Strategic partnership between FLM, the holding company of Laurent Menissez, and Teract in artisanal bakery

DATE
September 2022

TRANSACTION TYPE

Strategic partnership

VALUE
Undisclosed

SECTOR
Food & Beverage

Spayne Lindsay & Co. is delighted to announce that it has advised FLM, the holding company of Laurent Menissez on its strategic partnership with Teract in artisanal bakery. This strategic partnership will consist of the transfer by FLM of a majority stake in Boulangerie Louise (“Louise”) to InVivo Retail, a wholly owned subsidiary of Teract, the listed vehicle of the French agricultural cooperative Groupe InVivo.

Louise, founded by Laurent Menissez in 2010, is one of the leading artisanal bakery chains in France. Its sister company, Maison Menissez, is one of the leading industrial bakery businesses in France. Louise is a certified “Artisan Boulanger” with differentiated and compelling retail bakery operations. Louise has c.130 sites spread across France and makes c.90% of its products on-site using the artisanal know-how of its qualified bakers and raw materials that are sourced from local millers to guarantee quality.

Teract is a major player in responsible distribution in the growing markets of gardening, pet shop and food retail. Through its subsidiary InVivo Retail, Teract brings together the gardening brands Gamm Vert, Jardiland, Delbard and Jardineries du Terroir, the food retail chains Frais d’Ici and Bio&Co food and the pet shop Noa. Teract’s majority shareholder is InVivo, one of Europe’s leading agricultural and agri-food groups.

Teract is the outcome of the merger of InVivo Retail and listed SPAC vehicle 2MX Organic earlier this year.

The partners’ plan is to continue to develop Louise through internal growth and external growth, by continuing to open Louise points of sale directly and under franchise and by setting up Louise stores in certain InVivo Retail banners.