PE-backers exit Quitoque to trade

The €60m enterprise value mentioned in several press reports is roughly accurate, Unquote understands. 

Following the transaction, Quitoque will remain managed by its co-founders, who will retain a minority stake in the business.

A source close to the deal explained that while a series-B round of funding was being organised, Carrefour offered to acquire the startup. As a consequence, investors exited the company earlier than initially planned.

The company was first backed by VC firms 360 Capital Partners, Isai and NCI in 2016, with the backers investing €1.5m at the time. The GPs then invested an additional €4m in May 2017.

Company
Created in 2014 and based in Paris, Quitoque delivers meal kits, focusing on local, organic and seasonal products. The company, with a workforce of 60 employees, currently generates a monthly turnover of around €20m.

People
Isai – Geoffroy Roux de Bézieux (chair). 
NCI Gestion – Anne-Cécile Guitton (managing director).
360 Capital Partners – Emanuele Levi (general partner).
Quitoque – Grégoire Roty, Etienne Boix, Céline Nguyen (co-founders).

Advisers
Equity – Clifford Chance, Mathieu Rémy (legal).
Company – Clipperton Finance, Nicolas von Bülow (corporate finance); Orsay Avocats Associés, Samira Friggeri (legal).

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