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vendredi 18 juillet 2014

Qualium Investissement in exclusive discussions with 21 Centrale Partners for the acquisition of DGF

Qualium Investissement has begun exclusive discussions with 21 Centrale Partners for the acquisition
of its majority stake in DGF, France’s second-largest distributor of raw materials and ingredients to the bakery, pastry and catering trades.

Set up in 1986 with a firm focus on premium quality, DGF’s team comprises several highly-reputed chefs, including three winners of the ‘Meilleurs Ouvriers de France’ award. It has built a solid reputation based on long-standing relationships with suppliers, an extensive product range, its premium positioning and a capacity to innovate.

DGF covers the whole of France through three logistics platforms and a network of twenty-nine exclusive distributors and regularly supplies fresh, dried and frozen products to nearly 23,000 bakeries and catering professionals. DGF has also expanded internationally and is now present in 60 countries, particularly Japan and Canada.

The funds managed by Qualium Investissement acquired DGF alongside its managers as part of a primary management buyout in December 2008. Since then, Qualium Investissement has helped DGF 

to strengthen its distribution network through the acquisition of four additional distributors, develop a ‘snacking’ offer and pursue its international expansion. These major developments have been successfully achieved by capitalising on the group’s fundamentals: product innovation, reputed own brands and a differentiated marketing strategy. Turnover has thus increased from €120 million to its present level of nearly €170 million. Qualium Investissement also coordinated the group’s management succession when Jean-Luc Champaud, chief executive officer since 1998, handed over to the present CEO, Bruno Rouxel, few years ago.

21 Centrale Partners will become DGF’s majority shareholder alongside the management team led 

by Bruno Rouxel. Together they will embark on an ambitious phase of organic growth and international expansion, based on:
• Products, innovation and enhanced brand awareness
• Control over distribution with optimised national cover
• Broadening the customer bases, in particular by extending it to major accounts
• Continuing strong international expansion, particularly in Latin America.

At the same time, DGF will focus on optimising its logistics and improving its performance in terms 

of procurement.

Jean Eichenlaub, Chairman of Qualium Investissement, says: “We are very satisfied with our investment in DGF, which we have actively supported during the development of its network in France and abroad, the listing and creation of new products and the gradual management changeover and strengthening of central functions to create a genuine group. Led by a top-quality management team, DGF has achieved steady business growth. Qualium Investissement is delighted to hand over DGF to 21 Centrale Partners, which will from now support the management’s growth projects”.

Bruno Rouxel, Chief Executive Officer of DGF says: “I am delighted with this partnership with 21 Centrale Partners, which will enable DGF to initiate a new growth phase following on from our partnership with Qualium Investissement. 21 Centrale Partners will be able to bring us its network to boost synergies and opportunities and an ever more dynamic business vision that integrates the added value of our team, for the benefit of our customers, our distributors in France and abroad and their end customers”.

Gérard Pluvinet, Founding Managing Partner of 21 Centrale Partners adds: “DGF is a leader that has successfully achieved growth in a market with solid fundamentals. We are very confident in its management’s capacity to implement successfully the structuring and ambitious plan we have set. 21 Partners will draw on its networks, including Michel Léonard, former Chairman of the Management Board of Lactalis and strategic advisor to 21 Centrale Partners, to enable DGF and its management to achieve a new growth phase”.


Qualium Investissement is a subsidiary of the Caisse des Dépôts operating in the non-public sector market. Authorised by the French Financial Markets Authority (AMF), it manages capital for third-party investors in France and other countries. Specialising mainly in majority control buyouts, it invests amounts of between €20 million and €75 million, mainly in French small and medium sized companies valued from €40 million to €250 million, and may share in control transactions of up to €500 million. Founded in 1998, Qualium Investissement manages €1.2 billion in funds provided by its sponsor, the Caisse des Dépôts, and over 40 third-party French and foreign subscribers. Since its creation, it has invested in some 60 companies across a large spectrum of industries (manufacturing, agro-food, specialty retailing, engineering, etc.). It currently has investments in 12 unlisted French companies, including La Foir’Fouille, Invicta, Quick, Kermel, Feu Vert, Sogal, Mériguet and, more recently, Poult.
For more information:


21 Centrale Partners is the French private equity arm of 21 Partners, a European private equity group headed by Alessandro Benetton and Gérard Pluvinet, which manages €1.4 billion on behalf of international institutional investors. 21 Partners invests in companies with enterprise values of between €50 million and €200 million based in France, Italy, Switzerland and Poland. As an active majority shareholder alongside the managers, 21 Partners brings strategic guidance and helps companies progress to their next stage of development through acceleration of growth and increased efficiency. Over the past 22 years, 21 Partners has completed more than 80 investments, among which: Coyote, Potel& Chabot, The Space Cinema, Cléor, Daltys, Interflora, Vacalians group, Editions Oberthur, Synerlab and CMG | Silhouette Sports Clubs.
For more


- Stéphane Vermot-Desroches and Nicolas Mutschler
- Advisor to the vendor: Leonardo & Co (Jean-Baptiste Marchand, Benjamin Giner and Jad Hariri)
- Lawyers: King&Wood Mallesons SJ Berwin (William Robert and Benjamin Garçon)
- Vendor strategic due diligence: Indefi (Julien Berger and Mehdi Belefqih)
- Vendor financial due diligence: Accuracy (Frédéric Loeper and Grégoire Potel)
- Vendor legal, tax and social due diligence: EY Law (Pierre Bonnafous and Mathias Roth)

- Bruno Rouxel (CEO) and the other managers
- Advised by Scotto & Associés (Nicolas Ménard-Durand and Adrien Badelon)

- Stéphane Perriquet, Fabrice Voituron and Amélie Furno
- Advisor to the acquirer: Oddo CF (Stéphane Benouaich, Thomas Devineau and Olivier Dietsch)
- Strategic due diligence: LEK (Rémy Ossman, David Danon-Boileau, Frédéric Dessertine and Gianluigi Indino)
- Financial due diligence: Eight Advisory (Katia Wagner and Benjamin Gunepin)
- Lawyers/Due diligence: De Pardieu Broca Maffei (Jean-François Pourdieu, Maxime Dequesne and Yannick Le Gall)
- IT due diligence: Louvre Alliance (Bertrand Moineau)
- ESG due diligence: KPMG (Philippe Arnaud and Patrick François)
- Financing advisor: Oddo CF (Laurent Bonnin)

- Société Générale (Patrick Evin and Caroline Marquaille)
- Lawyers : Paul Hastings (Mounir Letayf and Camille Bakouch)


Communication – Shan
Mélina Etorre – Tel: +33 (0)1 44 50 58 77

Pascale Benezet – Tel: +33 (0)6 07 03 17 53

Source: Courriel - Email
Date : ven. 18/07/2014 10:27
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Qualium Investissement
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