Céréa, Unexo buy Linxis Group cheese and dairy division

Francesca Veronesi
25 October 2018

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Céréa Partenaire and Unexo have acquired the three companies managed by the cheese and dairy division of France-based Linxis Group, an equipment supplier owned by IK Investment Partners.

Chalon-Mégard, Tecnal and Simon Frères – the three companies of Linxis's cheese and dairy division – have rebranded as Synext Group.

Céréa used its €225m Céréa Capital II vehicle for the transaction. The fund typically buys majority or co-majority stakes in western European agribusiness companies valued between €20-250m.

IK Investment Partners bought Linxis group, then known as Bretèche Industrie, from Equistone Partners Europe last year. The GP acquired a majority stake via its IK VIII Fund, closed on €1.85bn in 2016.

Idinvest provided a unitranche debt package for this latest transaction.

The backing of Céréa and Unexo will help Synext align the companies it operates, as well as pursue a buy-and-build strategy and expand internationally.

Linxis is a supplier of equipment for the agrifood, pharma and cosmetics industries. It has ceded the three companies of its dairy division to focus on its equipment activities for bakery and beauty/health sectors.

Company
Synext is a cheese and butter equipment specialist. With facilities in Niort, Montréal-la-Cluse and Cherbourg, France, the group has roughly 250 employees and sales of €50m. Its clientele is divided between regional SMEs, cooperatives and large dairy groups across the world.

People
Céréa Partenaire – Antoine Peyronnet (managing director); Xavier Renault (investment director); Marion Dietz (associate).
Unexo – Antony Lemarchand, Jérémy Durand (investment directors).
Synext Group – Jérôme Villard (president).
Linxis Group – Didier Soumet (president).
IK Investment Partners – Rémi Buttiaux (partner); Vincent Elriz (director); Guillaume Veber (associate).

Advisers
Equity – Sodica Corporate Finance, Cyril d'Assigny, Jean Colsy (M&A); Goodwin, Thomas Maitrejean, Thomas Dupont-Sentilles, Sarah Paquay, Marie-Laure Bruneel, Adrien Paturaud, Benjamin FIliatre (legal); EY, Laurent Majubert, Ruben David, Tom Auvray, Alexis Fontana (financial due diligence); Arsène Taxand, Alexandre Rocchi, Matthias Heyberger (tax); Neovian Partners, Patrick Richer, Kevin Bailey (commercial due diligence); ERM, Julien Famy (ESG due diligence).
Company – Etxe Finance, Romain Petit, Henri Hitier (M&A); Hoche, Grine Lahreche, Alexia Angileri, Tassadit Cherifi (legal).
Vendor – Oddo, Christophe Marchand, Thomas Devineau, Gary Kurtz, Amine Zehzouhi (M&A); Fidal, Geoffrey Burrows, Sally-Anne McMahon (legal); Eight Advisory, Stéphane Vanbergue, Pawel Surma (financial due diligence); Arsène Taxand, Mirouna Verban (tax).