FnB Private Equity, Agro Invest buy Valade

Francesca Veronesi
30 August 2018

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French PE houses FnB Private Equity and Agro Invest have jointly bought a majority stake in France-based fruit-processing company Valade Groupe.

Existing investors Unexo, BNP Paribas Développement and Crédit Agricole Centre France reinvested to retain a minority stake.

Valade follows FnB Europe Fund's investments in food producer Bur Distribution in September last year, and charcuterie specialist Sud-Ouest Lartigue et Fils this June.

Founded in 2017, FnB is dedicated to the development of European SMEs in the food and beverage industry. The GP had raised €100m for its maiden vehicle as of April 2018. The fund has a target of €120m and is expected to reach a final close in Q3 2018.

Previous funding
DIA Agricapital, a fund sponsored by Crédit Agricole, led the buyout of Valade in 2007. The private equity firm, which owned 30% of the business, teamed up with Unexo (previously know as Uni Expansion Ouest) and BNP Paribas. Vendor Fruitterroir retained a 30% stake in Valade. The transaction also included the add-on acquisition of jam maker Hero RHF, a business with a turnover of approximately €10m.

In 2010, Valade went on to acquire Boschetti, an Italian fruit processing specialist, and France-based fruit processing and freezing specialist Caramanfruit in 2011.

Company
With roots dating back to 1892, Valade initially produced jams and compotes, mainly for restaurants, hotels and hospitals, but also for general retail.

Today, the group operates within the commercial and public catering, retail, pastry and baking sectors. Its brands include Valade en Corrèze, Léonce Blanc, Boschetti and Valblan. Based in Lubersac, Valade recorded a €83m turnover in 2016 and has around 300 staff.

People
FnB Private Equity – Olivier Marchand (partner).

Advisers
Equity – Advance Capital (corporate finance); Flichy Grange Avocats (legal); Arsene Taxand (tax); Cards Avocats (legal); Sodica Corporate Finance (corporate finance); Paul Hastings (legal).
Company – Hoche Societe d'Avocats (legal).