Ardian buys minority stake in Nutripack Ecocup

Crédit Mutuel Equity has fully exited the investment and Ardian acquired a stake of 30-35%, Unquote understands. 

Ardian invested via its €1bn Ardian Expansion Fund IV. The vehicle provides investment tickets of around €50-60m and an initial investment capacity of up to €100m, backing companies valued at up to €225m. The fund is currently 80% deployed, Unquote understands. 

Following the transaction, the founding family will remain a majority shareholder in the company. Ardian intends to support the company's international expansion, industrial optimisation, and organic and external growth.

The banks BNP Paribas, Societe Generale, Crédit Agricole, Crédit Lyonnais, Banque Palatine and Banque Populaire du Nord provided debt for the transaction.

Previous funding
Crédit Mutuel Equity acquired a 37% stake in Proplast in 2015. The transaction was intended to reorganise the ownership structure, where Pierre Berthe, the CEO of the company, sold part of his majority stake to his daughter Charlotte Mormentyn and his son Philippe Berthe.

During the investment period, the GP supported the company's external growth policy and strengthened its industrial base in Europe, in particular in terms of reusable cups. The business acquired the Germany-based packaging manufacturer ES-Plastic from GP RiverRock in 2017. 

Company 
Founded in 1990 by Pierre Berthe, Nutripack is a manufacturer of rigid packaging; it offers traditional packaging under the Nutripack brand (for the food processing and the collective catering industries) and eco-friendly products under the Ecocup brand (reusable cups for events and beverage industries).

The group employs 680 people in seven European countries and in Canada. It manages eight production sites. The business generates a €160m turnover, a source familiar with the situation told Unquote. The business is based in Flines-lez-Raches.

People
Nutripack – Philippe Berthe (CEO).
Ardian – Alexis Lavaillote (managing director); Arthur de Salins (senior investment manager); Romain Gautron (investment manager); Thomas Grétéré (analyst).
Crédit Mutuel Equity – Badri Ben Grine (executive director); Matthieu Anorga (private equity senior associate).  

Advisers
Equity – Advancy, Sébastien David, Florent Chapuis, Christian Popa, Wadie Ayadi (strategic due diligence); Alvarez & Marsal, Frédéric Steiner, Simon Regad, Thibault de la Taille, Bilal Baou (corporate finance); Allen & Overy (legal); Indéfi, Emmanuel Parmentier, Julien Berger, Maxence Lavolle, Adrian Ramon, Nathalia Millan (ESG due diligence); Satec, Pierre Le Morzadec, Stéphane Arseau (insurance due diligence).
Vendor – Natixis Partners, Anne Hiebler, Erwan Thebault (corporate finance); De Pardieu Brocas Maffei, Cédric Chanas, Mathieu Retiveau, Jeanne Rochmann, Priscilla van den Perre, Chloé Herbert (legal); Fieldfisher, Pascal Squercioni (legal).

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• Topics
• Buyouts
• Exits
• France
• Industrials
• France
• Ardian (formerly Axa PE)
• Credit Mutuel Equity (ex CM-CIC Investissement)