FrenchFood Capital backs Class'croute SBO

A source familiar with the situation confirmed that Unigrains and BPI France, which owned minority stakes in the business, have exited the investment, while FrenchFood has now bought a majority stake.

CEO Sebastien Chapalain retained a minority stake in the business, according to French publication BRA Tendances. The GP is currently investing via its maiden fund, FrenchFood Capital, which closed on €132m in April this year. Class'croute represents the fund's seventh investment, according to the aforementioned report.

The fund targets businesses typically valued between €20-150m, for equity tickets of €5-15m. The vehicle can also set up co-investments with its own LPs of up to €40m. FrenchFood will mostly secure minority stakes.

FrenchFood Capital was not available for comment at the time of publication.

Previous funding
Agro Plus, Avenir Tourisme and Unigrains backed a first MBO of the business in 2012. Four years later, Avenir Tourisme and Unigrains orchestrated a secondary buyout. The financial sponsors took a 19% stake, while management more than doubled its stake to 58%. FSI Regions, Unigrains and management invested in Class Croute again in 2013, injecting €1.9m.

Company
Founded in 1987 and based in Les Ulis, Class'croute operates 132 restaurants that generate revenues of €70m, according to French publication Capital Finance. The business specialises in delivering ready-made meals to offices.

People
FrenchFood Capital – Laurent Plantier (partner).
Unigrains – Romain Pinpernet (investment manager).
Class'croute – Sebastien Chapalain (CEO).

Advisers
Company – Jeausserand Audouard (legal).
Equiy – Next! Financial Advisors (corporate finance).
Vendor – Oaklins (corporate finance); Agilys Avocats (legal).

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• Topics
• Buyouts
• France
• Consumer
• Exits
• France
• Unigrains
• BPI France
• Secondary buyout