MBO Partenaires, Amundi PE buy Groupe Arcado in SBO

Francesca Veronesi
07 September 2018

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MBO Partenaires and Amundi Private Equity Funds (Amundi PEF) have bought a majority stake in France-based charcuterie specialist Groupe Arcado from Siparex and Crédit Agricole Régions (Carvest).

Previous majority stakeholders Siparex and Carvest have sold their majority stake in Arcado, reinvesting in the business and becoming minority shareholders. Arcado's CEO Olivier Paget has retained a minority stake in the business.

Under the Siparex-Carvest ownership, Bourgogne charcuterie specialist Chambade was acquired by the group in 2017.

Arcado is planning to generate a turnover surpassing €100m in the next three to five years.

Previous funding
Siparex and Carvest acquired a majority stake in the business in 2015. The former invested in Arcado via its €130m Siparex Midcap 2 fund in 2015. The vehicle typically invests €2.5-10m per transaction in businesses valued in the €10-40m range.

Company
The business has roots dating back to 1939. Based in Avoudrey, Arcado today specialises in local charcuterie and manages the Jean-Louis Amiotte, Clavière, Morteau Saucisse and Chambade brands.

The group specialises in the production of Morteau and Montbéliard sausages, which generate 75% of the group's turnover. Arcado Groupe has four production sites, all located in Bourgogne Franche-Comté.

Employing around 300 people, Arcado's turnover amounted to €42m at the end of 2014, and is expected to reach €76m in 2018. The business should post a €10m EBITDA in 2018.

People
MBO partenaires – Edouard Malandrin (partner); Médéric Gaillard, Steve Guyard (investment directors).
Amundi Private Equity Funds – Christophe Somaïni (managing partner); Jean Karbouyan (partner).
Arcado Groupe – Olivier Paget (director).
Siparex – Nathanaël Martin (investment manager); Pierre Bordeaux-Montrieux (managing partner); Yann Rinckenberger (director).
Crédit Agricole Régions – Denis Mervaille, Valérie Villeneuve (investment directors).

Advisers
Vendor – Clairfield International, Jean-Noël Combasson, Robin Hild (corporate finance); Quadratur, Gilles Fresel (legal).
Equity – Messis Finance, Elie Auriac, Aurélien Ferrand (corporate finance); Invest CF, Vincent Behr (corporate finance); Advance Capital, Arnaud Vergnole, Thomas Recipon, Malek Benteldjoune (financial due diligence); EY, Marc-André Audisio, Karim lasri, Ruben David, Baptiste Sese (financial due diligence); Lexicube Avocats, Thibault Ricome, Marion Sourd (legal); Villechenon, Tristan Segonds, Gilles Roux, Catherine Nahmias-Ferrandini, Eric Hebras, Gaspard le Pomellec (tax).