Private-equity firm Apheon has acquired Alma, the new French food group created by combining Foo Seng and Varachaux.

The deal, struck for an undisclosed sum, comes just months after Asian snacks business Foo Seng and meal-components supplier Varachaux were merged to form Alma.

In a statement today (7 July), Apheon said the deal “marks the beginning of a new phase of growth for Alma”, pointing to its “proven playbook for scaling businesses through targeted consolidation” in European markets.

Combined, Alma employs around 115 people and generates around €40m ($45.7m) in revenue.

The company supplies to wholesalers, foodservice operators and retailers, primarily in France.

Alma's chief executive is Daniel Coutinho, who bought Foo Seng in 2023 before combining the business with Varachaux in April.

He will continue to lead Alma and remain a “significant” investor in the business alongside Apheon, the new majority shareholder said.

Coutinho said: "In recent years, Foo Seng has established itself as a leading player in premium frozen Asian snacks, driven by our commitment to authentic recipes, consistent product quality and culinary know-how.

"The acquisition of Varachaux earlier this year marks a pivotal step towards a larger and more diversified group. Apheon shares our long-term vision and brings not only the capital but the strategic support and buy-and-build expertise we need to accelerate our expansion across Europe and build a truly category-defining platform."

Foo Seng, which was set up in 2009, has a “strong position” in the French market, particularly in halal products, according to Apheon.

Varachaux, founded in 1968 in Wissous, produces frozen meat-based and plant-based food components for food manufacturers and foodservice operators.

Apheon said it will help Alma in "further accelerating its organic growth, repositioning Varachaux towards higher-value frozen snacks and halal product ranges and pursuing a selective buy-and-build strategy across a highly fragmented European market”.

Wolfgang de Limburg, Apheon managing partner, added: “Alma operates in an attractive, fast-growing niche where it holds a leading position, underpinned by authentic products, strong industrial capabilities and a clear consolidation opportunity ahead.”