M&A Deal Summary

Ardian and Cerea Partenaire Acquire Cerelia

On December 19, 2019, private equity firms Ardian and Cerea Partenaire acquired food company Cerelia from IK Partners

Acquisition Highlights
  • This is Ardian’s 13th and Cerea Partenaire’s 19th transaction in the Food sector.
  • This is Ardian’s 163rd and Cerea Partenaire’s 35th transaction in France.

M&A Deal Summary
Date 2019-12-19
Target Cerelia
Sector Food
Buyer(s) Ardian
Cerea Partenaire
Sellers(s) IK Partners
Deal Type Secondary Buyout

Target

Cerelia

Paris, France
website
Cerelia is a provider of innovative bakery solutions with a product portfolio including ready-to-bake pie and pizza dough, pancakes, crepes, and cookies. Cerelia was founded in 1999 and is based in Paris, France.

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Buyer(S) 2

Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.

DEAL STATS #
Overall 358 of 416
Sector (Food) 13 of 15
Type (Secondary Buyout) 114 of 135
Country (France) 163 of 185
Year (2019) 30 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-16 Audiotonix

Chessington, United Kingdom

Audiotonix is a designer and manufacturer of audio mixing consoles and ancillary products for professional end-users across a variety of applications. Audiotonix is based in Chessington, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 Custom Solutions

France

Custom Solutions specialized in sales promotion and e-logistics. The company's historical core business line is the management of promotional marketing for mass-market brands: payback, deferred bonuses and shops, quizzes and multimedia games. Custom Solutions also provides outsourcing services for POS-A (point of sale advertising) logistics and e-logistics.

Sell -
Buyer

Cerea Partenaire

Neuilly sur Seine, France

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2004
PE ASSETS 600M EUR
Size Middle-Market
Type Sector Focused
DESCRIPTION

Cerea Partenaire is a specialist investment firm dedicated to buyouts and providing mezzanine financing in agribusiness and related sectors. Céréa Gestion consists of Céréa Capital (private equity practice) and Céréa Mezzanine (mezzanine practice). Céréa primarily targets companies in Western Europe and looks to invest €5 to €15 million in companies with enterprise values of €30 to €500 million. Specific areas in agribusiness include services, distribution, equipment, packaging, logistics, and health services. Prospective transaction situations includes LBOs, LBIs, OBOs, and spin offs. Cerea Partenaire is based in Paris.

DEAL STATS #
Overall 43 of 52
Sector (Food) 19 of 20
Type (Secondary Buyout) 17 of 19
Country (France) 35 of 44
Year (2019) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-22 Biscuit International

Paris, France

Biscuit International is a European manufacturer of private-label sweet biscuits, including traditional, as well as organic, low-sugar and eco-friendly products. Biscuit International is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-28 Pages Group

Foncine-le-Haut, France

Pages Group provides automation solutions, superior service, and greater overall value to a rapidly expanding global customer base. The company does automation across a range of segments, including consumer (IML automation whatever the cavitation, downstream equipment including vision, automatic case-packing, assembly, etc.), industrial (pail application including IML, vision, metal or plastic Handle Fitting machines, etc.), cosmetic and medical (Assembly systems, 6-axis robots integration, leakage control, ultrasonic welding, cutting and heat sealing, etc.). Based on its 4 brands: Polymac, Pages, Pages Medical, and Pages Robotics, the group operates from France and Netherlands, focusing on delivering a more complete solution to plastic converters worldwide. Pages Group was formed in 1984 and is based in Foncine-le-Haut, France.

Buy -

Seller(S) 1

SELLER

IK Partners

London, United Kingdom

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1989
PE ASSETS 14.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Ik Investment Partners Ltd. (Formerly Industri Kapital) is a private equity firm that targets control investments in mid-sized manufacturing and service companies located in select European countries. IK focuses on growth businesses located in the Benelux region, as well as Denmark, Finland, France, Germany, Norway and Sweden. The firm looks to commit €50 to €150 million of equity capital per transaction and targets companies with 'a proven ability to generate significant cash flow' as well as an ability to 'sustain growth through various economic cycles'. IK Investment Partners was formerly known as Industry Kapital. IK Investment Partners was formed in 1989 and has offices in Hamburg, London, Paris, and Stockholm.

DEAL STATS #
Overall 85 of 109
Sector (Food) 8 of 9
Type (Secondary Buyout) 32 of 44
Country (France) 14 of 21
Year (2019) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-03 Ondal Group

Hunfeld, Germany

Ondal Group is a developer and manufacturer of medical pendant systems that facilitate movement, support loads and supply medical equipment with light, gas or data. Ondal sets the global quality standard for medical pendant systems in terms of reliability, functionality, and usability. Products manufactured by Ondal are internationally certified in various regulated markets, ensuring compliance with the highest quality standards. Ondal Group was founded in 1945 and is based in Hunfeld, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-23 MDT technologies

Engelskirchen, Germany

MDT technologies is a manufacturer of smart building components, enabling the automation and control of multiple functions including heating, ventilation, and lighting in both residential and commercial buildings. MDT offers a full range of innovative KNX components distributed mainly through electrical wholesalers in Germany. MDT technologies was founded in 2009 and is based in Engelskirchen, Germany.

Buy -
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