gauge of investor appetite for larger buyouts at a time of market volatility driven by the Middle ​East ‌crisis, with bankers citing consumer-focused businesses as among the most resilient segments.

* The sale could fetch between 2.5 billion and 3 billion euros ($2.7 billion–$3.2 billion), one of the sources ​and a third person told Reuters.

* Preliminary bids for IRCA ‌were filed last week, the people said, speaking on condition of anonymity because the ‌talks are private.

* Advent acquired IRCA in 2022 from Carlyle in a deal that valued the group at around 1 ​billion euros, sources said at the time.

* Advent, CVC, Cinven and PAI ‌Partners declined to comment. IRCA was not immediately available for comment.

* Founded in 1919, IRCA employs over 2,200 people ⁠and operates 19 ⁠production facilities across Europe, the United States ‌and Vietnam, supplying customers in more than 100 countries.

* It supplies chocolate, ​creams ​and other semi-finished food ingredients to professional customers ‌worldwide, particularly in the pastry and ice-cream sectors. (Reporting by Elvira Pollina and Amy Jo Crowley, additional reporting by Elisa Anzolin; Editing by Anousha Sakoui and Susan Fenton)