M&A Deal Summary

IK Partners and Cerea Partners Acquire Mademoiselle Desserts

On May 3, 2018, private equity firms IK Partners and Cerea Partners acquired food company Mademoiselle Desserts from Equistone and Ardian

Acquisition Highlights
  • This is IK Partners’ 11th and Cerea Partners’ 17th transaction in the Food sector.
  • This is IK Partners’ 24th and Cerea Partners’ 30th transaction in France.
Investment Fate
  • Mademoiselle Desserts was sold to a publicly-traded strategic buyer in 2024.

M&A Deal Summary

Date 2018-05-03
Target Mademoiselle Desserts
Sector Food
Buyer(s) IK Partners
Cerea Partners
Sellers(s) Equistone
Ardian
Deal Type Secondary Buyout

Target

Mademoiselle Desserts

Montigny le Bretonneux, France
Mademoiselle Desserts is a producer of frozen bakery products, such as pastry base, flaky pastry, flans, and unbaked and baked pies. Mademoiselle Desserts was founded in 1984 and is based in Montigny le Bretonneux, France.

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Buyer(S) 2

Buyer

IK Partners

London, United Kingdom

Investor Investor Investor Investor Investor


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

IK Partners is a private equity firm that targets control investments in lower middle-market to large-sized companies throughout Europe. 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 €10 to €300 million of equity capital per transaction and targets companies with strong cash-flows. IK Investment Partners was formerly known as Industry Kapital. IK Partners was formed in 1989 and is based in London, England.


DEAL STATS #
Overall 118 of 187
Sector (Food) 11 of 13
Type (Secondary Buyout) 38 of 73
Country (France) 24 of 46
Year (2018) 2 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-19 Touristry

Stockholm, Sweden

Touristry is a provider of tourism related services. Touristry operator of sightseeing buses and boats in the Nordic capitals as well as provider of tourism related services. Touristry was founded in 2011 and is based in Stockholm, Sweden.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-18 Acadomia

Paris, France

Acadomia is a provider of supplementary education in France. The Company provides educational services for over 50,000 students through more than 20,000 teaching professionals annually. Acadomia provides both home-based tutoring services as well as classroom based education. Acadomia was founded in 1989 and is based in Paris, France.

Buy -
Buyer

Cerea Partners

Neuilly sur Seine, France

Investor Investor Investor Investor Investor


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

Cerea Partners is a specialist investment firm focused on investing in and providing finance to agriculture and related sustainable food businesses. Cerea primarily targets companies in Western Europe and looks to invest in companies valued between €20 and €500 million. Prospective transaction situations includes LBOs, LBIs, OBOs, and spin-offs. Cerea Partners was formed in 2004 and is based in Paris, France.


DEAL STATS #
Overall 37 of 58
Sector (Food) 17 of 22
Type (Secondary Buyout) 14 of 21
Country (France) 30 of 48
Year (2018) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-18 Monviso

Andezeno, Italy

Monviso is a producer of rusks, salt-free breadsticks, crispy bread, gluten-free products, and biscuits. Monviso produces different product ranges, such as breakfast (which includes the renowned Biscotto Salute), wellbeing low-salt products and Io sono rusks), organic, snack, and pastry. Monviso was established in 1936 and is based in Andezeno, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-30 HolwegWeber Group

Molsheim, France

HolwegWeber Group is specialized in the design, development and assembly of solutions dedicated to the manufacturing of paper bags. HolwegWeber Group was founded in 1925 and is based in Molsheim, France.

Sell -

Seller(S) 2

SELLER

Equistone

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 9.6B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Equistone is a private equity firm that invests in small to mid-sized companies valued from €50 to €500 million. Equistone targets companies operating in the fields of services, healthcare, financial services, and consumer/travel. The Firm looks to invest €25 to €200 million in a variety of transactions, including buyouts, growth capital financings, recapitalizations, and take privates. Equistone was formed in 1997 and is based in London, England.


DEAL STATS #
Overall 154 of 203
Sector (Food) 4 of 7
Type (Secondary Buyout) 72 of 95
Country (France) 48 of 61
Year (2018) 4 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-28 T.O.M. Vehicle Rental

Airdrie, United Kingdom

T.O.M. Vehicle Rental is a provider of flexible vehicle rental solutions. T.O.M. provides long-term, flexible hire of commercial vehicles (vans, trucks, trailers, and cars) to over 900 public and private sector customers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-31 UK Power Reserve

London, United Kingdom

UK Power Reserve Ltd. is an independent operator, generating reserve power in times of critical need via its 185MW portfolio. UK Power Reserve Ltd. highly flexible distributed energy generating assets are spread across 32 locations in England and Wales and comprise 533 MW in operation with a further 480 MW in construction and development expected to come online by 2019.

Sell £216M
SELLER

Ardian

Paris, France

Investor Investor Investor Investor Investor


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 151 of 225
Sector (Food) 9 of 10
Type (Secondary Buyout) 57 of 89
Country (France) 75 of 106
Year (2018) 10 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-03 Rodan + Fields

San Francisco, California, United States

Rodan + Fields is an operator of a skincare brand in North America. Rodan + Fields has 1.8m subscription-based customers and delivers products exclusively through a direct sales channel with a salesforce of more than 350k consultants, who sell products to their networks through a web portal against commissions on sales. Rodan + Fields was founded in 2000 and is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-14 ESIM Chemicals

Linz, Austria

ESIM Chemicals is a global provider of high-quality agricultural and crop protection chemicals, intermediates and maleic anhydride tree chemicals, focusing on partnering with companies in the custom synthesis of their unique compounds and offer a portfolio of fine chemical products critical to multiple industries. The company has more than 75 years of experience in transforming innovative ideas into scalable supplies of advanced fine chemical products and intermediates using state of the art facilities. ESIM Chemicals was founded in 2015 and is based in Linz, Austria.

Sell -