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10/2025

Biscuiterie La Mère Poulard acquired by Aux Trois Cigognes

FRANCE Food Processing / Food Products / Bakery / Pastry REV 10M - 30M EUR

Context

Securing an additional turnover of , Aux Trois Cigognes officially finalizes the acquisition of Biscuiterie La Mère Poulard from its historical parent organization, Groupe La Mère Poulard. Concluded in October 2025, this definitive corporate transaction orchestrates a strategic carve-out, formally transferring control of the manufacturing subsidiary to the independent family holding company. For the selling entity, currently directed by Vice-President Léo Vannier and founder Eric Vannier, this divestiture marks a structural refocusing on its primary commercial mission. The parent group deliberately sheds its industrial biscuit operations to concentrate its capital and human resources entirely on its core hospitality and tourism portfolio at Mont-Saint-Michel, a division encompassing 25 distinct establishments including hotels, restaurants, and private museums. By integrating Biscuiterie La Mère Poulard into its existing ecosystem, Aux Trois Cigognes successfully brings together three highly complementary regional companies within the baked goods space. This consolidation strategy deliberately preserves the target's recognized brand identity within large-scale retail distribution, contrasting directly with the professional business-to-business focus of the buyer's other subsidiaries. To actively support the anticipated volume growth and optimize the newly combined supply chain, the corporate leadership of Aux Trois Cigognes has scheduled an immediate industrial expansion phase. This capital expenditure program explicitly involves expanding the acquired production facility from 5,000 to 7,500 square meters and integrating new technical equipment to maximize overall output. The execution of this domestic transaction was facilitated by a specialized advisory consortium. The selling shareholder, Groupe La Mère Poulard, explicitly mandated the investment banking firm Spayne Lindsay & Co to structure the competitive divestiture process and provide exclusive financial counsel. Through this capital transition, the acquiring group solidifies its operational footprint across multiple French territories, securing the necessary manufacturing infrastructure to physically supply the premium food market.

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Target

Located in Maen Roch within the Ille-et-Vilaine department, Biscuiterie La Mère Poulard operates as a specialized industrial producer of traditional butter-biscuits. Founded in 1998 to delocalize and scale the historical culinary production of the famous local inn, the manufacturing entity manages a dedicated facility originally established in Saint-Etienne-en-Coglès. The industrial lines formulate, bake, and package an extensive portfolio of regional specialties from Brittany and Normandy, explicitly including sablés, palets, cookies, galettes, and petit-beurre biscuits. To sustain this continuous commercial output, the operational infrastructure coordinates a specialized workforce comprising exactly 95 employees. The business model relies heavily on the international reputation of its brand, actively exporting 30 percent of its total production volumes to a commercial network spanning more than 60 countries. By maintaining strict adherence to heritage recipes initially developed in 1888, the factory supplies direct-to-consumer retail channels and broad distribution networks with premium packaged goods.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
2024

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REFERENCES

Revenue range: 10M - 30M EUR

EBITDA range: 0M - 5M EUR

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Target: biscuiterie la mère poulard