Eurazeo's CPK in talks to buy Lutti

The seller, Katjes, wholly acquired Lutti in 2011.  

CPK, the holding company of confectionery business Carambar & Co, was created in May 2017, following the acquisition from Mondelez International of brands Poulain, Carambar, Krema, La Pie Qui Chante and Terry's, as well as the licenses for Vichy Pastilles, Suchard Pralines and Malabar.

Eurazeo holds a 68% stake, while a group of co-investors, including Cerea Capital and members of the management team, holds the remaining 32%.

At the time of the acquisition, CPK was valued at €157m, generated revenues of around €250m and was debt-free with €63m in net cash. The business was employing 910 people.

Company
Lutti, with roots dating back to 1889, produces and sells sweets, gums and chocolates. It provides products through supermarkets, specialised networks, wholesalers, and directly business-to-business in France and internationally.

The company claims to be the second largest brand in France for confectionery sold in packets.

Lutti employs 420 people and generates a €114m turnover, of which 20% is from exports. Based in Bondues, the business has a presence in around 50 countries.

People
Lutti – Sebastien Berghe (CEO).

Advisers
Equity – Mazars (corporate finance, financial due diligence).
Company – Crédit Agricole CIB (corporate finance).

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