Montagu sells St Hubert to Fosun, Sanyuan

Financial details of the transaction were not disclosed. The deal gave St Hubert an enterprise value of €600m, according to a source familiar with the situation, while unquote" sister publication AVCJ reported a deal value of €625m.

The transaction will be submitted to St Hubert’s workers’ council and is subject to clearance from relevant competition and regulatory authorities.

Chinese conglomerate Fosun's total assets currently amount to around $70bn. The group has been on an acquisitive spree in recent months; on this occasion it teamed up with Beijing Sanyuan, a listed dairy producer with revenues of around €750m.

Montagu Private Equity completed the €430m primary management buyout of the French spread producer from Dairy Crest Group in 2012. The equity injection was made through Montagu's fourth vehicle, Montagu IV, which closed on €2.5bn in 2011. According to unquote" sister publication Debtwire, Credit Agricole CIB, Bank of Ireland, Commerzbank, ING, Natixis and Unicredit arranged a €217m all-senior debt package to support the deal.

Montagu claims that under its ownership, St Hubert focused on its core health spreads business and entered new market segments, including soy-based desserts and plant-based drinks.

Company
Founded in 1900 and headquartered in Rungis, St Hubert produces standard, low-fat and other spreads. It most recently diversified into plant-based drinks.

St Hubert reported a €130m turnover when Montagu acquired it in 2012; the company posted a similar revenue figure last year and it currently employs 213 people.

People
St Hubert - Patrick Cahuzac (CEO).

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