Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229- 64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels,  5.7.2022  
C(2022) 4871 final  
PUBLIC VERSION 
Advent International Corporation,  Prudential Tower,  
800 Boylston Street, Suite 3300,  
Boston, MA 02199,  
United States of America  
Subject : Case M. 10755 – ADVENT / IRCA  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 1 3 June 2022, the Commission received notification of a proposed concentration 
pursuant to Article 4 of Counc il Regulation (EC) No 139/2004 (Merger Regulation) 
by which Advent International Corporation (‘Advent’,USA), acquires within the 
meaning of Article 3(1)(b) of the Me rger Regulation, sole control of the whole of 
IRCA  S.p.A. (‘IRCA’, Italy). The concentration is accomplished by way 
of  purchase of shares3.  
2. The business activities of the undertakings concerned are the following:  
—  Advent is an international private equity investor active in  the acquisition of 
equity stakes and the ma nagement of investment funds in various sectors, 
including healthcare, industrial, technology, retail, consumer and leisure and 
business and financial services. One of its portfolio compani es is  Caldic, 
a distributor of functional ingredients and specialty chemicals active in  Europe, 
North America and Asia -Pacific;  
—  IRCA is a food ingredient company based in Italy active in the production and 
sale of semi -finished ingredients for chocolate , bakery (pa stry and bread), and 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009, the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘ Community ’ by ‘Union’  and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p. 3 ( the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 240, 22.6.2022, p. 20.  

2 gelato. It  is mainly active in Italy and to a more limited extent  across the EEA and 
globally.  
3. After examination of the notification, the European Commission has concluded that 
the proposed concentrati on falls within the scope of the Merger  Regulation, and of 
paragraph 5(c ) of the  Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No  139/2004.4 
4. For the reasons set out in the Notice on a simplifi ed procedure, the European 
Commission has decided not to oppose the proposed concentration and to declare it 
compatible with the internal market and with the EEA Agreeme nt. This decision is 
adopted in application of Article 6(1)(b) of the Merger Regulation and Article 57 
of the  EEA  Agreement  
 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.