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09/2013

CHARLES & ALICE acquired by EQUISTONE

FRANCE Food Processing / Food Products EV 50M - 150M EUR

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 LOGIN in 2012, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the AgriFood sector (10.2x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> 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.

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Historical Financials (EUR)

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2012
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Other operations with CHARLES & ALICE

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
DateAcquirerTargetCountrySectorDeal Context
04/2021CREDIT MUTUEL EQUITYCHARLES & ALICEFRANCEFood Processing

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%

REFERENCES

Valuation range: EV 50M - 150M EUR

Revenue range: 100M - 200M EUR

EBITDA range: 5M - 25M EUR

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: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: charles & alice

Acquirer: equistone