Business
Offer for Martine Specialites
Offer for Martine Specialites.
About this update from Premier Foods Plc
[{"type":"text","content":"\n RNS Number : 8383L Premier Foods plc 19 January 2009 \n \nOffer for Martine Spécialités SAS\n\nPremier Foods plc ('Premier') announces that it has received a firm offer for its Martine Spécialités SAS ('Martine') business from Financiere Martine SAS, a company controlled by Cerea Capital FCPR, managed by Cerea Gestion and MMF IV managed by Banexi Capital Partenaires, for a cash-free and debt-free cash consideration of €50 million1. Premier considers that the terms of this offer are acceptable in principle, and has therefore started consultations with employees and their representatives about this proposed transaction. If the proposed transaction proceeds, the consideration will be used to reduce the Group's debt.\n\nMartine is the remaining part of Premier's Speciality Bakery Group in France and supplies retailer branded frozen patisserie products from its factory in Valade, France, primarily for the major multiple retailers in France and the UK. The business became part of the Premier Group upon Premier's acquisition of RHM in March 2007. In the 9 months to 31 December 2007, net sales of Martine were £34.4 million and its profit before tax was £4.4 million. Martine has gross assets of £30 million and employs approximately 385 people.\n\nWhilst Martine is a well positioned, high quality business, it is not aligned with Premier's strategic focus on its business in the UK and Republic of Ireland.2 \n\nCéréa Capital is a €130 million Private Equity Fund dedicated to buyouts and transmissions in food beverage and related sectors. It acts as a majority or joint-majority private equity investor in family or managerial shareholding restructurings and in spin-off or divestment transaction opportunities offered by groups, families or other investors. Céréa Capital partners with companies' management during the transaction process and afterwards to expand the portfolio's company's activity through organic projects or acquisition schemes aiming at profitability and strategic value growth.\n\nBanexi Capital Partenaires (BCP) is one of the leading French players in the field of LBO transactions, replacement capital with leverage (OBO), and growth capital. Its focus is on middle market companies with sales between €20 million and €250 million. BCP of...