Labeyrie - reported sale

Reports in the European press have stated that Industri Kapital (IK) has appointed Goldman Sachs to find an acquirer for Labeyrie, the French producer of delicatessen foods such as foie gras, smoked salmon and caviar that was founded in 1946. The bank is expected to send a memorandum of information on the business to potential bidders in mid-March, the sources said. IK will try finding a financial buyer for the business to help keep existing management in place, they added. IK, which declined to comment on the situation, plans to sell the business by June, they said.

Originally, Labeyrie floated on the Second Marché in 1999 and generated a turnover of EUR 167m in the financial year from 1999 to 2000. This subsequently increased to EUR 202.4m in 2000/2001. Net profits for 1999/2000 were EUR 8.5m and in 2000/2001 rose to EUR 10.8m. Later, in March 2002, IK formed newco Financière Kiel, to complete the public-to-private of Labeyrie. The deal was finalised in July 2002 and valued at EUR 193m. Newco was backed by IK, the directors of Labeyrie, and Européenne de Gastronomie (a subsidiary of SI Finance, itself part of the Suez Group). The group comprises Labeyrie and Pierre Gueraçague in France and Vensy in Spain.

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