M&A Deal Summary

Montagu, Astorg Partners and ICG Acquire Picard

On March 1, 2001, private equity firm Montagu, private equity firm Astorg Partners and mezzanine finance firm ICG acquired retailer Picard from Carrefour

Acquisition Highlights
  • This is Montagu’s 2nd, Astorg Partners’ 2nd and ICG’s 4th transaction in the Retail sector.
  • This is Montagu’s 4th, Astorg Partners’ 7th and ICG’s 19th transaction in France.
Investment Fate
  • Picard was sold to a consortium of financial buyers in 2004 for 1.3B EUR.
  • Picard was sold to a consortium of financial buyers in 2010 for 1.5B EUR.
  • Picard was sold to a publicly-traded strategic buyer in 2015 for 446M EUR.

M&A Deal Summary

Date 2001-03-01
Target Picard
Sector Retail
Buyer(s) Montagu
Astorg Partners
ICG
Sellers(s) Carrefour
Deal Type Divestiture

Target

Picard

Fontainebleau, France
Picard is a frozen food retailer in France, with a product range that covers over 1,100 SKUS across nine product categories, from starters to desserts and from raw ingredients to prepared meals. Picard was founded in 1906 and is based in Fontainebleau, France.

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Buyer(S) 3

Buyer

Montagu

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1968
PE ASSETS 11.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Montagu is an independent private equity firm focused on European management buyouts and growth capital transactions. The Firm seeks opportunities valued between €100 million and €1 billion. Sectors of interest include healthcare, medical products, financial services, software, IT, information services, and education. Montagu dates back to 1968 and is based in London.


DEAL STATS #
Overall 47 of 119
Sector: Retail M&A 2 of 3
Type: Divestiture M&A Deals 2 of 24
Country: France M&A 4 of 21
Year: 2001 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-03-01 Auto Windscreens

Chesterfield, United Kingdom

Auto Windscreens is a brand well known to UK drivers and provides automotive glass repair and replacement services throughout the UK and Eire. In addition to cars, the business extends to replacing glass in plant and commercial vehicles and also provides a nationwide service of replacing stolen audio units.

Sell £112M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-06-01 Ampafrance SA

Cholet, France

Ampafrance is the leading European manufacturer of a broad range of baby products including strollers, car seats and other smaller products. Its products are sold under the Bebe Confort, Monbebe, Baby Relax and Babideal brands.

Buy €103M
Buyer

Astorg Partners

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 22.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Astorg Partners is a private equity firm that targets small to midcap company investments primarily in France and to a limited extent, Western Europe. Astorg Partners looks for companies valued between €400 million and €2 billion, requiring at least €15 million in equity. Areas of interest include healthcare, retail, distribution, hospitality, and professional services. Prospective transaction situations include leverage build-ups, divestitures, family transitions, and secondary buyouts. Astorg Partners was formed in 1998 and is based in Paris and has additional offices in London and Luxembourg.


DEAL STATS #
Overall 7 of 69
Sector: Retail M&A 2 of 2
Type: Divestiture M&A Deals 1 of 7
Country: France M&A 7 of 36
Year: 2001 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-03-01 Sebia

Lisses, France

Sebia is a provider of clinical protein electrophoresis equipment and reagents, a technology used for in-vitro diagnostic testing. Its systems analyse proteins in order to screen and monitor various diseases and conditions; primarily oncology (Multiple Myeloma), metabolic disorders such as Diabetes and also Hemoglobinopathy and rare pathologies. Sebia was founded in 1967 and is headquartered in Lisses, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-10-01 Un Jour Ailleurs

Pantin, France

Un Jour Ailleurs is a provider of apparel products range of formal outfits, with matching accessories – suits, hats, bags, shoes. Un Jour Ailleurs was founded in 1984 and is based in Pantin, France.

Buy -
Buyer

ICG

London, United Kingdom

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 33.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.


DEAL STATS #
Overall 70 of 294
Sector: Retail M&A 4 of 12
Type: Divestiture M&A Deals 9 of 27
Country: France M&A 19 of 72
Year: 2001 M&A 6 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-03-01 Sebia

Lisses, France

Sebia is a provider of clinical protein electrophoresis equipment and reagents, a technology used for in-vitro diagnostic testing. Its systems analyse proteins in order to screen and monitor various diseases and conditions; primarily oncology (Multiple Myeloma), metabolic disorders such as Diabetes and also Hemoglobinopathy and rare pathologies. Sebia was founded in 1967 and is headquartered in Lisses, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-04-09 Entrelec SA

France

Entrelec manufactures and distributes low tension electrical connecting devices for industrial uses in sectors such as utilities, transport, automotive, and chemistry. Entrelec is the leading French operator and ranks 3 worldwide. Management improved productivity through a systematic outsourcing policy. Entrelec was ultimately taken over by the ABB Group in 2001.

Sell -

Seller(S) 1

SELLER

Carrefour

Massy, France

Category Company
Founded 1959
Sector Retail
Employees324,750
Revenue 87.3B EUR (2024)
DESCRIPTION

Carrefour is a global food retailer. The Company operates more than 12,000 stores located in 29 countries. Carrefour was founded in 1959 and is based in Massy, France.


DEAL STATS #
Overall 1 of 5
Sector: Retail M&A 1 of 3
Type: Divestiture M&A Deals 1 of 5
Country: France M&A 1 of 3
Year: 2001 M&A 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-05 AHOLD Polska sp. z o. o.

Kraków, Poland

AHOLD Polska sp. z o. o. is a food retail market that operates from 194 stores.

Buy €375M