Europe Snacks changes hands
Vendée-based Europe Snacks produces savory snacks for retail own brands. It posted sales of €77m ($105m) in 2012 and has production volumes of around 25,000 metric tons across four factories in France.
The sale to France’s leading private equity firm Apax Partners is expected to be completed by the end of year, subject to regulatory approval.
Europe Snacks CEO Christophe Fenart will retain his position as head of the company.
Rémi Buttiaux, a partner at IK Investment Partners, said that his firm grew Europe Snacks sales by 50% in three years, built a new production site and increased the workforce by 20%.
Bruno Candelier, Partner at Apax Partners, said: “Our aim is to support Europe Snacks in its on-going growth in Europe by providing it with the human and financial resources necessary to continue its innovation and its industrial investments”
Europe Snacks manufactures potato chips and crackers for 26 retailers, mostly in France, including Carrefour, Monoprix, Casino and E.Leclerc.
The company is the clear leader in France in private label savory snacks with a 80% market share.
Fenart has previously spoken about the company’s ambitions to move further afield with the UK and Spain prime targets.
He said that the firm would need to cater to the snacking preferences of these markets.
"For instance, French people will tend to eat our products with pre-dinner drinks and on social occasions whereas the British are more likely to eat snacks products at almost any time of the day, and on their own,” he said.