Ardian buys Cérélia in c€810m deal

Francesca Veronesi
20 December 2019

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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.

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).