German frozen food company Frostkrone has bought the minority stake in French peer Piz’wich held by private equity business Ardian to take full control of the business.
The financial details of the transaction have not been disclosed.
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Piz’wich specialises in on-the-go frozen snack products while Frostkrone produces frozen convenience food with products including Corny Dogs, Emmentaler Cheese Sticks, Mozzarella Planks, and Vegetable Nuggets.
France-based Ardian – ironically Frostkrone’s former majority shareholder – said it had achieved its objectives to support Piz’wich’s organic growth and accelerate its international expansion.
Director Frédéric Quéru said: “Piz’wich has experienced rapid development over the 16 months since our investment. Through our initial investment, we, alongside Stéphane Delahaye {the company’s CEO}, were able to successfully enable Piz’wich to roll out its strategy.
“The company generated strong interest from a number of players, but Frostkrone, a recognised industry leader, made it clear early on they were willing to take Piz’wich to the next level.”
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By GlobalDataFrostkrone, now a portfolio company of Emeram Capital Partners, said that as its subsidiary Piz’wich will continue its international expansion and focus on further expanding its current market position.
Frédéric Dervieux, CEO of Frostkrone, said: “With the acquisition of Piz’wich, Frostkrone will be even better positioned for a successful future. Together with Piz’wich, we will be able to recognise trends even faster and implement them in a snack-friendly way as we further expand our position as an innovative pioneer.”
Piz’wich, which Ardian invested in in December 2016, was founded in 2001 and, under the direction of Stéphane Delahaye, adapted its business model to focus on on-the-go frozen snack products, finding success with its Pizza Pocket creation.
Delahaye said: “We have seen an intense and productive period since the beginning of our partnership with Ardian, through its investment in Piz’wich.
“We have continued to develop our product range, and with the support of Ardian’s extensive network, have identified a number of industry partners worldwide as well as other external expansion targets.”
