IK’s Cérélia merges with De Bioderij

Financial details for the deal were not disclosed, but unquote" sources confirmed it was funded via both new equity and debt. 

The combination of Cérélia and De Bioderij will result in a group generating a joint €267m in sales worldwide.

This acquisition comes two months after IK became a majority shareholder in Cérélia. At the time, the GP stated its new portfolio business would seek to diversify operations by entering new market segments; according to the firm, a "long list of bolt-ons" were being eyed for the coming months.

Meanwhile, pancake manufacturer De Bioderij, which has expanded from its Netherlands headquarters since inception, will benefit from Cérélia's network in countries like Spain and Italy as it grows abroad. As part of the merger, its management team will become shareholders of Cérélia.

Previous funding
The add-on follows IK's purchase of a 66.6% stake in Cérélia from previous owners Sagard Private Equity, Capzanine, Céréa Capital and BNP Développement in July. The takeover, leveraged at around 55%, was financed via the GP's €1.4bn seventh fund, according to unquote" data. 

Sagard had created Cérélia in December 2012, when it merged previously acquired dough manufacturers Alsacienne de Pâtes Ménagères and Eurodough. Owners of the former since July 2010, Capzanine, Céréa Capital and BNP Développement stayed on board post-merger as significant minority shareholders.

Company
De Bioderij was founded in 1991 as a yoghurt and cream cheese producer. From 1993 onwards, the company refocused on pre-packaged pancakes and the traditional Dutch variant known as poffertje. With headquarters and a production site in Sliedrecht, it generated €55m in turnover in 2014.

Headquartered in Liévin, France, Cérélia is a manufacturer of ready-to-bake dough. Currently operating five production plants in France, the business sells its products in 15 countries including Italy, Spain and the Nordic region. Employing a workforce of 650, Cérélia most recently posted a turnover of €212m.

People
Partner Rémi Buttiaux worked on the deal on behalf of IK. Guillaume Reveilhac is CEO of Cérélia, while Walter Kluit holds the same role at De Bioderij.

Advisers
Equity – Rabobank (M&A); Willkie Farr & Gallagher (Legal); Loyens & Loeff (Legal); KPMG (Environmental & financial due diligence, tax); Bain (Commercial due diligence).
Company – Squarefield (M&A); Van Doorne (Legal).

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• Topics
• France
• Benelux
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• Expansion
• France