Industri Kapital is close to selling its controlling stake in Financière de Kiel, the holding company for seafood group Labeyrie. SIF, a European food producer, is looking to acquire the stake for €332.3m. Industri Kapital’s 2000 Fund acquired Labeyrie in March 2002 through a public-to private on the Paris stock exchange. Under IK’s ownership, the group has significantly increased its sales, both organically and via acquisitions.
“Labeyrie has demonstrated its ability to consistently outperform its objectives, in particular its sales have nearly doubled over a two year period,” said Christopher Masek, a partner at Industri Kapital. The deal would create a food production group with a combined turnover of approximately €1bn and a workforce of 3,900 people in 11 countries.
France-based Labeyrie has gross sales of €311m. Completion of the acquisition requires anti-trust consent in France. “Labeyrie have achieved good results operating the companies we have acquired over the last few years and now we have big plans for the new group,” said Xavier Govare, CEO of Labeyrie Group.
Industri Kapital, advised by Rothschild and Goldman Sachs, manages close to €4bn in commitments from Nordic, European and international institutional investors. Since 1989, it has acquired 48 European companies. The current portfolio encompasses 26 companies with a total turnover exceeding €9bn