Equistone takes majority stake in Charles & Alice
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)
Other operations with Charles & Alice
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 04/2021 | CREDIT MUTUEL EQUITY | CHARLES & ALICE | FRANCE | Food Products |
Other operations with Equistone
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 08/2019 | EQUISTONE / SAGARD | VULCAIN INGENIERIE | FRANCE | Engineering & Consulting |
| 02/2019 | EQUISTONE | COURIR | FRANCE | Sport |
| 04/2018 | EQUISTONE | KARAVEL | FRANCE | Tour Operators |
| 07/2017 | EQUISTONE | GROUPE BRUNEAU | FRANCE | Office Supplies & Furniture |
| 07/2016 | EQUISTONE / GEI | ADISTA | FRANCE | MSP (Managed Services) |
| 01/2016 | EQUISTONE | NOVARES | FRANCE | Auto Parts & Systems |
| 12/2015 | EQUISTONE | SICAME | FRANCE | Electrical Equipment |
| 04/2014 | EQUISTONE | FINAXY | FRANCE | Brokerage |
| 11/2013 | EQUISTONE | MADEMOISELLE DESSERTS | FRANCE | Bakery / Pastry |
| 08/2010 | EQUISTONE | MPS MEAT PROCESSING SYSTEMS | NETHERLANDS | Food & Beverage Lines |
Similar deals in Food Processing
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 11/2013 | FRUTAROM | PTI (PROTEIN TECHNOLOGIES INGREDIENTS GROUP) | RUSSIA | Ingredients |
| 11/2013 | EQUISTONE | MADEMOISELLE DESSERTS | FRANCE | Bakery / Pastry |
| 08/2013 | INVESTCORP | TYRRELLS | UNITED KINGDOM | Food Products |
| 07/2013 | ARTÉMIS | MICHEL ET AUGUSTIN | FRANCE | Food Products |
| 07/2011 | IK PARTNERS | SOLINA GROUP | FRANCE | Ingredients |
| 05/2011 | GENERAL MILLS | YOPLAIT | FRANCE | Dairy |
| 05/2011 | MCH PRIVATE EQUITY | EUROPASTRY | SPAIN | Bakery / Pastry |
| 03/2011 | ADVENT INTERNATIONAL | PARTNER IN PET FOOD (PPF) | HUNGARY | Petfood |
| 12/2010 | YOPLAIT | LIBERTE | CANADA | Dairy |
| 10/2010 | LBO FRANCE | MATERNE-MONTBLANC (MOM GROUP) | FRANCE | Food 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
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