St Mamet, the France-based packaged fruits supplier, is set to get a new private-equity owner.
In a statement issued yesterday (4 July), St Mamet announced its current majority shareholder, the private-equity firm Florac, had struck an agreement with peer Hivest Capital.
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Under the terms of the deal, Hivest will own close to 100% of St Mamet, with management holding the rest.
Earlier this year, reports in France said Florac, which acquired St Mamet in 2015, was looking for a buyer to help its asset grow further. St Mamet’s turnover is reported to be around EUR100m (US$117m).
French agri-food group D’Aucy was at the time reported to have indicated its interest in St Mamet.
The statement published yesterday said Hivest Capital would form a “strategic partnership” with D’Aucy.
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By GlobalDataCédric Lépée, a co-founder and managing partner at Hivest, told just-food: “Both groups will benefit from commercial synergies and be in a position to develop themselves in other markets and geographies. Both groups have similar industrial processes and could notably share best practices. “D’Aucy and St Mamet have the same DNA with cooperative values close to farmers and a strong commitment to providing healthy food.”
A works council at St Mamet, which is headquartered in Nimes, is in favour of the sale to Hivest, the statement read.
The deal is subject to “certain conditions” including regulatory approval. Le Figaro reported Hivest is in talks with Florac about debts owned to current St Mamet minority shareholder Conserve Italia, the previous owner of the business.
Asked by just-food if those talks were one of the conditions to be met, Lépée declined to comment.
