Cerise & Potiron brings in Cerea Partners as a new equity partner
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 the Provifruits banner, before being taken over in 1999, with the support of Prosol, by its current manager, Mr. Eric Chetail. Mr. Chetail led a major strategic breakthrough by creating the premium brand Cerise & Potiron, which, with the support of new minority financial investors, underwent rapid growth over the last 10 years through the opening nearly 40 stores.
With a network of 63 stores, the group benefits from growing consumer demand for fruit and vegetables as well as trends favourable to city-center convenience retailers. The business plan aims to further the group's development through the flagship brands "Cerise & Potiron" and "Terres Lyonnaises". Four new openings are already planned by year-end.
The group has raised €11 million, enabling it to reorganise its shareholding structure and to pursue its development.
Specialized in the food & beverage value chain, Cerea Partners, acting through its mezzanine fund, provided a "sponsorless" solution, allowing both the exit of minority shareholders and the provision of new resources to support the group's expansion strategy.
Mr. Eric Chetail, Chairman of the Group, commented: "I am very pleased to rely on Cerea as a new equity partner for the Cerise & Potiron group. The first meetings went well, the Cerea team was able to adjust its proposals and meet the requirements of our group in a very professional and reactive manner. Cerea confirmed its positive approach during the pandemic situation observed since 2020, which might have caused other financial institutions to waiver their support. Furthermore, Cerea's distinctive experience in financing the development of food & beverage companies and their commitment to environmental, social and governance principles closely meet our company's business roadmap and CSR approach.
This match was made possible thanks to the unfailing commitment of Carax and I extend my thanks to them accordingly.
Arkea Bank was also able to integrate themselves into our financing plan in an extremely reactive and voluntary manner.
A new momentum is emerging for our Group, and was made possible thanks to these new partners. Our upcoming projects are exciting and Cerea is providing us with the opportunity to achieve them successfully and to meet the challenges of tomorrow.
We also thank our outgoing partners Mr. Marc Andrieu (SG Capital Partners), Mr. Lionel Giai (BPI France) and Mr. Nicolas Ravachol (Carvest) for their support throughout the past 10 years.
Thank you all for this happy conclusion!"
"We are very pleased to invest alongside the Management team and to help accelerate the growth of Cerise & Potiron in this exciting new phase", commented Fabrice Vidal, Partner at Cerea Partners. "The group has a track record of dynamic and profitable growth and has emerged reinforced from the Covid crisis and we are therefore convinced that it is well positioned to further its development."
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