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09/2013MajorityLBO

Equistone takes majority stake in Charles & Alice

FRANCE Food Processing / Food Products EV €50–150M

Context

Equistone Partners Europe has acquired a majority stake in Charles & Alice from historical investor CM-CIC Capital Finance (which retained a minority stake). The transaction allowed the management team, led by Thierry Goubault, to significantly increase its equity participation from 15% to 26%. The deal was supported by a diversified financing package, including senior debt, mezzanine debt, and a dedicated CAPEX line to fund future industrial investments and international expansion. This LBO marks the next phase of growth for the fruit dessert specialist, aiming to transition from a French champion to a global player in the healthy snacking industry.

Charles & Alice, which reported an EBITDA margin of [members only] in 2012, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.

-> Deep-dive in AgriFood market trends

Target

Charles & Alice is a premier French producer of fruit-based and plant-based desserts, holding a dominant market position as the national leader in the "no added sugar" segment with a market share exceeding 50%. The company operates across a multi-channel distribution strategy that includes large-scale retail (GMS), out-of-home catering (RHF), and private label (MDD) manufacturing. Its business model is anchored in premium sourcing and sustainability, with 100% organic offerings and 80% of its fruit supply originated from French soil. Historically focused on fruit purées, the entity has successfully diversified into high-growth plant-based alternatives, including coconut milk-based desserts, to capture evolving consumer preferences for healthy and sustainable diets. The organization operates high-capacity industrial facilities and is expanding its footprint internationally, notably in the UK and North American markets. With a resilient revenue stream despite macroeconomic volatility, the firm serves as a strategic player in the European agri-food sector, distinguished by its strong CSR commitment and specialized manufacturing expertise in high-value-added healthy food products.

Ent. Value

€50–150M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2012
€100–200M
€5–25M
[members only]
2011
€100–200M
€5–25M
[members only]

Other operations with Charles & Alice

Other operations with Charles & Alice
DateAcquirerTargetCountrySector
04/2021CREDIT MUTUEL EQUITYCHARLES & ALICEFRANCEFood Products

Other operations with Equistone

Other operations with Equistone
DateAcquirerTargetCountrySector
08/2019EQUISTONE / SAGARDVULCAIN INGENIERIEFRANCEEngineering & Consulting
02/2019EQUISTONECOURIRFRANCESport
04/2018EQUISTONEKARAVELFRANCETour Operators
07/2017EQUISTONEGROUPE BRUNEAUFRANCEOffice Supplies & Furniture
07/2016EQUISTONE / GEIADISTAFRANCEMSP (Managed Services)
01/2016EQUISTONENOVARESFRANCEAuto Parts & Systems
12/2015EQUISTONESICAMEFRANCEElectrical Equipment
04/2014EQUISTONEFINAXYFRANCEBrokerage
11/2013EQUISTONEMADEMOISELLE DESSERTSFRANCEBakery / Pastry
08/2010EQUISTONEMPS MEAT PROCESSING SYSTEMSNETHERLANDSFood & Beverage Lines

Similar deals in Food Processing

Similar deals in Food Processing
DateAcquirerTargetCountrySector
11/2013FRUTAROMPTI (PROTEIN TECHNOLOGIES INGREDIENTS GROUP)RUSSIAIngredients
11/2013EQUISTONEMADEMOISELLE DESSERTSFRANCEBakery / Pastry
08/2013INVESTCORPTYRRELLSUNITED KINGDOMFood Products
07/2013ARTÉMISMICHEL ET AUGUSTINFRANCEFood Products
07/2011IK PARTNERSSOLINA GROUPFRANCEIngredients
05/2011GENERAL MILLSYOPLAITFRANCEDairy
05/2011MCH PRIVATE EQUITYEUROPASTRYSPAINBakery / Pastry
03/2011ADVENT INTERNATIONALPARTNER IN PET FOOD (PPF)HUNGARYPetfood
12/2010YOPLAITLIBERTECANADADairy
10/2010LBO FRANCEMATERNE-MONTBLANC (MOM GROUP)FRANCEFood Products

REFERENCES

Valuation range: EV €50–150M

Revenue range: €100–200M

EBITDA range: €5–25M

EV/Revenue range: below 1.5x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Charles & Alice by Equistone 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: charles & alice

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Charles & Alice, a French company specialised in Food Products, by Equistone in 2013, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with Credit Mutuel Equity in April 2021 (see the dedicated deal page for details).

How was the acquisition of Charles & Alice by Equistone valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €50–150M band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What were Charles & Alice’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Charles & Alice generated annual revenue estimated in the €100–200M range and EBITDA in the €5–25M bracket (FY 2012). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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