Investment bank Rothschild has reportedly been hired by Swiss bakery group Aryzta and private-equity firm Lion Capital to advise on the future of Picard, the France-based frozen food retailer in which the two companies are investors.

According to the Irish Independent, Rothschild “will study strategic options, including a possible flotation or sale” for Picard. 

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The paper quotes a source telling Reuters that “a mandate was given to Rothschild” and said a second source “confirmed the information and said the bank would now assess the various options available for the chain”. The source added: “There is nothing concrete at this stage. Everything is possible. An IPO is not excluded.”

A spokesperson for Lion Capital told just-food today (27 March) it was making “no comment” on the report. Aryzta has yet to respond to a request by just-food for comment.

Aryzta acquired its minority stake in Picard in 2015. The bakery group has a call option to take full control of Picard and – as recently as September last year – management suggested that while full ownership was dependent on going through certain “stage gates” it remained “very attractive”.

See Also:

Last month, Aryzta said a strategic review of its joint venture operations had led it to “evaluate investment alternatives” for its 49% stake in French retailer Picard. However, Aryzta said: “Net proceeds of any transaction which may monetise Aryzta’s interest in Picard would be used to strengthen the Aryzta Group’s balance sheet.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

February’s announcement came as Aryzta announced the resignation of its CEO and CFO, as well as the head of its business in the Americas.