Apax-backed Europe Snacks bolts on Kolak

The merged group will generate revenues of €250m, have six manufacturing sites and offer a range of 750 products to a base of around 200 customers internationally. The companies will continue to operate under their own brand names.

Apax remains the majority shareholder in the newly formed entity. Co-founding CEO Ashok Lakhani will remain invested in the business, and has moved up to the board of directors.

Rikin Lakhani and Nicolas Eymeoud both stay on as managing directors, while co-founder Bharat Lakhani and all other co-founders are exiting the business following the merger.

In 2015, the group's revenues rose by 9% compared to the previous year, with a total of €104m in sales.

In October 2015, Europe Snacks bolted on Aubagne-based crisp producer Sibell through a build-up transaction, bringing to the group an extra 130 people and €30m in revenues. The group also acquired Berkshire Foods from founder Billy Bhasin in 2014.

Previous funding
In 2013, Apax France acquired a majority stake in Europe Snacks from IK Investment Partners in what marked the sixth buyout transaction for the company. Apax invested via its Apax France VIII buyout fund, while IK reaped a 2x money multiple with the sale.

IK had itself acquired a majority stake in the firm in 2010 in a deal valuing the asset at €140m, according to unquote" data. The investment was made through the €1.7bn IK 2007 fund.

Four other buyouts preceded IK's ownership. The first took place in 1997 with 3i and Institut de Participations de l'Ouest (IPO) acquiring stakes. They both exited in 2000 selling their stakes to TCR Capital and Lion Expansion, which in turn divested to CIC-LBO Partneraires, IPO and Unigrains six years later.

Company
Founded in 1984 and based in London, Kolak specialises in snacks including potato crisps and popcorn. The company has two production sites close to London and employs 1,000 people. It expects a €140m turnover for 2016.

Based in Nantes and founded in 1991, Europe Snacks is a food processing company specialised in the production of stacked chips, crackers and popped snacks, with a range of 200 different products. It has four production sites in the west of France and a 400-strong workforce. The group registered €110m in revenues this year.

People
Apax France – Bruno Candelier (partner).

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• Topics
• Portfolio management
• France
• Consumer
• France
• Apax France SA
• Build-up