French fund Artemis, which counts Christie’s auction house and the Chateau Latour vineyard among its assets, has taken majority control of food firm Michel et Augustin.
“Artemis has increased its stake in Michel et Augustin from 25% to 70% by buying out smaller shareholders and through a capital increase of EUR12m,” a spokesperson for Artemis confirmed to just-food.
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The cash injection will be spread over five years and help accelerate company growth.
Michel et Augustin’s founders, Michel de Rovira and Augustin Paluel-Marmont, have retained a 30% stake in the company and remain at the helm.
The company, set up in 2004, recorded turnover of EUR18m in 2012. This is expected to rise to EUR24m this year.
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This year, it secured a listing with Chinese supermarket chain City Super for the sale of its biscuits, yoghurts, smoothies and desserts.
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