Surgelés Picard : le suisse Aryzta va racheter 49% de l
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Surgelés Picard : le suisse Aryzta va racheter 49% de l'enseigne

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Zurich/Switzerland, 31 March 2015 – Strategic investment in Picard ARYZTA announces it has entered into exclusive negotiations for a strategic investment with Lion Capital in Picard, a speciality premium French food business. ARYZTA values the enterprise at €2.25bn, based on estimated Fiscal Year End March 2015 run-rate revenues and adjusted run-rate EBITDA of €1.37bn and €192m respectively. Under the terms of the investment, ARYZTA would acquire a 49% shareholding in Picard for a consideration of €446.6m, largely funded with the net proceeds from the Origin placement (€400m net of fees and taxes). Picard would be treated as an Associate and expected to make a net contribution of 3% to EPS on an annualised basis, offsetting 50% of the negative 6% impact of the Origin placement. ARYZTA would have the right to exercise a call option in three to five years to acquire 100% of Picard. Picard is separately managed and separately funded with debt non recourse to ARYZTA. ARYZTA would have two seats on the Picard board. The investment would be conditional on limited conditions, including anti-trust clearance. Picard will consult its Works Council in connection with the investment. Picard has market share leadership in speciality premium food in France with a 40 year track record of revenue growth, EBITDA growth and market share expansion. Picard operates an asset light, replicable model capable of transferring internationally.

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Published 31 March 2015
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Zurich/Switzerland, 31 March 2015 – Strategic investment in Picard
ARYZTA announces it has entered into exclusive negotiations for a strategic investment with Lion Capital in Picard, a speciality premium French food business. ARYZTA values the enterprise at €2.25bn, based on estimated Fiscal Year End March 2015 run-rate revenues and adjusted run-rate EBITDA of €1.37bn and €192m respectively. Under the terms of the investment, ARYZTA would acquire a 49% shareholding in Picard for a consideration of €446.6m, largely funded with the net proceeds from the Origin placement (€400m net of fees and taxes). Picard would be treated as an Associate and expected to make a net contribution of 3% to EPS on an annualised basis, offsetting 50% of the negative 6% impact of the Origin placement.
ARYZTA would have the right to exercise a call option in three to five years to acquire 100% of Picard. Picard is separately managed and separately funded with debt non recourse to ARYZTA. ARYZTA would have two seats on the Picard board. The investment would be conditional on limited conditions, including anti-trust clearance. Picard will consult its Works Council in connection with the investment.
Picard has market share leadership in speciality premium food in France with a 40 year track record of revenue growth, EBITDA growth and market share expansion. Picard operates an asset light, replicable model capable of transferring internationally.
Commenting on the investment Owen Killian CEO of ARYZTA said:
“The investment in Picard is consistent with ARYZTA’s strategy of consumer relevancy through diversifying markets and channel positioning. Picard has delivered consistent revenue, EBITDA and market share growth over the past forty years. It offers ARYZTA the future potential to acquire a highly successful business to consumer platform focused on premium speciality food, that complements ARYZTA’s business to professional platform. Picard is a highly predictable business and an ideal replacement for ARYZTA’s Origin holding and allows ARYZTA to strategically move up the value chain. We are delighted to partner with Lion Capital, a private equity firm with a leadership position in branded consumer goods and retail.”
Lyndon Lea, Partner of Lion Capital, commented:
“We look forward to partnering with ARYZTA during the next phase of our investment in Picard. Since our acquisition of Picard in 2010, we have worked closely with its management team to develop and grow the business. Lion is uniquely positioned to transform companies in such a way as to be viewed as attractive to strategic acquirers. This capability comes as a result of our expertise in the consumer
sector as well as the depth and breadth of our relationships within the sector. We are extremely proud of our track record in nurturing outstanding businesses such as Picard and selling the overwhelming majority of our companies to dynamic strategic buyers. In Picard and ARYZTA we have a potent combination. We hold ARYZTA and its management in high regard and greatly look forward to this new chapter of expansion.”
Analyst conference call
An analyst call will take place today at 09:00 CET.
Dial in numbers are: Switzerland: 044 5804282; Ireland: 01 5060638; USA: 1 646 7412120; UK: 084 48719461; International: +44 (0) 1452 541003. Please provide the following code: 18147065 to access the call. A printable pdf version of slides will be available to download from the ARYZTA website 15 minutes before the call: http://www.aryzta.com/investor-centre/reports-presentations/presentations-webcasts.aspx
A replay of the conference call will be available four hours after the call’s completion. Dial in number is: +44 (0) 1452 550000. Please provide the following code: 18147065 to access the call. A conference call webcast replay will be available from the ARYZTA website: http://www.aryzta.com/investor-centre/reports-presentations/presentations-webcasts.aspx
About ARYZTA
ARYZTA AG (‘ARYZTA’) is a global food business with a leadership position in speciality bakery. ARYZTA is based in Zurich, Switzerland, with operations in North America, South America, Europe, Asia, Australia and New Zealand. ARYZTA has a primary listing on the SIX Swiss Exchange and a secondary listing on the ISE Irish Exchange (SIX: ARYN, ISE: YZA).
Enquiries:Paul Meade Communications Officer ARYZTA AG Tel: +41 (0) 44 583 42 00 info@aryzta.com
About Lion Capital
Lion Capital is a consumer-focused investor passionate about investing in brands about which people are passionate. With offices in London and Los Angeles, the firm’s principals have led the investment of €6 billion in more than 30 businesses and more than 100 consumer brands across Europe and North America. Lion’s focus on market-leading consumer-facing companies has led to investments in such well-known brands as Orangina Schweppes, a leading fruit-based stills and soft drinks beverage company; Jimmy Choo, the luxury shoe and accessories retailer; Kettle Foods, a leading producer of all-natural snacking products in the US and the UK; AllSaints, a leading contemporary fashion brand with a global store network; and Perricone MD, a premium anti-ageing skincare brand. The firm works in partnership with the management of its companies to strategically transform the businesses in which it invests. For more information, please visitwww.lioncapital.com.
UK/EU ContactsShona Prendergast MHP Communications shona.prendergast@mhpc.comT: +44 (0) 20 3128 8584 Charlotte McMullen Montfort Communications mcmullen@montfort.londonT: +44 (0) 7921 881800 US ContactMatthew Hiltzik Hiltzik Strategies mhiltzik@hstrategies.com+1 (212) 430 5054
Forward looking statement
This document contains forward looking statements which reflect ARYZTA management’s current views and estimates on ARYZTA and Picard. The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments. Furthermore, Picard bondholders should note that these figures are based on ARYZTA’s preliminary estimates for Picard prior to the end of the period, which are unaudited and have been adjusted for variances in perimeter to exclude amongst other things certain holding company expenses or accounting lines, and are based on estimated full year run rate impact of stores opened during the fiscal year or closed by the end of it.