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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 in 2012, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the AgriFood sector (10.4x).

-> 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

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2012
2011

Other operations with CHARLES & ALICE

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
04/2021CREDIT MUTUEL EQUITYCHARLES & ALICEFRANCEFood Products

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: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: charles & alice

Acquirer: equistone