Ardian sells Frostkrone to Emeram

Amedeo Goria
24 February 2017

Tweet
Facebook
LinkedIn
Google plus
Send to

Ardian has sold German frozen finger food producer Frostkrone to Munich-based buyout house Emeram Capital Partners in a tertiary buyout.

As part of the deal, Emeram acquired a controlling stake in the business, while the company's management team and CEO Frédéric Dervieux retained the remaining stake. Financial details surrounding the transaction have not been disclosed.

Previous funding
In July 2008, Argantis Private Equity acquired a majority stake in Frostkrone via Argantis Beteiligungsholding from the owning family.

Ardian became principal shareholder through an SBO in August 2012, acquiring an 80% stake in the business through both its Ardian Expansion Funds II and III. Argantis made a 3x money multiple on its four-year investment and an IRR of approximately 25%, according to unquote" data.

During its ownership period, the GP boosted the extension of the company's client base and expanded its management team, including the appointment of Dervieux as CEO in 2013. He joined with an employment history covering several international food sector companies, including Nestlé, Humana and DMK Eis.

Company
Founded in 1997, Frostkrone manufactures frozen finger food, including snacks based on cheese, vegetables, meat and fish. The company mainly sells to retail outlets and commercial players in the food service sector.

The company is headquartered in Rietberg and also has a presence in Verl with a headcount of 187.

People
Emeram Capital Partners – Christian Näther (founding partner).
Ardian – Marc Abadir, Dirk Wittneben (managing directors); Yannic Metzger (investment manager).
Frostkrone – Frédéric Dervieux (CEO).

Advisers
Equity – GLNS (legal); Alvarez & Marsal (finance due diligence); Götzpartners (commercial due diligence); Flick Gocke Schaumburg (tax); Ramboll Environ (environmental due diligence); Shearman & Sterling (debt); Willis Towers Watson (insurance due diligence).
Vendor – William Blair (M&A); Deloitte & Touche (financial due diligence, tax); Taxess (tax); OC&C Strategy Consultants (commercial due diligence); Orrick Harrington & Sutcliff (legal); ERM (environmental due diligence).