Private-equity firm PAI Partners has struck a deal to buy foodservice supplier La Compagnie des Desserts (LCDD) from investment fund Argos Wityu.

The financial details of the deal were not disclosed by either party.

LCDD is a frozen desserts supplier and is headquartered in Lézignan-Corbières, France. The company produces ice cream and frozen pastries and distributes to over 23,000 foodservice clients across Europe.

PAI aims to “support LCDD’s strategy to become a pan-European leader in premium frozen desserts”, Stefano Drago, a founding partner at the private-equity firm’s mid-market fund, said.

Drago added: “The company is uniquely positioned to capitalise on the growing demand for outsourced dessert preparation across hotels, restaurants and catering businesses, driven by their need to innovate and manage labour shortages in the industry.”

In a joint statement, Philippe Bonny, LCDD’s CEO and Sylvain Bertrand, its general manager, said: “The acquisition by PAI Partners validates the company’s strategy, recognises the work it has accomplished and represents an exciting next phase with further growth possibilities.”

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Argos Wityu acquired LCDD in 2016. The fund said LCDD’s revenues had “almost doubled” since then to EUR117m (US$125m).

Gilles Lorang, managing partner at Argos Wityu, added: “Philippe Bonny and the LCDD team have done a remarkable job accelerating the group’s already rapid growth by expanding its product range.”

Credit Mutuel Equity held 20% of the shares of LCDD alongside Argos Wityu and has also fully exited.

In December 2022, PAI acquired Savory Solutions Group from IFF, which became one of over 30 buyouts in the food and consumer sector since the firm’s inception, according to a press release.