Apax buys Europe Snacks from IK Investment

IK reaped a 2x money multiple, a source close to the deal confirmed. 

The new owner will boost the expansion of the firm across France and the rest of Europe, with an increased focus on product innovation and industrial investment. 

The transaction is expected to close by the end of the year.

Previous funding
In 2010, IK Investment Partners took a majority stake in the firm in a deal that valued the asset at €100-120m, according to unquote" data. Funds were channelled from IK 2007, the GP's €1.7bn vehicle.

Financing was underwritten by Crédit Lyonnais and Céréa Mezzanine. Debt accounted for 45% of the deal value.

Company
Founded in 1991, Europe Snacks is a food processing company based in Vendée. The firm focuses on the production of salted snacks and has a product range of more than 200 items.

At the time of the IK buyout, the company expected to post a €60m turnover for the year, according to unquote" data. Turnover reached €77m in 2012. 

People
Bruno Candelier is a partner at Apax and worked on the deal. Partner Rémi Buttiaux led the investment and exit for IK.

Advisers
Vendor – White & Case, Vincent Morin, Camille Note (Legal); Lazard, Alexandre Benais, Charles Duhamel (Corporate finance); Crédit Agricole Corporate and Investment Bank, Virginie Grouselle, Laurent Leriche (Corporate finance).

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• Topics
• France
• Consumer
• Buyouts
• Exits
• France
• Apax Partners
• IK Investment Partners