Investment firm buys France's Bénédicta
from Barclays Private Equity and ABN Amro Capital France.
"We fully agree on the development strategy set out by the management, aimed at continuing the innovation policy, capitalising further on the brand by extending its application to otherproduct ranges and to developing exports," AXA stated. "We also intend to support the company on future acquisitionprojects which would create value."
The company is forecast to have sales of about €100m in 2005. The company is the number one producer in France of cold sauces segment and the number two manufacturer of mayonnaise. The price forthe company was not disclosed.
Barclays Private Equity acquired Bénédicta in 2000 with the support of the management team when it was a division of the Unilever Group. Unilever had been required to divest the company under theEU's regulations.
"Since then, Bénédicta has demonstrated a great capacity to innovate, both in traditional products, with new packaging and new recipes, and new product ranges, notably with the success of'Oh Ouizz!'," AXA Private Equity stated in a press release. "Consequently, Bénédicta has successfully won its gamble and moved up from number three to number two position in themayonnaise market in France."
Barclays and ABN Amro had invested €7m between 2001 and 2004 in the production plant located in Seclin. Since the 1 July this year Bénédicta become the exclusive distributor of theCarapelli olive oil products in France. The company hopes to leverage its sales force and know-how in the French market to gain market share, AXA stated.
The company currently realises close to 85 per cent of its sales turnover on Bénédicta branded products compared to 60 per cent five years ago, AXA noted.
