Munich-based private equity firm EMERAM Capital Partners GmbH has purchased a controlling stake in frostkrone Gruppe from private investment company Ardian.
Founded in 1997 in Rietberg, Germany, frostkrone produces and distributes frozen finger foods, including cheese-, vegetable-, meat- and fish-based snacks through retail, discount and home delivery.
EMERAM was attracted to the investment due to growth trends it has observed in the frozen finger foods, Christian Näther, founding partner of EMERAM noted in a statement, adding that frostkrone is both a market leader and well-positioned for additional European growth.
Frédéric Dervieux, CEO of frostkrone, who will retain the remaining stake in the company, added: “EMERAM has extensive experience and expertise both in our target markets for expansion and in our customer landscape.”
Ardian acquired its majority stake in frostkrone in the summer 2012 through the Ardian Expansion Funds II and III.
“Since our initial investment, frostkrone has expanded its position to become one of the leading providers of finger food and snack products in Europe,” said Marc Abadir, managing director at Ardian, in a separate statement. “This success is down to the new management and brand identity, and improvements to operational procedures, as well as the company’s strong national and international growth.”
Ardian, founded in 1996, manages and advises $60 billion of assets in Europe, North America and Asia. Under the firm, the frostkrone brand launched over 60 new products, capacity at its two production sites in Rietberg and Verl was expanded, and the number of total employees increased from 108 in 2011 to more than 187 today.
Funds advised by EMERAM, which were used to complete the purchase, total €350 million and invest in companies with enterprise values between €30 million and €250 million, according to the company’s website. The firm did not immediately respond to requests for comment.