Financière de Kiel, an acquisition vehicle controlled by the Industri Kapital, has acquired a 67 per cent stake in Labeyrie Group, the listed French food manufacturer. Financière de Kiel will pay E71 per share through the purchase of shares from Suez Industrie’s subsidiary Européenne de Gastronomie and Labeyrie's directors, giving the deal a value of approximately E125m.
Labeyrie is the third company in France to be acquired by the Continental European Industri Kapital 2000 Fund, following investments in Fives-Lille in 2001 and Laho Equipement in 2000. Industri Kapital has prior industry experience in Labeyrie's business areas from its work with former portfolio company Pieters, a European specialist in fish processing and distribution.
Industri Kapital received assistance from Barclays Capital, which was the global coordinator for the acquisition debt. The bid's sponsor banks are Crédit Agricole Indosuez and Natexis Banques Populaires. Suez Industrie, the private equity arm of Suez Lyonnaise des Eaux, was advised by the Paris office of Rothschild.
The investment comes from the Industri Kapital 2000 Fund, which raised E2.1bn at final closing in November 2000. According to Industri Kapital director Kristopher Masek, the company is looking to make a number of similar acquisitions across the UK and Ireland as it looks to consolidate its position in the fish processing market across Europe.
Industri Kapital is a European private equity firm with equity capital under management in excess of E3bn from Nordic, European and international investors. Since its formation in 1989, Industri Kapital has, through its four funds, carried out 43 strategic investments. Industri Kapital’s funds are currently the main owners of 24 companies with a total turnover exceeding E11bn.