French food group Charles Faraud has been acquired by Banque de Vizille in a leveraged buyout.
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The Avignon-based business, which generated sales of EUR26m (US$33m) last year, sells a range of speciality regional ready meals, fruit products, and has a slimmer’s canned food marketing operation and foodservice lines.
Banque de Vizille has named Thierry Goubault, the former head of dessert group Hero France, as Faraud’s new chief executive. The bank headhunted Goubault following his successful turnaround of frozen bakeries business BCS.
Goubault faces high expectations from Faraud’s new owners. “This project is only worth our while if the size of the business doubles within five or six years,” Banque de Vizille team leader Frédéric Plas told just-food.
Former owner Christian Faraud, son of the founder Charles, took over the business in 1976. He opened a purpose built factory in 1992 and remains a partner in the new holding company.
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