M&A Deal Summary

LBO France and Cerea Partenaire Acquire Labeyrie Fine Foods

On January 30, 2012, asset manager LBO France and private equity firm Cerea Partenaire acquired food company Labeyrie Fine Foods from SÍF hf. for 708M EUR

Acquisition Highlights
  • This is LBO France’s 5th and Cerea Partenaire’s 10th transaction in the Food sector.
  • This is LBO France’s 4th and Cerea Partenaire’s 0th largest (disclosed) transaction.
  • This is LBO France’s 44th and Cerea Partenaire’s 20th transaction in France.
Investment Fate
  • Labeyrie Fine Foods was sold to a consortium of financial buyers in 2014.

M&A Deal Summary

Date 2012-01-30
Target Labeyrie Fine Foods
Sector Food
Buyer(s) LBO France
Cerea Partenaire
Sellers(s) SÍF hf.
Deal Type Divestiture
Deal Value 708M EUR

Target

Labeyrie Fine Foods

Paris, France
website
Labeyrie Fine Foods is a producing upmarket branded food products sold on the French, Dutch, Belgian and Spanish markets. Its product range encompasses three main categories: seafood products (mainly smoked salmon), speciality regional products (mainly foie gras) and blinis & spreadables (taramasalata, guacamole etc.). Labeyrie Fine Foods was formed in 1946 and is based in Paris, France.

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Buyer(S) 2

Buyer

LBO France

Paris, France

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1985
PE ASSETS 5.4B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

LBO France is an independent private equity group focused on acquiring majority stakes in French firms, or companies with French management. LBO France manages several funds, each targeting different types of businesses. The Firm's mid-market fund looks to acquire majority or minority stakes in companies valued from €100 million to €2.5 billion. The mid-market fund generally looks at companies with predictable sales, profits and cash flow, but will also consider businesses with under-utilized assets. LBO France's small cap fund targets majority stakes in smaller, profitable businesses valued from €10 to €100 million, with strong potential for growth or consolidation. In addition to its equity funds, LBO France also invests in real estate and provides LBO loans issued by medium-sized European companies (enterprise value between €150m and €2bn). LBO France was formed in 1985 and is based in Paris.


DEAL STATS #
Overall 51 of 91
Sector (Food) 5 of 5
Type (Divestiture) 2 of 3
Country (France) 44 of 76
Year (2012) 2 of 3
Size (of disclosed) 4 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-04 Emeraude International

Paris, France

Emeraude International is a distributer of polymers and chemical products. Emeraude International was founded in 1986 and is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-26 Temex Ceramics SAS

Pessac, France

Temex-ceramics is a leading worldwide Company recognized for the development, manufacturing, sale of a wide range of RF and Microwave passive components designed for applications in most leading professional markets: Radiocommunication, Medical, Industrial, Military and Space industries, for which performance, reliability and cost are essential requirements.

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 23 of 52
Sector (Food) 10 of 20
Type (Divestiture) 2 of 6
Country (France) 20 of 44
Year (2012) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-04 Van Dijk Food BV

Lopik, Netherlands

Van Dijk Food is a provider of private label producers of yellow and white fats (margarines and frying fats) and yellow and red sauces (ketchup and mayonnaise) in Western Europe. Van Dijk operates a plant in Zeewolde (fats) and Lopik (sauces). Besides private label, VDF owns the brands Diamant and Gouda?s Glorie and offers co-packing services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-01 Groupe Bertrand

Paris, France

Groupe Bertrand is a independent restaurant groups in France.

Sell -

Seller(S) 1

SELLER

SÍF hf.

Sweden

Category Company
Sector Food
DESCRIPTION

SÍF hf. is a European food producer focused on producing chilled seafood and festive food. SIF hf. operates fourteen production facilities in four countries; France, Spain, Britain, and Iceland where its headquarters are located. The company's products include bacalao, shellfish, smoked salmon, foie gras, blini and taramasalata. The company's products are sold both under retailers' own labels and its own brands which include Islandia, Skandia, Labeyrie, Blini, Delpierre, Lyons and York. SÍF's brands hold a leading position in France, Spain, and the United Kingdom which together form the company's core market. SÍF hf. now operates in 11 countries and has a combined workforce of around 3,900 employees. The company's products are sold in over 60 countries.


DEAL STATS #
Overall 1 of 1
Sector (Food) 1 of 1
Type (Divestiture) 1 of 1
Country (France) 1 of 1
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-25 Labeyrie Fine Foods

Paris, France

Labeyrie Fine Foods is a producing upmarket branded food products sold on the French, Dutch, Belgian and Spanish markets. Its product range encompasses three main categories: seafood products (mainly smoked salmon), speciality regional products (mainly foie gras) and blinis & spreadables (taramasalata, guacamole etc.). Labeyrie Fine Foods was formed in 1946 and is based in Paris, France.

Buy €332M