A press release available on IK Investment Partners read that the company would be selling its Europe Snacks asset. The company, which was claimed by IK Investment as the leading manufacturer of private label snacks, would be sold to Apax Partners via a definitive agreement. The terms of the agreement, including the financial details, had not been revealed. However, the transaction would be finalized before the year ends and would be subject to regulatory approval of competition authorities.
IK Investment Partners Rémi Buttiaux said about the transaction, "Turnover grew by 50% in three years under IK's ownership. With IK's support, the company carried out a large investment programme, developed its existing product range and launched new product lines. In particular, it built a new production site and increased its workforce by 20%."
Since its establishment two decades ago, Europe Snacks grew to be a EUR77 million turnover company with a production capacity of 25,000 tons of products as of last year. The Vendée-based company is the dominant player in the French market for savoury snacks, thanks to its over 200 product brands.
Europe Snacks intended to further its expansion plans in Europe, and would be sustaining its pace in industrial investment and product innovation, the press release read.
Europe Snacks Group Chief Executive Christophe Fenart added, "We thank IK Investment Partners, which has been a committed and inspiring partner in recent years. Apax Partners' capital investment in our company is excellent news for our employees, customers and suppliers. We will continue our high growth strategy whilst ensuring the sustainability of our relations with all our partners."
Apax Partners Bruno Candelier said about its latest addition to its private equity firm portfolio, "We are very pleased to acquire Europe Snacks alongside Christophe Fenart, its CEO, and his team. Our aim is to support Europe Snacks in its on-going growth in Europe by providing it with the human and financial resources necessary to continue its innovation and its industrial investments."
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