Equistone exits Charles & Alice

Following the transaction, Charles & Alice's management team, led by chair Thierry Goubault, will become the controlling shareholder in the business, while Crédit Mutuel will retain a minority position.

This is the second exit made by Equistone this year, following the sale of Germany-based prefabricated housing company Oikos Group to Goldman Sachs.

Previous funding
Crédit Mutuel Equity, at the time known as CM-CIC Capital Finance, first invested in fruit processing company Charles Faraud in 2007, when it acquired a majority stake backing Thierry Goubault as the company's president. In 2010, the company purchased Hero, a manufacturer of fruit desserts with no added sugar and baby food products. The combined entity was renamed Charles & Alice in 2011.

The GP subsequently reduced its holding to a minority in 2013, when Equistone entered the share capital of Charles & Alice and became the majority shareholder. Following the deal, the management team increased its stake to around 20%.

The deal valued the company at around €80m, according to press reports published at the time. Debt for the deal was arranged by Banque Palatine and CIC Lyonnaise de Banque, and provided by CIC Lyonnaise de Banque, Banque Populaire Provence et Corse and HSBC France.

Company
Established in 2011 and based in Allex, Charles & Alice produces a range of fruit compotes and plant-based desserts, including no added sugar, dairy free, gluten free, organic and vegan products.

The business has recorded organic growth of around 5% per year, reaching revenues of €160m in 2020. The company's EBITDA amounts to around €14m, according to press reports.

People
Charles & Alice – Thierry Goubault (chair).
Crédit Mutuel Equity – Jean-Christophe Vuillot (director).
Equistone Partners Europe – Guillaume Jacqueau (managing partner).

Advisers
Vendor – Natixis Partners (M&A).
Acquirer – CVS (legal); Oddo BHF (corporate finance); Allen & Overy (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Buyouts
• France
• Consumer
• Equistone Partners Europe
• Credit Mutuel Equity (ex CM-CIC Investissement)
• France
• Natixis
• Allen & Overy