Ardian sells Piz'wich to Emeram's Frostkrone

Ardian Growth purchased a stake in Piz'wich in December 2016 in order to support the group's organic growth and accelerate its international expansion. Subsequently, negotiations that initially focused on forming an industry partnership in Germany eventually led to Frostkrone's acquisition of Piz'Wich.

Ardian invested in Piz'wich via its Ardian Croissance Fund, closed in 2014 on €70m.

Frostkrone was itself an Ardian Expansion investment until February 2017, when it was sold to Emeram Capital Partners. Founded in 1997, the business produces frozen finger food, selling its products in grocery stores and to the food service sector. The company is based in Rietberg.

Company
Created in 2001, Piz'wich is a manufacturer of white-label frozen snack products targeting supermarkets, airline caterers and food service providers. The business, located in Bulgnéville, sells its products mostly to international companies.

People
Piz'wich – Stéphane Delahaye (CEO).  
Ardian – Frédéric Quéru (director); Alexis Saada (managing director).
Frostkrone – Frédéric Dervieux (CEO).
Emeram Capital Partners – Matthias Obermeyr (senior investment manager); Kaili Shen (investment manager).

Advisers
Vendor – McDermott Will & Emery, Diana Hund, Louis Leroy (legal); Arsene Taxand, Franck Chaminade, Charles Dalarun (tax); Invest Corporate Finance, Marc O'Neill, Maxime Bazin (M&A).
Equity – GLNS, Ludger Schult, Andreas Scheidle (legal); Aramis, Raphaël Mellerio, Aliénor Harel (legal); PwC, Richard Siedek, Philippe Chavane, Olivier Lorang (financial due diligence); Fabien Radisic (tax); Shearman & Sterling, Winfried Carli (legal).

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