Mirabaud to hit the road for second EUR 300m consumer brands fund in 2023

The GP, which has backed classic French brands including Coq Sportif, Mauboussin, Alain Ducasse Group, will target mid-sized European “living heritage” brands generating EUR 20m-150m in revenue, he said. Mirabaud has typically taken minority stakes in these businesses

With its new fund, the GP will scout for brands beyond France and across Europe, including in Italy, UK, Spain, the Nordics, he said.

The fund follows the now fully deployed Mirabaud Patrimoine Vivant fund, which raised EUR 160m in 2019, he said.

Fundraising for the second fund in the strategy is expected to begin next year, Dutreil said, noting that it wants to build up a track record in returns before approaching its existing LPs. The GP is meeting with bankers to discuss potential exits for some of its companies, he added.

“It's not the right time to go and raise funds now,” he said. “This is something which will take place next year. We went through difficult times with COVID as our companies, which operate stores and restaurants, had to shut down during the confinement period.”

Differentiating Mirabaud as an “artisanal” GP and separating its strategies from its larger global private equity peers, Dutreil confirmed that the GP is also fundraising for a second Lifestyle Impact and Innovation fund, also with a target of EUR 300m.

Other areas it is exploring include “specific niches” such as food and sports, although plans are still at an early stage, he said.

Dutreil recognised that the global uncertainty is having an impact on consumer sentiment, noting a list of worries ranging from the war in Ukraine, to the lasting impact of COVID, and inflation, among others.

“In spite of these huge challenges, 2022 is going to be a rebound year,” he said. “What we want to demonstrate is that, in spite of the turmoil, we've been able to implement our strategy… and create value.”

Mirabaud typically focuses on upgrading a brand’s value through organic growth, via a mix of levers including digitalisation, internationalisation and management professionalisation for its companies, he said.

Dutreil is confident that the GP’s work on building up the value of its brands will provide them with strong pricing power and an ability to pass on costs to customers. The internationalisation of its brands, whether in Japan, the US or Europe, will also help diversify their revenue streams. Ultimately, this will help attract the next generation of investors to Murabaud’s companies, he said.

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• Topics
• Funds
• Buyout
• Consumer
• France
• Southern Europe
• Nordics
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