Picard Surgeles Acquisition, Valuation, Funding & Investors

Picard Surgeles was acquired by Invest Group Zouari in October 2024.

Picard Surgeles acquisition price

Undisclosed

Acquired by Invest Group Zouari · Oct 2024

Picard Surgeles revenue at acquisition

$1.8B

Last twelve months · Oct 2024

Cumulative funding Picard Surgeles raised

$479M

across 1 funding round

Key investors in Picard Surgeles

Picard Surgeles Overview

About Picard Surgeles

Picard Surgelés retails frozen foods through nearly 900 stores in France, plus outlets in Belgium and Luxembourg, stocking vegetables, fruits, meats, fish, pastries, ice creams, prepared meals, and specialties like foie gras. Fontainebleau-headquartered as part of Picard Groupe, the chain employs proprietary freezing technology converting food moisture to ice for extended shelf life. It offers home delivery nationwide.


Founded

1906

HQ

FranceFontainebleau

Website

picard.fr

Status

Acquired

Customer focus

B2C

Revenue model

Product sales

Revenue

$1.8B (Oct 2024)

Valuation

$2.6B (Mar 2015)

Picard Surgeles Acquisition

Picard Surgeles was acquired by Invest Group Zouari for an undisclosed price on 1 October 2024.

Before the acquisition Picard Surgeles had raised $479M across 1 funding round.

Lion Capital signed a put option agreement on 1 October 2024 for the sale of its majority stake in Picard Surgeles to Invest Group Zouari, the investment holding company of the Zouari family. Invest Group Zouari, which had acquired a minority interest in Picard from Aryzta in 2019 and further shares in 2021, took the group to 100 per cent ownership through the transaction, supported by its financial partner ICG. The sale closed in 2025 after satisfaction of the conditions, including French works council consultation and regulatory approvals, with Lion Capital's holding of about 52 per cent transferring at completion. Terms were not disclosed. Lion Capital had invested in Picard in 2010 and supported the expansion of the store network and the group's international development over roughly 14 years. Picard Surgeles is a French frozen food retailer selling an own-brand range of prepared meals, vegetables, fish, meat and desserts through small-format stores and home delivery. At completion the group operated about 1,185 stores in Europe, the Middle East and Asia, employed around 4,500 people and generated annual revenue of about EUR 1.7 billion.

Picard Surgeles acquisition details
AcquirerDateType
  • Invest Group Zouari
1 Oct 2024PE buyout

Sources: goodwinlaw.com, picard.fr, loyensloeff.com

Picard Surgeles Valuation

Picard Surgeles is currently valued at $2.6B, based on its strategic investment round in March 2015.

The $479M round was led by Aryzta.

Picard Surgeles valuation by funding round

Picard Surgeles valuation by funding round
DateStageValuation
Mar 2015Strategic investment$2.6B

Picard Surgeles Funding History

Picard Surgeles has raised a total of $479M across 1 funding round.

Picard Surgeles funding rounds

Picard Surgeles funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2015Strategic investmentAryzta (lead)$479M$2.6BPicard Surgelés is a leading French frozen food retailer specializing in premium specialty foods with a strong market share in France. In March 2015, Swiss-Irish food group Aryzta acquired a 49% stake from Lion Capital for €446.6 million ($480 million), funded largely by proceeds from selling shares in Origin Enterprises. The deal gave Aryzta two board seats while Picard remained separately managed with non-recourse debt. The transaction valued Picard at an enterprise value of €2.25 billion ($2.42 billion), reflecting its established position in the frozen food sector. Picard's full-year fiscal 2015 revenues reached €1.37 billion ($1.47 billion), with March 2015 EBITDA of €192 million ($206.25 million), demonstrating consistent growth in revenue, EBITDA, and market share over prior decades. Aryzta treated Picard as an associate, expecting at least 3% contribution to earnings per share annually to offset impacts from other transactions. The agreement included an option for Aryzta to buy the remaining 51% stake in three to five years. Subsequent developments saw Aryzta sell portions of its stake, including 43% to Invest Group Zouari in 2019 and the remaining 4.64% in 2020-2021 for €24 million.

Who has invested in Picard Surgeles?

1 investor has backed Picard Surgeles across its funding rounds, including Aryzta.

Lead investors include Aryzta.


Picard Surgeles Investors

Investors in Picard Surgeles by funding rounds participated
InvestorHQRoundsRoleFirst check

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Picard Surgeles Competitors

Picard Surgeles competitors include listed companies like Assaí Atacadista, Greencore Group, AWL Agri Business and Leroy Seafood Group, and private ones like VinCommerce and Hocco.

Public and private companies comparable to Picard Surgeles
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Assaí AtacadistaBrazilBrazilPublicly listed$15B$949M$2.6B0.5x
Greencore GroupUnited KingdomUnited KingdomPublicly listed$2.6B$212M$2.7B0.9x
VinCommerceVietnamHanoiPrivate--$2.5B-
HoccoIndiaAhmedabadPrivate$48M-$2.7B-
AWL Agri BusinessIndiaIndiaPublicly listed$7.8B$225M$2.5B0.4x
Leroy Seafood GroupNorwayNorwayPublicly listed$3.7B$302M$2.7B1.1x

Picard Surgeles Public Comps

Picard Surgeles is no longer listed, but its public comps include Assaí Atacadista, Greencore Group, AWL Agri Business, Leroy Seafood Group, The Marzetti, China Feihe, Tiger Brands, Premium Brands Holdings, Maple Leaf Foods and Chagee.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Assaí Atacadista$15B$949M0.5x0.5x7.4x6.0x
Greencore Group$2.6B$212M1.5x0.9x18.6x8.7x
AWL Agri Business$7.8B$225M0.4x0.4x13.7x12.7x
Leroy Seafood Group$3.7B$302M1.1x1.1x13.1x7.9x
The Marzetti$1.9B$315M1.6x1.5x9.5x9.5x
China Feihe$2.7B$512M0.3x0.3x1.7x1.6x
Tiger Brands$2.1B$414M1.2x1.1x6.0x7.7x
Premium Brands Holdings$5.4B$316M1.0x0.9x17.1x9.5x

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Common questions about Picard Surgeles

When was Picard Surgeles founded?Picard Surgeles was founded in 1906.
Where is Picard Surgeles headquartered?Picard Surgeles is headquartered in Fontainebleau, France.
Is Picard Surgeles publicly listed?No, Picard Surgeles was acquired by Invest Group Zouari in October 2024.
Who acquired Picard Surgeles?Picard Surgeles was acquired by Invest Group Zouari in October 2024.
What is Picard Surgeles' valuation?Picard Surgeles was last valued at $2.6B in its strategic investment round in March 2015.
How much funding has Picard Surgeles raised?Picard Surgeles has raised $479M across 1 funding round.
What was Picard Surgeles' last funding round?Picard Surgeles' last funding round was a $479M strategic investment round in March 2015, led by Aryzta.
Who are Picard Surgeles' investors?Picard Surgeles' investors include Aryzta.
Which companies are comparable to Picard Surgeles?Companies comparable to Picard Surgeles include Assaí Atacadista, Greencore Group, VinCommerce, Hocco, AWL Agri Business and Leroy Seafood Group.

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