Industri Kapital is selling Financière de Kiel, holding company of the Labeyrie Group, a French-based producer of seafood, blini and spreadable foodstuffs. The company is set to be acquired by SÍF hf, an Icelandic food producer, for €332.3m.
Labeyrie was acquired by the Industri Kapital 2000 Fund in March 2002 through a public-to-private on the Paris stock exchange. When the sale goes through, it is rumoured Industri Kapital will double its money, generating an IRR in excess of 30%. Under Industri Kapital’s ownership, the group has significantly increased its sales both organically and via the acquisitions of Blini in 2003 and Farne this year.
The transaction will create a powerful group of food production companies with a combined turnover of around €1bn and a workforce of 3,900 people in 11 countries. Completion of the acquisition is dependent on anti-trust consent in France.
Industri Kapital was advised by Rothschild & Cie (Thierry Latran) and Goldman Sachs on the M&A side and White & Case (Vincent Morin and Norbert Majerholc) on the legal and tax side. Vendor’s due diligence was undertaken by Ernst & Young (Daniel Benquis). SÍF was advised by Kaupthing Bank (M&A), PriceWaterhouseCoopers (Audit) and Clifford Chance (legal). Labeyrie Management is advised by Landwell Paris.