Portfolio
Senoble
| Sector | Consumer |
|---|---|
| Investment type | Growth Capital |
| Region | France |
| Status | Former investment |
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Nature of Business
Senoble, a French family-owned business founded in 1921, is France's third-largest manufacturer of dairy products and desserts. Its range of 750 products also includes its own Senoble-branded desserts and low calorie yoghurts and desserts under the Weight Watchers brand.
The group is the market leader in private label dairy products in France and Spain. Customers include Carrefour, E Leclerc, Auchan, Lidl, Aldi, Tesco and Mercadona.
Investment Overview
In March 2004 3i took a 25% stake in Senoble, to finance future growth opportunities and expansion across Europe.
We assisted the company’s expansion across Europe through identifying several key acquisition targets. Four acquisitions were made outside France, notably that of UK-based Elisabeth the Chef. We advised management on the acquisition process and subsequent integration, supporting Senoble as the number of industrial manufacturing sites doubled from 6 to 12. This helped to broaden the company’s European market access, with 60% of business now generated from international activity compared to 25% when 3i first invested.
In March 2008, the Senoble family bought back 3i’s stake and regained 100% ownership of the business, which doubled in size during 3i’s four year involvement. By the end of our investment Group turnover had grown to nearly €1.1bn, up from €630m.
Thanks to this sustained growth, Senoble, the third biggest manufacturer behind Danone and Lactalis-Nestlé, has joined the leading group of dairy producers in Europe.
