Private-equity firm Apheon has acquired Alma, the new French food group created by combining Foo Seng and Varachaux.
Financial terms of the transaction were not disclosed.
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In a statement today, Apheon said the deal “marks the beginning of a new phase of growth for Alma”, pointing to its “proven playbook for scaling businesses through targeted consolidation” in European markets.
Wolfgang de Limburg, Apheon managing partner, added: “Alma operates in an attractive, fast-growing niche where it holds a leading position, underpinned by authentic products, strong industrial capabilities and a clear consolidation opportunity ahead.”
Alma chief executive Daniel Coutinho will continue to lead the company and remain a “significant” shareholder alongside Apheon, the PE group said.
The Paris-based group, designs, manufactures and distributes frozen snacks and food products.
It supplies to wholesalers, specialty distributors, foodservice operators and retailers, primarily in France.
The group employs about 115 people and generates around €40m ($45.7m) in revenue.
Coutinho acquired Alma’s constituent Foo Seng in 2023 and in April this year, Foo Seng acquired Varachaux.
Founded in 2009 in Orly, Foo Seng manufactures premium frozen Asian snacks.
Foo Seng has a “strong position” in the French market, particularly in halal products, according to Apheon.
Varachaux, founded in 1968 in Wissous, produces frozen meat-based and plant-based food components for food manufacturers and foodservice operators.
Apheon said it will “support the group [Alma] in further accelerating its organic growth, repositioning Varachaux towards higher-value frozen snacks and halal product ranges and pursuing a selective buy-and-build strategy across a highly fragmented European market”.
Coutinho added that the new investor “brings not only the capital, but the strategic support and buy-and-build expertise we need to accelerate our expansion across Europe and build a truly category-defining platform while upholding the product quality and authenticity that define the group”.
