CHARLES & ALICE acquired by CREDIT MUTUEL EQUITY

After 8 years under Equistone's control, the management team, led by Thierry Goubault, initiated a buyout alongside Credit Mutuel Equity. Management would then hold 40% of the capital, while the investment firm would acquire approximately 60%. This transaction marks Credit Mutuel Equity's third investment cycle in the company since 2007, illustrating a long-term partnership strategy aimed at preserving its independence from global agri-food conglomerates. The strategic rationale is based on accelerating organic growth through the expansion of industrial capacity, notably the commissioning of a new factory dedicated to the production of private label brands, and increased penetration of European markets, such as the United Kingdom. Furthermore, this investment supports the company's ongoing transition towards plant-based innovations and environmental certifications, thereby strengthening its competitive advantage in the premium "healthy snacking" segment. From a financial perspective, the transaction was structured as a preferential tender offer, reflecting the asset's strong performance and its industry-leading EBITDA margins. This transaction illustrates a growing trend of long-term investment by private equity funds in resilient, high-quality, mid-sized companies that maintain a solid domestic industrial base while pursuing global expansion.