Acquisition of Panzani by CVC

DATE
July 2021

TRANSACTION TYPE
Corporate Acquisition

VALUE
Undisclosed

SECTOR
Food & Beverage

Spayne Lindsay is delighted to announce that it has advised CVC Capital Partners on its exclusive discussions with Ebro Foods to acquire Panzani, as announced on 26 July 2021.

Panzani is one of the most visible French food brands and one of very few primary LBOs in food in Europe.

More specifically, the transaction would include: 1) the Panzani®, Ferrero®, Regia®, Zakia® and Le Renard® brands, and 2) all the operating assets (including plants and mills) related to these brands.  The business perimeter contemplated in the transaction posted a turnover of €470 million in 2020 and employs 750 employees.  The business will remain headquartered in Lyon, France.  The divestment would not have any social impact on the employees of the business.

The transaction has been valued at €550 million (the value of 100% of the business) and would comprise the sale of 100% of the share capital of Panzani S.A.S. Prior to the envisaged transaction, the fresh pasta and rice businesses, including leading brands Lustucru Selection® and Taureau Ailé®, would be carved-out and therefore remain within the Ebro Group.

The transaction remains subject to the French workers’ representatives information and consultation, customary regulatory approvals and the approval of General Shareholders Meeting of Ebro Foods, S.A. It is expected that the envisaged transaction would be completed before 31 December 2021.