Céréa holds final close on €225m for Céréa Capital II

The double final closes come less than a year after Céréa's first debt fund, Céréa Dette I, held a final close on €268m. Céréa has raised a total of €693m in the last 12 months.

Céréa Capital II is around 70% larger than the fund's previous generation, and exceeded its €200m initial target. Céréa Mezzanine III is around 60% larger than Céréa Mezzanine II, and reached its final close after seven months on the road, the GP said.

Céréa's team now consists of 16 investment managers and is led by CEO Michel Chabanel and Gilles Sicard for equity investments, and Fabrice Vidal for mezzanine financing and senior debt. According to Chabanel, the latest fundraising efforts have contributed to the firm being able to double its size and scope.

Investors
The funds received support from European institutional investors including insurers, pension funds, funds-of-funds and banks, as well as some private investors. Unigrains, a Céréa sponsor, continued its support of the team by providing 16% of the capital raised.

Investments
Céréa invests in French and western European SMEs in the agro-business industry, with companies providing food, agro-industry, distribution, catering, equipment, packaging, logistics and related services.

Céréa Capital II will target majority or co-majority stakes in primary and secondary buyouts, handovers, acquisitions, and spinouts in western European companies with a turnover in the €20m-250m range. Three investments have already been completed with the fund: Krampouz, specialised in crêpe-makers and cooking equipment; Cérélia, specialised in ready-to-bake chilled doughs for pies, pizzas, cakes and pastries; and La Comtoise, focusing on the processed cheese market.

Céréa Mezzanine III will provide mezzanine financing for acquisitions and organic growth projects as well as leveraged transactions and shareholding restructuring for western European agri-business companies.

The vehicle will provide funding tickets ranging between €2-50m. Three investments have been completed from the fund: Pacific Pêche, Europe Snacks and Sasa Industrie. Two other investments should be finalised soon, according to the GP.

Céréa Dette I will provide senior loans, private placements and unitranche bonds for buyouts, growth investments and business funding with underwritings.

The fund provides financing packages between €5-50m. Two thirds of the fund has already been deployed through 17 investments, Céréa said.

People
Céréa Partenaire – Michel Chabanel (CEO); Gilles Sicard (deputy executive officer); Fabrice Vidal (executive managing director).

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