St Mamet sold to PE firm Florac
St Mamet claims to account for 40% of France's supermarket and catering canned fruit sales
French private-equity firm Florac has purchased tinned fruit maker St Mamet from a group of Italian co-operatives, Conserve Italia.
The value of the transaction has not been disclosed.
Florac said the acquisition comprised St Mamet's production of canned fruit and compotes, the Mamet brand and its plant in Vauvert in southern France.
The change of ownership is designed to allow St Mamet "to pursue its development, to innovate and return to growth", Florac added.
Founded in 1959, St Mamet employs close to 150 permanent staff, rising to almost 600 during the high season for production. It is supplied by 150 local growers.
It has an annual turnover of EUR100m and claims to have a share of around 40% of the French canned fruit market in the supermarket and catering channels.
Under its new ownership, St Mamet will be headed by Matthieu Lambeaux, formerly CEO of Findus Group's operations in France and southern Europe.
"St Mamet is at a new turning point in its history," he said. "When its recovery is completed, there is the prospect of it becoming a global player and market leader.......through new and innovative categories."
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