IK to buy Mademoiselle Desserts in SBO

IK will invest via its IK VIII Fund, which typically targets deals with enterprise values in the €100-500m range, according to Unquote Data. 

IK is familiar with the food sector, having invested in Linxis Group (2017), Salad Signature (2016), Cérélia Group (2015), Løgismose Meyers (2015), Solina Group (2011), Europe Snacks (2010) and Labeyrie (2002), among others.

Equistone, a backer since 2013, will fully exit the investment. Azulis and Céréa Partenaire have backed the company since 2009 – Céréa told Unquote it will exit the investment, while Azulis declined to comment at this stage.

Previous funding  
Céréa and Azulis bought frozen food producer Martine Spécialités from listed UK group Premier Foods in a management buyout in 2009, with both GPs acquiring a stake of around 43%. A year later, the backers created the Européenne des Desserts holding to merge Martine Spécialités with two other brands, Delmotte Pâtisserie and Trois Abers.

Equistone subsequently acquired a majority stake of around two thirds in Européenne des Desserts in 2013, while Azulis, Céréa and management reinvested in the business. The deal was understood to be worth in excess of €100m. Ardian provided unitranche financing to support the transaction. 

Company
Established in 1984, Mademoiselle Desserts is a manufacturer of frozen bakery products. Based in Montigny-le-Bretonneux, the company operates nine production sites and employs approximately 1,300 people.

In 2017, Mademoiselle Desserts bolted-on UK-based Ministry of Cake, a producer of cakes, puddings and desserts. Following this acquisition, 45% of Mademoiselle Desserts' revenues were generated outside of France.

People
Equistone – Arnaud Thomas, Thierry Lardinois (partners); Guillaume Jacqueau (managing partner).
IK Investment Partners – Rémi Buttiaux (partner); Dan Soudry (managing partner); Diki Korniloff (director); Thibaut Richard (associate director); Guillaume Veber (associate).

Advisers
Equity – Lazard, François Guichot-Pérère, Nicolas Constant, Jean-Philippe Bescond (corporate finance); Bain, Jean-Marc Le Roux, Doris Galan, Daphne Vattier, Jean-Charles Redon (commercial due diligence); PwC, Martin Naquet-Radiguet (financial due diligence); Willkie Farr & Gallagher, Eduardo Fernandez, Grégory de Saxcé, Paul Lombard (legal).
Vendor – BNP Paribas, Marc Walbaum, Alban Bouley (corporate finance); Goodwin, Thomas Maitrejean, Benjamin Garçon (legal).
Company – LLBerg, Olivier Abergel, Gaëlle Quillivic (legal).
Management – The Silver Company, Stéphane Argyropoulos (corporate finance); Eight Advisory, Stéphane Vanbergue, Benoît Bestion (financial due diligence).

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• Topics
• Buyouts
• Exits
• France
• Consumer
• France
• Equistone Partners Europe
• IK Investment Partners
• Azulis Capital