- Companies
- Picard Surgeles
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
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
Website
Status
Acquired
Customer focus
B2C
Revenue model
Product sales
Revenue
$1.8B (Oct 2024)
Valuation
$2.6B (Mar 2015)
Sectors
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.
| Acquirer | Date | Type |
|---|---|---|
| 1 Oct 2024 | PE 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
| Date | Stage | Valuation |
|---|---|---|
| Mar 2015 | Strategic investment | $2.6B |
Picard Surgeles Funding History
Picard Surgeles has raised a total of $479M across 1 funding round.
Picard Surgeles funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2015 | Strategic investment | Aryzta (lead) | $479M | $2.6B | Picard 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialPicard 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $15B | $949M | $2.6B | 0.5x | ||
| Publicly listed | $2.6B | $212M | $2.7B | 0.9x | ||
| Private | - | - | $2.5B | - | ||
| Private | $48M | - | $2.7B | - | ||
| Publicly listed | $7.8B | $225M | $2.5B | 0.4x | ||
| Publicly listed | $3.7B | $302M | $2.7B | 1.1x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $15B | $949M | 0.5x | 0.5x | 7.4x | 6.0x | |||
| $2.6B | $212M | 1.5x | 0.9x | 18.6x | 8.7x | |||
| $7.8B | $225M | 0.4x | 0.4x | 13.7x | 12.7x | |||
| $3.7B | $302M | 1.1x | 1.1x | 13.1x | 7.9x | |||
| $1.9B | $315M | 1.6x | 1.5x | 9.5x | 9.5x | |||
| $2.7B | $512M | 0.3x | 0.3x | 1.7x | 1.6x | |||
| $2.1B | $414M | 1.2x | 1.1x | 6.0x | 7.7x | |||
| $5.4B | $316M | 1.0x | 0.9x | 17.1x | 9.5x | |||
This data is available for Pro users. Sign up to see all Picard Surgeles competitors and their valuation data. Start Free Trial | ||||||||
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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