• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • Buyouts

Ardian buys Cérélia in c€810m deal

  • Francesca Veronesi
  • Francesca Veronesi
  • 20 December 2019
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

Ardian has acquired France-based ready-to-use dough producer Cérélia from IK Investment Partners.

A source close to the situation confirmed that the deal valuation of €810m reported by publications Capital Finance and the Wall Street Journal is approximately correct.

The business generates a €69m EBITDA and senior debt is expected to support the transaction, according to the Capital Finance report.

Cérélia

  • DEAL:

    SBO

  • VALUE:

    n/d (c€810m)

  • LOCATION:

    Paris

  • SECTOR:

    Food products

  • FOUNDED:

    2012

  • TURNOVER:

    €500m

  • EBITDA:

    n/d (€69m est)

  • STAFF:

    1,600

Ardian is planning to accelerate Cérélia's growth in Europe and North America. The transaction is the seventh investment of Ardian's buyout team in 2019. The buyout team is currently fundraising for its Ardian LBO Fund VII, which has a €6bn target. The fund was previously used to back logistics service Staci bought in Q3 this year.

IK was invested in the business via its IK VIII fund, closed on €1.85bn in 2016. The GP is currently fundraising for its successor, IK IX, which has a €2.5bn target. 

Ardian, IK and Cérélia declined to comment on the deal.  

Previous funding
The group was created by Sagard through the merger of dough manufacturers Alsacienne de Pâtes Ménagères (APM) and Eurodough in 2012.

Eurodough was acquired by Sagard in 2011. Capzanine, Céréa Capital and BNP Développement had been shareholders of APM since 2010, and rolled over their stakes into the newco following the merger.

Subsequently, IK bought a 66.6% stake in the enlarged group in 2015. The transaction valued the business at €300m, according to the Capital Finance report.

Under IK's ownership, the company acquired a number of businesses: Netherlands-based Bioderij (2015) which extended its product portfolio into pancakes and crepes, and launched the company into the North American and Asian markets; UK-based Bakeaway (2016); and Canada-based company English Bay Batter (2017).

Under IK's ownership, Cérélia more than doubled its turnover, Unquote understands.

Company
Cérélia is a provider of bakery products including ready-to-bake pie and pizza dough, pancakes, crepes and cookies. Based in Paris, it generates sales of €500m and has 1,600 employees. The company has meaningful market share in the private-label segment, manufacturing for international brands alongside its own family of brands, according to a statement by IK and Ardian.

People
Cérélia – Guillaume Réveilhac (founder, CEO).
Ardian – Thibault Basquin (head of Americas investments).
IK Investment Partners – Rémi Buttiaux (partner).

Advisers
Equity – Latham & Watkins (legal); AT Kearney (commercial due diligence); Accuracy (corporate finance); Oddo BHF Corporate Finance (corporate finance).
Vendor – Wilkie Farr & Gallagher (legal); EY (financial due diligence); BNP Paribas (corporate finance).  
Management – The Silver Company (corporate finance); Callisto (corporate finance); Gide (legal).

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Buyouts
  • Exits
  • France
  • Consumer
  • France
  • Ardian (formerly Axa PE)
  • IK Investment Partners
  • Secondary buyout

More on Buyouts

Clinical trials and biotechnology
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • Buyouts
  • 04 September 2023
EMEA Public to Private M&A
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • Investments
  • 04 September 2023
HR software solutions providers
Main Capital’s Assessio to be sold to Pollen Street

Recruitment software company tripled in revenue under Main Capital’s ownership

  • Buyouts
  • 25 August 2023
Ice cream
Exponent divests ‘significant' stake in Meadow to Canadian investor

Since 2018, GP has diversified food ingredients company's focus beyond commodity dairy

  • Exits
  • 22 August 2023

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013