€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."
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 [...]
By signing the France Invest charter,
Cerea Partners is setting ambitious goals to further gender parity within its
organisation and portfolio companies.
Cerea Partners, the leading investor in the food
& beverage value chain, has signed the France Invest charter in a
reflection of its commitment to promoting gender parity.
Women already account for 22% of the partners
at the asset management company, which acquired its independence last autumn.
Cerea Partners truly believes that increasing the number of women within [...]
On November 20th, Cerea Private Debt, with
the Cerea Mezzanine III Fund, arranged and underwrote the mezzanine debt to
finance the buyout of Maison Routin by Apax Partners Development.
Building on century-old expertise in the production of flavouring syrups
and beverages from its location in the French Alps, and on the work of its team
of 160 employees, Maison Routin has recently undergone a transformation driven
by its emblematic "1883" brand, supplied to businesses and found in
coffeehouses, bars and restaurants in more than 80 [...]
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 [...]
Cerea Private Debt arranges a mezzanine financing for the acquisition of Groupe Frio by Azulis Capital and its management teamEstablished in
1993, Groupe Frio is a provider of refrigeration equipment, with market leading
positions in France and across Europe in wine cellars, its historical business,
with such established brands as La Sommelière, Climadiff and
Avintage.In addition to this category, the company supplies domestic and
professional refrigeration equipment through its Frigelux and Interfroid
Services brands. Based near Le [...]
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, [...]