
France unquote" October 2010
This has been France’s private equity blockbuster of the summer: following a fiercely disputed auction process, French frozen food retailer Picard Surgelés has been acquired by Lion Capital from BC Partners for a staggering €1.5bn.
]The private equity house had to fight hard in order to secure the deal, pitched against competitors such as CVC, Clayton Dubilier & Rice and Eurazeo - a testament to the attractiveness of the 820-store chain.
BC was said to have reaped 2x its original investment, according to a source familiar with the transaction, which would equate to a 12% IRR. Under BC's ownership, Picard Surgelés saw its turnover grow from €747m to €1.1bn. It also opened more than 200 new stores.
In the October edition of France unquote":
- Will autumn see a boom in activity?
- The importance of founder leaders
- Mega buyouts return
- And more...
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