M&A Deal Summary

MCH Private Equity, Ardian, Cerea Partners and Unigrains Acquire Palacios

On April 10, 2019, private equity firms MCH Private Equity, Ardian, Cerea Partners and Unigrains acquired food company Palacios from The Carlyle Group

Acquisition Highlights
  • This is MCH Private Equity’s 5th, Ardian’s 12th, Cerea Partners’ 20th and Unigrains’ 4th transaction in the Food sector.
  • This is MCH Private Equity’s 22nd, Ardian’s 12th, Cerea Partners’ 2nd and Unigrains’ 2nd transaction in Spain.

M&A Deal Summary

Date 2019-04-10
Target Palacios
Sector Food
Buyer(s) MCH Private Equity
Ardian
Cerea Partners
Unigrains
Sellers(s) The Carlyle Group
Deal Type Secondary Buyout

Target

Palacios

Albelda de Iregua, Spain
Palacios is a private food company in the chilled & ready meals market. Palacios Food has a full portfolio of dry goods under Gallo's own brand or distribution brands. Gallo also makes fresh products (fresh pasta and fresh sauces). Palacios was founded in 1960 and is based in Albelda de Iregua, Spain.

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Buyer(S) 4

Buyer

MCH Private Equity

Madrid, Spain

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 1.3B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

MCH Private Equity is a private investment firm focused on mid-sized opportunities in Spain and Portugal. MCH invests in businesses exhibiting growth potential (organic/add-on), ability to improve operating margins, and consistent cash-flows. MCH is a generalist investor, however the Firm has a strong interest in sectors/markets undergoing consolidation. The Firm's target investment size is €15 to €45 million. MCH was formed in 1998 and is based in Madrid.


DEAL STATS #
Overall 27 of 38
Sector: Food M&A 5 of 8
Type: Secondary Buyout M&A Deals 3 of 3
Country: Spain M&A 22 of 32
Year: 2019 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-12 Jeanologia

Valencia, Spain

Jeanologia is a maker of denim manufacturing equipment. Jeanologia focuses on technologies that lower the usage of chemicals and waters in the making of jeans. Jeanologia was founded in 1994 and is based in Valencia, Spain.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-01 Aquanaria

Las Palmas, Spain

Aquanaria is a Spanish aquaculture company specialising in and leading the production of large sea bass (>1.5kg). The company's marine farms are located in the Atlantic Ocean, a few kilometres off the east coast of Gran Canaria, and offer a sustainable alternative to extractive fishing. Aquanaria has an annual production capacity of 3,200 tonnes, a very diverse geographical and customer base and exports more than 60% of sales to various EU countries, the USA, the Middle East and South Korea. Aquanaria was founded in 1973 and is based in Las Palmas, Spain.

Buy -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 127.0B 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 €1 billion 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 349 of 464
Sector: Food M&A 12 of 16
Type: Secondary Buyout M&A Deals 112 of 155
Country: Spain M&A 12 of 18
Year: 2019 M&A 14 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-08 LindFast Solutions Group

Blaine, Minnesota, United States

LindFast Solutions Group is a master distributor of specialty fasteners in the North American market serving a broad base of national, regional, and local distribution customers through its metric (Lindstrom) and imperial (Stelfast) product brands. LindFast Solutions Group is based in Blaine, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-08 Zayo

Boulder, Colorado, United States

Zayo is a provider of bandwidth infrastructure and network neutral colocation and interconnection services. Zayo's services allow its customers, which include telecom carriers, wireless service providers, media and content companies, and other bandwidth-intensive businesses, to transport data, voice, video, and internet traffic, as well as to interconnect their networks. Zayo was founded in 2007 and is based in Boulder, Colorado.

Buy $14.3B
Buyer

Cerea Partners

Neuilly sur Seine, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 1.5B EUR
Size Large
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 43 of 73
Sector: Food M&A 20 of 27
Type: Secondary Buyout M&A Deals 15 of 22
Country: Spain M&A 2 of 3
Year: 2019 M&A 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-21 Areas

Barcelona, Spain

Areas engages in the travel catering and retail industry. Areas welcome 330 million customers each year in 2,000 restaurants and points of sale in 13 countries, throughout Europe as well as in the USA, Mexico, and Chile. Areas is based in Barcelona, Spain.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-29 Leon de Bruxelles SA

Neuilly-sur-Seine, France

Léon de Bruxelles is a chain of restaurants that known for primarily serving moules-frites. Léon de Bruxelles is a French independent franchise originally set up by a Belgian restaurateur family who has run the over 100-year-old Brussels restaurant Chez Léon.

Sell -
Buyer

Unigrains

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1963
PE ASSETS 1.2B EUR
Size Large
Type Sector Focused
DESCRIPTION

Unigrains is a private investment group focused on the agri-food and agro-industry sectors. The Firm looks to commit €2 to €100 million for minority positions in Western European companies. Unigrains will consider companies at all stages and looks for opportunities where it can assist with growth and other strategies. Unigrains was established in 1963 and is headquartered in Paris.


DEAL STATS #
Overall 18 of 37
Sector: Food M&A 4 of 13
Type: Secondary Buyout M&A Deals 4 of 7
Country: Spain M&A 2 of 4
Year: 2019 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-03 Tournus Equipement

Tournus, France

Tournus Equipement designs, manufactures, and sells stainless steel kitchen equipment (fittings, tables, trolleys, cupboards, shelves: “the stainless steel set”) for the catering & the food trade. The company also makes self-service lines equipment and fish counters for supermarkets. Tournus Equipement was founded in 1910 and is based in Tournus, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-12 Kersia Group

Dinard, France

Kersia Group engages in biosecurity and food safety with value-added products and solutions to prevent diseases or contamination in both animals and humans at every stage of the food supply chain. Kersia Group was founded in 1985 and is based in Dinard, France.

Buy -

Seller(S) 1

SELLER

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 367 of 488
Sector: Food M&A 6 of 11
Type: Secondary Buyout M&A Deals 80 of 119
Country: Spain M&A 7 of 8
Year: 2019 M&A 9 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-10 Athena Art Finance

New York, New York, United States

Athena Art Finance Corp. is a specialty finance lender, dedicated to providing loans collateralized by fine art. Athena offers a full-service platform focused on debt origination, portfolio management and distribution of art-backed credit risk globally. Athena Art Finance Corp. was formed in 2015 and is based in New York.

Sell $170M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-11 Vereinigte Wirtschaftsdienste

Amsterdam, Germany

Vereinigte Wirtschaftsdienste GmbH (VWD Group) is a provider of software solutions. With its intuitive solutions on a modular technology platform, vwd empowers wealth management and investment professionals to make smarter, more efficient and regulatory-compliant investment decisions.

Sell -