Bridgepoint hires Houlihan Lokey for Dr Gerard exit

Mergermarket
17 February 2022

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Bridgepoint is working with Houlihan Lokey on a potential sale of Polish biscuits maker Dr Gerard, three sources familiar with the situation said.

The auction is expected to kick off shortly, four sources familiar said, two of them suggesting a formal start will likely be in mid-Q2 2022. Preliminary marketing materials are expected imminently, one said.

The sell-side is working off the company's EBITDA of EUR 10m-12m, one of the sources said.

Bridgepoint held a beauty parade for an adviser for Dr Gerard last year, as previously reported by Unquote sister publication Mergermarket. The sponsor bought Dr Gerard in October 2013 for an estimated EV of EUR 118m, per Mergermarket data.

Dr Gerard has limited appeal to domestic peers and is more likely to interest international sector investors, two of the sources said. However, its exposure to private label segment and its relative weakness in the branded-products category may be seen as a downside by foreign investors looking to enter the Polish market, one of them said.

Founded in 1993 and incorporated in Warsaw, Dr Gerard makes private-label and branded biscuits, as well as salty snacks and related products, at two manufacturing plants in eastern Poland.

Bridgepoint, Dr Gerard and Houlihan Lokey did not return requests for comment.