WATERLAND takes majority stake in TERR ASIA

Waterland has acquired a stake of just over 70% in Terr'Asia, a French distributor of Asian food products, through a carve-out from Groupe Duval, the real estate and tourism group that had held the company since 2019. The Dutch fund manager won the auction at the end of a sale process launched in June. The buy-out values Terr'Asia at according to our information, and the company's revenue should approach in 2026. Waterland invests through its ninth flagship fund, a ticket below 40 million euros, and this is its eleventh investment in France. A pool of five managers is increasing its stake in the round. A senior debt facility arranged by Arkéa completes the operation. Based near Lyon, Terr'Asia has distributed products sourced from around forty direct producers for more than twenty years, notably in Thailand, China, Vietnam and Mexico. It supplies both large retailers and out-of-home catering operators, according to president Thomas Luttrin. The company employs 49 people and has posted average organic growth of 20% per year over the past five years. It is currently mainly present in France, as well as in Spain and Belgium, and the stated objective is to continue developing in those countries while opening other geographies such as Switzerland, the Netherlands and Poland. Pierre Naftalski, a principal at Waterland, said the fund had been looking for a European player in Asian food distribution for several years, citing a fast-growing market in France and consolidation potential with many small operators in place. Advisors to the investor included McDermott Will & Emery for legal (Grégoire Andrieux, Herschel Guez) and KPMG for financial due diligence (Vincent Delmas, Achille Denis) and legal (Xavier Houard, Florence Olivier). Rothschild & Co (Anthony Benichou, Jérémy Daunit) advised the seller on the financial side.