UPDATE: Lion In Exclusive Talks For BC Partners Picard-Sources
July 26 2010 - 9:46AM
Dow Jones News
Lion Capital is in exclusive talks to buy Picard Surgeles, the
French frozen foods company being sold by BC Partners, in a deal
worth EUR1.5 billion, people familiar with the situation told Dow
Jones Newswires Monday.
Lion Capital, which just last week lost out to rival buyout firm
Permira to buy Unilever PLC's (UL) frozen foods business, made its
pre-emptive bid ahead of a final bid deadline Wednesday.
Lion Capital beat off competition from a raft of other private
equity firms including Eurazeo (RF.FR), a France-based buyout firm
who was working with the original founders of the business, Bain
Capital and CVC Capital Partners.
One person said that Lion Capital hadn't put in the highest bid
but that CVC, which was in pole position until Friday, wasn't able
to put firm financing in place ahead of Lion Capital's bid over the
weekend. A spokesperson for CVC declined to comment.
Execution and deliverability have become key for private equity
buyers as the few good assets coming to market have triggered
strong competition among buyout funds desperate to offload funds
and start investing again after a two-year hiatus.
BC Partners bought Picard for EUR1.3 billion in 2004 from
Candover. Prior to that it was owned by French supermarket group
Carrefour S.A. (CA.FR).
-By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241;
marietta.cauchi@dowjones.com
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