Qualium to sell DGF to 21 Centrale Partners

21 Centrale will become the company's majority shareholder, investing in the business alongside the management team led by president Bruno Rouxel.

Qualium (then CDC Capital Investissement) acquired DGF in January 2009 for €123m, alongside then CEO Jean-Luc Champaud. The firm invested via its CDC Development and Transmissions Fund, while a debt package was provided by Societe Generale.

Under Qualium's ownership, the company has expanded its distribution network with the acquisition of four new distributors. It has also developed a snacking product range.

Champaud handed the reins over to Rouxel, who is leading DGF's management in the buyout with 21 Centrale, a few years ago.

21 Centrale's plans for the company include further international expansion, most notably increasing the company's market presence in Latin America.

Debt
A senior debt package has been provided by Societe Generale to support the deal.

Company
Founded in 1986 and headquartered in Chanteloup-les-Vignes, DGF is a distribution company for fresh, dried and frozen raw materials and ingredients. It serves the bakery, pastry and catering industries.

The business has a network of 29 distributors and claims to regularly supply its products to more than 23,000 bakeries and catering firms. It has a market presence in 60 countries, notably in Canada and Japan.

DGF generates approximately €170m in revenues. At the time of Qualium's investment, the company employed 380 staff and generated €130m in turnover.

People
Bruno Rouxel is the CEO of DGF. Stéphane Vermot-Desroches and Nicolas Mutschler worked on the deal for Qualium. Stéphane Perriquet, Fabrice Voituron and Amélie Furno worked on the deal for 21 Centrale.

Advisers
Equity – Oddo Corporate Finance, Stéphane Benouaich, Thomas Devineau, Olivier Dietsch, Laurent Bonnin (Corporate finance); LEK, Rémy Ossman, David Danon-Boileau, Frédéric Dessertine, Gianluigi Indino (Commercial due diligence); Eight Advisory, Katia Wagner, Benjamin Gunepin (Financial due diligence); De Pardieu Broca Maffei, Jean-François Pourdieu, Maxime Dequesne, Yannick Le Gall (Legal); Louvre Alliance, Bertrand Moineau (IT due diligence); KPMG, Philippe Arnaud, Patrick François (Environmental due diligence).
Company – Scotto & Associés, Nicolas Ménard-Durand, Adrien Badelon (Legal).
Vendor – Leonardo & Co, Jean-Baptiste Marchand, Benjamin Giner, Jad Hariri (Corporate finance); King & Wood Mallesons SJ Berwin, William Robert, Benjamin Garçon (Legal); Indefi, Julien Berger, Mehdi Belefqih (Commercial due diligence); Accuracy, Frédéric Loeper, Grégoire Potel (Financial due diligence); EY, Pierre Bonnafous, Mathias Roth (Social due diligence, tax).
Debt – Paul Hastings, Mounir Letayf, Camille Bakouch (Legal).

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• Topics
• Buyouts
• France
• Consumer
• France
• Secondary buyout
• 21 Centrale Partners