Platinum buys Biscuit International from Qualium

The deal values the company at €800m-1bn, equal to around 10-12x its adjusted EBITDA, according to press reports.

The sale ends a six-year holding period for Qualium, which acquired Biscuit International, at the time known as Groupe Poult, from LBO France in 2014.

Platinum intends to support the company's international expansion and growth, both organically and through additional add-on acquisitions. The GP also plans to work with the company's management team with the aim of optimising the business and maximising its operational performance.

The firm is currently investing from Platinum Equity Capital Partners V, which recently hit its hard-cap of $10bn, exceeding its $8bn target, and Platinum Equity Small Cap Fund I, a $1.5bn buyout fund focused on investment opportunities in the lower-mid-market.

Previous funding
LBO France acquired Poult in June 2006 from holding company Invus. European Capital providing €12.5m in mezzanine financing and equity, while senior debt was underwritten by BNP Paribas.

European Capital sold its stake in Poult for €25.5m in December 2013, achieving a 1.8x money multiple and an IRR of 13.9%.

LBO France put the group up for sale in 2013, initially with the expectation of selling the company as one entity. The GP then sold the Polish division of Poult, Dr Gerard, to Bridgepoint in October 2013 for €120m. Qualium acquired the remainder of Poult for around €180m in April 2014.

Company
Headquartered in Paris, Biscuit International was created in 2016 by the merger of Groupe Poult and Banketgroep and grew through the acquisitions of A&W Feinbackwaren in Germany, Northumbrian Fine Foods in the UK, Stroopwafel & Co and Aviateur in the Netherlands, and Arluy in Spain.

The company specialises in the production of a wide range of sweet biscuits, including traditional biscuits, as well as organic, low-calorie, sugar-free, gluten-free and milk-free biscuits. It employs 1,900 people and generates revenues of around €500m, of which approximately 70% comes from outside France. According to press reports, the company generates adjusted EBITDA of around €80m.

People
Platinum Equity – Louis Samson (partner).

Advisers
Equity – Rothschild & Co (corporate finance); Latham & Watkins (legal).

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• Topics
• Buyouts
• France
• Consumer
• Platinum Equity
• Qualium Investissement
• France
• Secondary buyout
• Rothschild
• Latham & Watkins