Qualium-backed Biscuit International acquires Arluy

Nicole Tovstiga
31 July 2018

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France-based cookies and waffles maker Biscuit International, backed by Qualium Investissement, has acquired Spanish cookies producer Arluy.

Qualium had acquired Biscuit International, then known as Groupe Poult, in 2014 from LBO France.

The deal is expected to grow Biscuit International's Spanish presence, complement its product lines and expand the firm in a growing market. According to the company, it will make around 10% of all private label cookies in Europe after this deal.

Paris-headquartered Biscuit International can trace its roots back to 1897, when biscuit maker Tanguy was established. Panier was founded in 1930, and the two companies merged in the 1980s.

In 2005, Panier Tanguy merged with Poult to form Poult Panier Tanguy (Groupe Poult). The group was renamed to Biscuit International following its acquisition by Qualium in 2014. It makes 130,000 tonnes of cookies at 14 factories and generated sales of €390m in 2017.

Previous funding
LBO France acquired Poult in June 2006, with European Capital providing €12.5m in mezzanine financing and equity.

In June 2010, LBO France provided Poult with acquisition finance for the bolt-on of Dr Gerard.

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 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 from LBO France.

Company
Founded in 1988 and headquartered in Arrubal, La Rioja, Arluy is family-owned, and produces and distributes cookies and biscuits. It reported annual revenues of €40m in 2017.

People
Biscuit International – Giampaolo Schiratti (CEO).

Advisers
Equity – Oaklins (financial due diligence); Cleary Gottlieb Steen & Hamilton (legal); Simmons & Simmons (legal).
Company – Cuatrecasas (legal).