11/2018MinorityLBO

French Food Capital invests in Les 2 Marmottes

FRANCE Food Processing / Beverages / Coffee & Tea REV €5–25M

Context

FrenchFood Capital, a Paris‑ based private equity firm focused on the food sector, entered the capital of Les 2 Marmottes in 2018 through a growth equity investment of approximately EUR 12 million. The transaction was structured as a minority stake, designed to support the company’s continued expansion in France and abroad while enabling the existing family‑owned management team to retain control. The capital injection was deployed to strengthen production capacity, broaden distribution, and reinforce the brand’s positioning in the fast‑growing herbal infusion and tea categories. FrenchFood Capital’s strategy emphasized value‑accretive growth, combining organic expansion with selected commercial and operational improvements, including better penetration of large and medium‑size supermarkets and selective development in the hospitality, restaurant, and catering segment. The partnership also aimed to deepen the brand’s association with naturalness and well‑being, capitalizing on a broader consumer trend towards cleaner, plant‑based ingredients.

Les 2 Marmottes, which reported an EBITDA margin of [members only] in 2018, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the AgriFood sector (11.5x in 2026).

-> Deep-dive in AgriFood market trends

Target

Les 2 Marmottes is a French food‑processing company based in Bons‑en‑Chablais, in the Haute‑Savoie region of the French Alps, specialized in the production and commercialization of herbal infusions and tisanes. Founded in 1976 by the parents of current managing director Jean‑Marc Stezycki, the company has built a 40‑plus‑year heritage around artisanal, plant‑based herbal teas without added flavorings. Its core product line includes 28 herbal infusion recipes and 8 tea references, all formulated from 100% natural plants sourced through direct relationships with producers. The company positions itself around authenticity, natural ingredients, and a strong regional identity, emphasizing short‑loop supply chains and full control of key steps such as cutting, debacterization, blending, and packaging within its own manufacturing facility.

Ent. Value

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2018

2017

Other operations with Les 2 Marmottes

Other operations with Les 2 Marmottes
Date	Acquirer	Target	Country	Sector
09/2022	JDE PEETS	LES 2 MARMOTTES	FRANCE	Coffee & Tea

Other operations with French Food Capital

Other operations with French Food Capital
Date	Acquirer	Target	Country	Sector
07/2026	FRENCH FOOD CAPITAL / BPIFRANCE	EMMA	FRANCE	Restaurants / Chains
06/2026	FRENCH FOOD CAPITAL / BPIFRANCE / BNP PARIBAS DEVELOPPEMENT	FABULOUS FRENCH BRASSEURS	FRANCE	Wines & Spirits
10/2025	FRENCH FOOD CAPITAL / BPIFRANCE	SABRE PARIS	FRANCE	Home & DIY
09/2025	FRENCH FOOD CAPITAL	SOPANO	FRANCE	Labels & Adhesives
01/2025	FRENCH FOOD CAPITAL / CEREA PARTNERS / SOFIPROTEOL	BOULANGERIES SOPHIE LEBREUILLY	FRANCE	Restaurants / Chains
09/2021	FRENCH FOOD CAPITAL / BPIFRANCE / TIKEHAU CAPITAL	MARKAL	FRANCE	Food Products

Similar deals in Food Processing

Similar deals in Food Processing
Date	Acquirer	Target	Country	Sector
01/2019	ASAHI EUROPE	FULLERS BEER BUSINESS	UNITED KINGDOM	Wines & Spirits
12/2018	MADEMOISELLE DESSERTS	DELICE DES 7 VALLEES	FRANCE	Bakery / Pastry
11/2018	CARGILL	CAMPOLLO	COLOMBIA	Meat & Cured Meat
11/2018	AMBIENTA	AROMATAGROUP	ITALY	Ingredients
11/2018	PARQUEST CAPITAL	SOPRAL	FRANCE	Petfood
11/2018	FUJI OIL HOLDINGS	BLOMMER CHOCOLATE	UNITED STATES	Food Products
10/2018	HIGHLAND EUROPE	HUEL	UNITED KINGDOM	Food Products
10/2018	LAVAZZA	MARS DRINKS	UNITED STATES	Soft Drinks
10/2018	INTERNATIONAL FLAVORS & FRAGRANCES (IFF)	FRUTAROM	ISRAEL	Ingredients
10/2018	MADEMOISELLE DESSERTS	PÂTISSERIE MICHEL KREMER	FRANCE	Bakery / Pastry

REFERENCES

Revenue range: REV €5–25M

EBITDA range: €0–5M

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Les 2 Marmottes by French Food Capital 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.

Press release: view release

Target: les 2 marmottes

Acquirer: french food capital

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Les 2 Marmottes, a French company specialised in Beverages, by French Food Capital in 2018, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with Jde Peets in September 2022 (see the dedicated deal page for details).

What were Les 2 Marmottes’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Les 2 Marmottes generated annual revenue estimated in the €5–25M range and EBITDA in the €0–5M bracket (FY 2018). Detailed financial figures are available to members.

How does the valuation of Les 2 Marmottes compare to benchmarks in the AgriFood sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. By way of comparison, in 2026 companies in the AgriFood sector are valued at a multiple of 11.5x EBITDA.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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