Lov Group invests in Ange Boulangerie

FRANCE Hospitality & Leisure / Hospitality / Restaurants / Chains REV €250–500M

Context

Ange Boulangerie's founders executed a significant strategic transaction by opening the company's capital to an external investor for the first time since its creation. The company sold a 35% minority stake to Lov and Bread, the food-focused investment fund of Stéphane Courbit's Lov Group. This partnership was the culmination of over a year of discussions, with the founders emphasizing that the primary driver was not financial but strategic. Their goal was to inject 'new blood' into the business to accelerate its ambitious growth plans while carefully preserving the company's operational freedom and core DNA. The new partnership is expected to provide substantial strategic value. Lov and Bread's leadership, including former McDonald's France CEO Nawfal Trabelsi, brings extensive experience in the retail and restaurant sectors, a global market perspective, and a powerful network. This expertise will be leveraged to propel Ange's development on multiple fronts: solidifying its position as a market leader in the bakery and coffee-bakery segments, accelerating the domestic rollout of its new 'Ange Coffee Shop' concept in city centers, expanding into the travel retail channel (airports, stations), and supporting its new restaurant division. The investment marks a pivotal moment, intended to transition Ange from a national leader to a major global bakery chain.

Ange Boulangerie, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of [members only].

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Target

Ange Boulangerie is a prominent French franchise network of bakeries, founded in 2008 by François Bultel, Patricia Gaffet, and Patrice Guillois. The company's business model is built upon two core pillars: a focus on people and product quality. Each franchised location is managed by dedicated, on-site owner-operators invested in their local communities. The bakeries emphasize on-premise production, with bakers kneading, shaping, and baking products like baguettes throughout the day using high-quality flours and natural leaven. In 2023, the network comprised 265 locations, with an average store serving approximately 800 customers daily. The product range includes traditional breads as well as signature items like the 'Ange Burger Baguette' (ABB) and 'bulles d’Ange', cream-filled chouquettes. The company is committed to ethical and sustainable practices, positioning itself as the first fair-trade baker in France through its engagement with the CRC (Culture Raisonnée Contrôlée) wheat sector and the Agri-éthique label, which promotes fairer compensation for farmers. In addition to its core bakery operations, Ange has expanded internationally with a presence in Canada and is developing new concepts, including the 'Ange Coffee Shop' for urban centers and a sports brasserie concept under license. The company also operates its own training schools, Idyie, to develop talent for the baking industry.

Ent. Value

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2023

2022

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REFERENCES

Revenue range: REV €250–500M

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Ange Boulangerie by Lov Group are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: ange boulangerie

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Ange Boulangerie, a French company specialised in Hospitality, by Lov Group in 2023.

What was Ange Boulangerie’s revenue at the time of the deal?

At the time of the transaction, Ange Boulangerie’s annual revenue was estimated within the €250–500M range (FY 2023). Detailed financial figures are available to members.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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