LBO France set to sell Poult to Qualium for €180m

The GP already sold the Polish division of Poult, Dr Gerard, to Bridgepoint last October for €120m.

LBO France put the group up for sale last year with the expectation of selling the company as one entity. The GP received offers for the whole group, as well as separate offers for the Polish and French divisions. The offers for the separate divisions were more attractive than selling the group as a whole, according to a source close to the situation.

LBO France acquired Poult in June 2006, with European Capital providing €12.5m in mezzanine financing and equity. BNP Paribas provided senior debt for the deal.

In June 2010, LBO France provided Poult with acquisition finance for the bolt-on of Dr Gerard.

In December last year, European Capital sold its stake in Poult for €25.5m, achieving a 1.8x money multiple and an IRR of 13.9%.

 

Company
Toulouse-headquartered Poult can trace its roots back to 1897, when biscuit maker Tanguy was established. In 1930, Panier was founded and the two companies merged in the 1980s. In 2005, Panier Tanguy merged with Poult to form Poult Panier Tanguy (Groupe Poult) as it stands today.

Poult makes 15 types of biscuits for distribution predominantly throughout France, but is also serving markets in the rest of Europe, as well as in France's overseas territories and several African countries.

The company claims to produce and sell more than 300 million packets of biscuits per year.

Employing 750 staff across its four factories, Poult is expected to generate €200m in turnover this year, as well as an EBITDA of €24.3m. The company generated €190m in turnover last year.

At the time of LBO France's buyout in 2006, Poult generated €120m in turnover and a €16m EBITDA.

People
Carlos Verkaeren is the CEO of Poult.

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• Topics
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• LBO France
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• Secondary buyout