Idinvest invests in gelatine maker Weishardt

Idinvest used the Novi2 fund to make its investment, backed by 24 institutional investors in total. The investment, which is said to amount to €10m, is the first made with the fund and included a mix of debt and equity. 

While Cerea Capital (a Unigrains subsidiary) has fully exited the group, Unigrains itself and Crédit Agricole Nord Midi-Pyrénées reinvested alongside Idinvest.

As a result of the transaction, the three investors will hold a combined 40% stake in the group, with the balance going to founders and management.

Weishardt will use the funds to develop new products and to finance potential bolt-ons in its sector.

Debt
As part of the deal, a senior debt package was arranged by LCL and Crédit Agricole, and partly underwritten by Novi2 as well.

Previous funding
In December 2006, Cerea Gestion and Unigrains led an €8.7m expansion round for Weishardt, with NMP Développement joining as co-investor. The transaction was supported by mezzanine debt, also provided by Cerea Gestion.

Company
Based in Graulhet and launched in 1839, Weishardt is a consumer goods company producing gelatine for a range of industries. The group currently generates a €110m turnover, according to French publication Capital Finance.

People
Idinvest Partners – Emmanuelle Pierret (investment director).
Unigrains – Yves Gaslain (investment director).

Advisers
Equity – Grant Thornton, Sylvain Quagliaroli, Sophie Dervain (financial due diligence); ERM, Julien Famy (environmental due diligence); Arsene Taxand, Laurent Partouche, Hélène Leclerc (tax); Edge Avocats, Claire Baufine-Ducrocq (legal); Agilys Avocats, Pierre Jouglard (legal).
Vendor – Raphaël Financial Advisory, Benoît O'Mahony, Jessica Duhazé (corporate finance); Orrick Rambaud Martel, Etienne Boursican, Julien Beloeil (legal).

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• Topics
• Expansion
• France
• Consumer
• France
• CDC Entreprise Innovation