Cerea Mezzanine IV holds €215m first close

The fund was launched in June 2020 with a target of €250m and hard-cap of €300m, and plans to hold a final closing in the summer, the GP told Unquote.

The vehicle is already larger than its predecessor, Céréa Mezzanine III, which closed on its €200m hard-cap in December 2016.

Since its inception, Cerea has raised €1.6bn and has completed more than 140 deals, specialising in buyout capital, mezzanine, unitranche and senior debt financing.

Investors
Cerea Mezzanine IV has built a diversified investor base that comprises several previous investors as well as numerous new French and European LPs.

At this stage, it is primarily composed of institutional investors – banks, pension funds and insurance companies – but also includes a number of family offices.

Investments
Cerea Mezzanine IV will invest in French and European small- and mid-cap companies operating across the food and beverage value chain, primarily in the ingredients, transformation, healthy nutrition, distribution, catering, equipment, packaging, and logistics sectors.

The vehicle will target companies with EBITDA of at least €5m and  enterprise value in the €20-200m range. The average final ticket deployed by the fund will be between €4-25m, the GP told Unquote.

Cerea Mezzanine IV will have a special focus on healthy food, sustainable production and responsible sourcing.

In addition to its mezzanine strategy, the vehicle also plans to capture additional value creation through warrants and minority equity stakes.

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