€M 200 investment capacity for Cerea Mezzanine III
The double final close comes shortly after that of Cerea Dette I on €M 268 in April 2016, above its initial objective, and provides Cerea Partners with the means to achieve its ambition of being the privileged investor-partner for Agrobusiness companies seeking to accelerate their growth.
The funds received strong support from European institutional investors including insurers, pension funds, funds of funds and banks as well as some private investors. Unigrains, sponsor of Cerea Partners, continues to support the team and provided 16% of the capital raised.
Cerea Capital II At €M 225, 70% larger than its predecessor, Cerea Capital II surpassed its €M 200 initial objective. The Fund focuses on majority or co-majority stakes in primary and secondary buy-outs, hand-overs, acquisitions, spin-offs and PtoP in Western European Agrobusiness companies between €M 20 and €M 250.
Several advanced opportunities are currently under review and three have already been completed:
Krampouz, the global leader in professional crepe makers and top of the range cooking equipment
Cérélia, the European #1 in ready-to-bake chilled doughs for pies, pizzas, cakes and pastries
La Comtoise, a major French player on the processed cheese market
Cerea Mezzanine III
With an investment capacity of €M 200, Cerea Mezzanine III is roughly 60% larger than its predecessor and was raised in just 7 months, largely surpassing its initial objective. The Fund provides mezzanine financing for acquisitions and organic growth projects as well as leveraged transactions and shareholding restructuring for Western European Agribusiness companies, arranging financing between €M 2 and €M 50. Three operations have already been completed (Pacific Pêche, Europe Snacks and Sasa Industrie) and two others are currently being finalized.
With €M 268 in commitments, the first generation of the Cerea Dette program surpassed its initial objective by over 30%. The Fund provides senior loans, private placements and unitranche bonds for buy-outs, growth investments and business funding with underwriting between €M 5 and €M 50. Since its launch, the fund has seen a solid investment pace with nearly two thirds of the capital deployed through 17 investments.
The Investor-Partner of Choice in Agrobusiness
The successful dynamic demonstrates the pertinence of Cerea Partners's innovative model which combines the deep knowledge of a sector specialist with the flexibility of a full service investment platform. Dedicated to European SMEs across the Agrobusiness spectrum (food, agro-industry, distribution, catering, equipment, packaging, logistics and related services), Cerea Partners is the financial and strategic partner of choice, whether it be through buy-out, mezzanine, unitranche, debt financing or private placement.
Led by Michel Chabanel, with Gilles Sicard for equity investments and Fabrice Vidal for mezzanine financing and senior debt, the Cerea Partners team is composed of 16 investment professionals; one of the largest
and most experienced teams dedicated to Agrobusiness. More than 80 transactions have been completed since 2004.
Michel Chabanel, CEO of Cerea Partners, declared:"We are proud of the trust investors have placed in our approach and their eagerness to gain exposure to the Agrobusiness opportunities we have identified in France and Western Europe. Effectively doubling in size and scope, Cerea Partners is now more than ever positioned to add value, leveraging our dedicated, sector expertise and a complete range of financial solutions to best meet the needs of companies."
8, 2021, Cerea Dette II invested in the senior acquisition financing of Babcock
Wanson, on the occasion of the group's takeover by Kartesia from FCDE.
Founded in 1896, Babcock Wanson ("BW") is a European
leader specializing in industrial heating equipment and solutions, designed
in particular for the food & beverage sector which accounts for 40%
of the group’s turnover.
The group benefits from a unique European positioning
thanks to (i) the design and manufacture of a complete range of boilers
and burners designed for [...]
Founded in 1977 in Brittany, France, Omni-Pac Group (previously Cellulose de la Loire « CDL »), is a leading European producer of moulded fibre packaging and responsible solutions, targeting mainly the poultry (the Group’s historical activity), fruits and vegetables and medical markets, as well as new applications.CDL achieved strong growth in the past few years, completing in the process two major build-ups bearing attractive commercial and industrial synergy potential: Germany-based Omni-Pac, acquired in 2016, and UK-based Moulded Fibre [...]
The Cerea Mezzanine II Fund has fully exited Megg Invest on the occasion of the company's sale to Latour Capital.In 2014, Cerea Mezzanine II financed Motion Equity Partners' acquisition of Celluloses de La Loire (CDL) alongside the management team led by Renaud Malarre. Driven by its excellent knowledge of the company and close relationship with the management team, Cerea Mezzanine II provided a unitranche bridge solution enclosing guaranteed funds which enabled the buyer to secure exclusivity for the takeover of the group from Cerea Capital. [...]
On the 28th of April 2021, Cerea Dette II co-arranged a senior acquisition financing for health nutrition provider Nutrisens, on the occasion of Sagard's takeover of the group.Nutrisens is a French and European leader in health nutrition, supplying medical establishments (hospitals, retirement homes, pharmacies) with a wide range of nutritional products dedicated to the needs of elderly and/or vulnerable individuals suffering from dysphagia (swallowing disorders) or undernourishment.The group meets its clients' requirements through two [...]
Cerea Partners completed the first closing of its 4th Mezzanine fund at the end of April. The Fund has reached more than 85% of its target size, with an investment capacity of approximately €215 million exceeding the size of the 3rd fund.Cerea relied on the loyalty of its historical LPs, but also on the trust of new French and European investors. This round is mainly made up of institutional investors (banks, insurance companies...) but also includes a number of family offices.This successful fundraising confirms strong investor confidence [...]
Owned by Cerea, Pierre Ickowicz and the management team since the end of 2018, Icko Apiculture concludes its 3rd acquisition in 2 years in order to expand its footprint across France.Icko Apiculture is the European leader in the distribution of beekeeping Equipment and consumables. Created in 1947, Icko is committed to supporting beekeepers and to protecting bees.The Group distributes the widest range of products available in its market, with more than 4,500 references, and is expecting to achieve a turnover of €40 million in 2021.With the [...]
By supporting Mérieux Equity Partners in the buyout of Plantex Group,
Cerea Partners demonstrates once again the breadth of its sector focus and its
commitment to the health / functional food segment.On 18th December 2020, the Cerea Mezzanine III fund arranged
a mezzanine debt to finance the acquisition of Plantex Group by Mérieux
Equity Partners alongside long-time shareholders.Established in 1990, Plantex specializes in the production of natural
plant extracts dedicated to the nutraceutical (food supplement), [...]
On July 30th, 2020, Cerea Partners, acting through its Cerea Mezzanine III fund, invested in a sponsorless transaction alongside Mr. Eric Chetail and his management team aimed at strengthening their control of Cerise & Potiron group and embarking on a new development phase for the company.An emblematic brand in Lyon and its surroundings, Cerise & Potiron group is a network of city-center grocery stores dedicated to fruits and vegetables. The stores are mainly located in the Rhône-Alpes region. Founded in 1985, the group first developed under [...]
On 25th June 2020, Cerea Partners,
acting through its Cerea Capital II fund, acquired the family-owned Axium
group, the PET (recyclable) & R-PET (recycled) plastic packaging solutions
specialist, in a primary LBO transaction. The group CEO and his team have
reinvested significantly, while Bpifrance acquired a minority stake in the
Based in France, Axium
mainly designs and manufactures plastic packaging solutions for the food,
healthcare and beauty sectors. The group's products are divided between flasks,
plugs, and [...]
On 28th May 2020, Cerea and the company's management finalised the
acquisition of Pagès Group, the specialist for high performance automation
systems. Innovafonds, the previous shareholder, significantly reinvested in
this new operation.Since its inception in 1984,
the group has developed a unique expertise, renowned globally, in robotic
In-Mold Labeling (IML) systems, thus placing it as the global leader in this
niche market.Under the initiative of Yannick
Ains, the group's CEO, who succeeded Philippe Olichon in 2016, the group [...]
Cerea Partners has been
acquired on 25th October 2019 by its management team. The firm was
previously owned by Unigrains, its sole shareholder since its inception in
2004. Following this transaction, the team now owns 87.0% of the management
company's share capital. Two historic Limited Partners of Cerea funds, MACSF
and SMABTP, have lent their support to the team and now own, respectively, 8.7%
and 4.3% of the management company. The transaction will not affect day-to-day
business as its 26 employees will continue to channel Cerea [...]
Dette II makes two new investments in Spain, financially supporting the transfers of Palacios and Pastas Gallo groups.
With these two new investments, the Cerea Dette II Fund totals 3
investments in the Spanish territory, in line with its international expansion.
two investments also form the 9th and 10th private debt investments
of Cerea Partners since the beginning of the year.
Dette II financially supports the Spanish fund MCH in the buyout of the Palacios group from Carlyle
Founded in [...]
The transaction was finalised on 30th September
Krampouz specialises in designing, manufacturing and
marketing high-end ready to use catering appliances.
Major specialist for professional crepe makers and
waffle makers, the company is also a well-known player in the outdoor catering equipment
sector (stainless steel plancha, etc.)
Products are marketed to catering professionals at 55%
gross revenue, the private and public sector at 45%, in France at 69% and export
Deeply rooted in Brittany, [...]