Swiss food business Aryzta has sealed a deal to acquire 49% of French frozen-food retailer Picard from private equity group Lion Capital for €446.6 million.
The agreement includes the option for Aryzta to acquire the remaining 51% of Picard in three to five years.
French retailer Picard has over 920 stores throughout France and 13 outlets in Belgium, with predicted overall revenue of €1.37 billion for 2015.
Owen Killian, CEO of Aryzta, said that the deal “offers Aryzta the future potential to acquire a highly successful business-to-consumer platform focused on premium speciality food, which complements Aryzta’s business-to-professional platform”.
He added, "Picard is a highly predictable business and an ideal replacement for Aryzta's Origin holding, allowing Aryzta to strategically move up the value chain."
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