FRANCE: Fund Qualium seals Biscuit Poult buy
Biscuit Poult eyeing international growth
France-based investment fund Qualium Investissement has confirmed a deal to take a majority stake in Biscuit Poult, the country's leading private-label biscuit maker.
It emerged in April that Qualium, which has an asset portfolio that includes fast-food chain Quick, was in exclusive talks with Biscuit Poult owner and private-equity group LBO France.
Qualium did not disclose the deal's financial details nor the exact size of its stake but outlined how it would back the business.
Jean Eichenlaub, Qualium's president, said: "We intend to support the company in its ambitious growth strategy and especially abroad, where the company has already demonstrated its know-how and expertise."
Biscuit Poult accounts for 40% of own-label biscuit sales in France. It also produces branded products and is the second-largest player in the overall market behind Mondelez International. Last year, it generated sales of EUR190m, of which 20% was made overseas.
Carlos Verkaeren, CEO of Biscuit Poult, said the investment from Qualium would help it implement projects the company had been working on to "accelerate our development".
Verkaeren added: "We will be investing in a new production line to run an innovative product and continue our development in the European market biscuit breakfast, which is a booming market. We will continue to expand internationally."
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