
		Home page

		Long-term growth capital in agrifood

		Long-term growth capital abroad

		Long-term growth capital in the wine industry

		Long-term growth capital in agriculture

		Key figures

		Principal commitments

		Team

		News

		Links

		Contacts

		RSS

AGRIFOOD

WINE INDUSTRY

AGRICULTURE

Principal stakes in Agrifood


		Business : fresh food distribution Entry date : 2009 Operation : development capital Les Maîtres Laitiers du Cotentin is an agrifood group founded in the 1980s and made up of dairy production units and distribution companies that sell to supermarkets and catering firms. The group owns three milk processing plants in Normandy (Sottevast, Valognes and Tribehou). France Frais, a wholly-owned subsidiary of Les Maîtres Laitiers du Cotentin, is composed of more than 50 wholesale food companies that supply a range of products to the catering industry and the restaurant sector. These include dairy produce, fresh food (meat, deli products, salads), frozen foods and dried goods such as flour, chocolate, sauces and canned food. France Frais generated sales of €600 million in 2008. IDIA chose to support France Frais in a development capital deal that has made the company a leader in the wholesale fresh food market in France.
		www.francefrais.fr


		Business : sugar Entry date : 2009 Operation : development capital Tereos is an international agroindustrial group that processes beets, sugar cane and cereals into sugar, alcohol and starch. A leading sugar manufacturer in France and the Czech Republic, Tereos also ranks third in Brazil through its subsidiary Guarani and is No. 3 in Europe for starch. Tereos had sales of more than €3.4 billion in 2008. In 2009 IDIA took part in a capital increase by Berneuil Participations, which handles the international and diversified businesses of Tereos. This share issue allowed Berneuil Participations to increase the capital of its Brazilian subsidiary, Guarani, listed on the São Paulo stock exchange. IDIA had assisted Tereos in 2002 with its acquisition of Beghin-Say.
		www.tereos.com


		Business : ready-to-eat salads Entry date : 2009 Operation : development capital Val Nantais is the leading market garden cooperative in France. It comprises some one hundred market gardeners who produce 30,000 tonnes of vegetables per year from more than 1,300 hectares. The company generated sales of more than €50 million in 2008, 50% of which from salads, especially watercress. In view of the increase in the number of meals being eaten away from home and the ongoing changes in dietary patterns, Val Nantais hopes to develop its ready-to-eat vegetable range. IDIA invested in Val Nantais through a convertible bond issue, the proceeds of which have been used to build a processing plant.
		www.valnantais.com


		Business : malting Entry date : 2008 et 2004 Operation : development capital Axéréal was formed when two cooperatives, Epis-Centre and Agralys, merged in 2008 to create one of the leading European cereal producers with sales of €2.7 billion. Primary processing is handled by Ariane, a subsidiary specialised in malt, flour and animal feed. In 2004 Ariane boosted its malt production business with the acquisition of the Belgian malt producer Boortmalt, thus achieving critical mass and gaining access to the port facilities of Antwerp. In 2008 Ariane acquired the Celbert group to become France’s third-largest flour manufacturer. IDIA organised equity and quasi-equity financing rounds for both these major deals, which involved all Ariane’s financial partners.


		Business : milk collection and processing Entry date : 2008 Operation : development capital Eurial Poitouraine collects, treats and processes milk from three cooperatives, Colarena Presqu’île, Poitouraine and Ucal. The milk is processed into several families of products, including dairy produce (cow and goat cheeses, butter, cream and organic products), pre-sliced frozen cheese and milk ingredients (casein, powders, functional mixes). The products are sold to major food retailers, caterers and the agrifood industries. Eurial has 11 industrial plants in France and 1,250 employees. In 2008 it generated sales of €570 million, 20% of which in exports. In 2008 IDIA assisted Eurial with the creation of its subsidiary HCI, which produces industrial mozzarella for the world market.
		www.eurial-poitouraine.fr


		Business : animal nutrition Entry date : 2008 Operation : LBO Glon is the French leader in animal nutrition, with eight integrated businesses. Animal feed accounts for 58% of total sales, poultry 13%, eggs 11% and pork 10%. With a workforce of 3,900 employees, Glon had consolidated sales of more than €1.6 billion in 2008. IDIA subscribed a reserved capital increase in 2008 and now owns 10% of Sofial, the holding company that acquired the group.
		www.glon-sanders.com


		Business : oilseed processing Entry date : 2008 Operation : development capital Specialising in oilseed processing, the Soprol group is now the market leader in France (70% of the French oilseed pressing market, 80% of refining, 60% market share in food oils with its Lesieur division, and 80% market share in biodiesel through Diester Industrie and its subsidiaries). Soprol has 1,350 employees and operates 15 industrial sites. IDIA took part in Soprol’s 2008 capital increase and currently holds a 5% stake.
		www.prolea.com


		Business : poultry and pig breeding Entry date : 1996 and 2008 Operation : development capital Grimaud la Corbière is the world No. 3 in the genetic selection of poultry. The company has built up three complementary businesses over the past 35 years; genetic selection of quality poultry, duck breeding and incubation, and biotechnology for human and animal health. The group has plants in the United States, Europe and Asia, and generated sales of €150 million in 2008. A shareholder since 1996, IDIA now owns 10% of Grimaud. In 2008 it took part in a new deal to finance the company’s development in the swine genetics sector in the United States via the acquisition of a significant stake in Newsham Choice Genetics, the US No. 2.
		www.grimaud.fr


		Business : pork products Entry date : 2008 Operation : LBO The group is a major player in the French pork market, with some 2.7 million pigs slaughtered annually. IDIA had assisted with the 2001 merger between Gad and Prestor, a pig breeders’ organisation. This created a group that spanned the entire production chain, from pig rearing by Prestor’s suppliers, to the slaughter, cutting and salting or smoking of the finished products. IDIA partnered the group again in 2008 for the merger with Cecab’s pork business, which made Gad the No. 2 in France with total sales of more than €700 million.
		www.louis-gad.fr


		Business : fruit juices, syrups Entry date : 2007 Operation : share reclassification Fruité Entreprises is specialised in the production and sale of fruit juices and syrups. It is the leading independent French producer of non-chilled fruit juices, and the leader in syrups with the Teisseire brand. In 2008 Fruité Entreprises had sales of €320 million. IDIA acquired a stake in Fruité Entreprises in 2007 during a reclassification of a portion of the shares held by the founding shareholder.
		www.fruite.fr


		Business : jams and stewed fruits Entry date : 2007 Operation : LBO Founded over 100 years ago, Valade is France’s leading producer of processed fruits for the catering industry and an industry standard in private labels. The company has a plant in Lubersac, Corrèze, and at 30 June 2008 had sales of approximately €57 million. The company’s development potential, its management’s experience and the possibilities for external growth were the key factors in IDIA’s investment decision which has held a 29% stake in Financière Valade since 2007.


		Business : in vitro diagnostics Entry date : 2007 Operation : development capital Elitech specialises in the production and distribution of reagents and medical testing equipment for microbiology and biochemistry, which it sells to medical testing labs. The French leader in the medical biotechnology market, Elitech offers a wide range of products, with over 3,000 items for in vitro diagnostics. At 31 March 2009 Elitech’s total sales on French and export markets reached €61 million. To further its international development, Elitech has on two occasions sought backing from investors, including IDIA, to finance the acquisition of US company Wescor and Dutch company Vital Scientific, both of which specialise in manufacturing biomedical equipment. IDIA now owns 10% of the capital of Financière Elitech.
		www.elitechgroup.com


		Business : specialised press Entry date : 2005 et 2007 Operation : share reclassification ATC is one of the three companies specialising in agricultural press, developing its business of publishing, printing and distributing papers and journals principally in eastern France. With more than 15 years of experience in the digital printing of a variety of materials, ATC now has five business divisions. The company was created by François Grandidier, the current Chairman and CEO. To reinforce ATC’s external growth, in 2005 François Grandidier asked IDIA to take the place of an individual shareholder and thus acquire a 30% stake. In late 2007, IDIA increased its stake to around 40% by buying a portion of the stake being sold by a founding shareholder.
		www.atc-caracteres.com


		Business : Yellow pastry products Entry date : 2007 Operation : LBO Goûters Magiques, France’s No. 2 producer of pastries (madeleines, pound cakes, cakes, crêpes, etc.), was created by the merger of the pastry activities of the Galápagos group, by its Gaillard subsidiary, and the subsidiaries of the Norac group (Le Ster and Whaou). Goûters Magiques generated 2008 sales of more than €115 million in 2008 with its Le Ster and Whaou brands in the catering and supermarket sectors and also with own-brand products for retailers. The company is located in Locminé, Britanny, where it has two plants and employs around 450 persons. IDIA owns 6.7% of Goûters Magiques’ capital.


		Business : animal health and nutrition Entry date : 2007 Operation : LBO Evialis, a company created in 1954, is a French leader in animal feed. Organised into three divisions – animal nutrition (complete feed), premix and specialties, and animal health – the company has subsidiaries in 17 countries. In 2008 Evialis generated consolidated sales of more than €1 billion, approximately one-third of which outside France. IDIA participated with the In Vivo group, Europe’s largest cooperative group and the French leader in the premix market, in acquiring a majority stake in Evialis. IDIA now owns 20% of Financière Evialis, the holding company created for the deal, and thus helps develop synergies between the two groups.
		www.evialis.com


		Business : sandwiches, pastries, snacking Entry date : 2007 Operation : development capital The Norac group operates in five areas: sandwiches (Daunat), pastries (La Boulangère), industrial baking, snacking, and yellow pastry products (Whaou). Created over 20 years ago, the company holds leadership positions in its markets and enjoys steady growth. It is present mainly in western and northern France and Burgundy. Since it was created, the Crédit Agricole Group has been a partner in the Norac group’s development. IDIA owns 10% of its capital alongside UEO.


		Business : ready-to-eat salads Entry date : 2000 Operation : development capital France’s third-largest multispecialty cooperative by revenues, Agrial is present in Normandy and northern Brittany with dairy, meat and cider operations (French leader), but most importantly fresh vegetables, a segment in which it is the European leader across the entire product range. To help the group expand, IDIA has acquired Agrial bonds as well as shares and convertible bonds in its subsidiary Florette.
		www.agrial.com


		Business : production and sale of Époisses cheese Entry date : 1998 Operation : development capital Based in Époisses, in the Côte d’Or, Berthaut is the leading producer of Époisses cheese, with over half of the market share in this niche and sales of around 500 tonnes per year. Berthaut had sales of €9.5 million in 2008 through large and small retailers and export sales. IDIA first acquired a stake in Berthaut in 1998 to help finance an industrial project and holds about 20%.
		www.fromagerie-berthaut.com


		Business : sugar and spirits Entry date : 1998 Operation : development capital The Quartier Français group is the leading industrial group on the Réunion island, with sales of €356 million in 2008. A dominant player in the cane-sugar sector, the Quartier Français group is the leading European cane sugar manufacturer and France’s No. 2 rum company, selling traditional Réunion and Martinique rum. The company is organised into three divisions: Sugar, Rum and Spirits, and Development. The Sugar and Rum and Spirits businesses represent 80% of sales. IDIA first acquired a stake in 1998 during an external growth transaction and now owns 5% of capital.
		www.gqf.com


		Business : baking and pastries Entry date : 1992 Operation : development capital Specialising in baking (44%), pastries (45%) and confectioneries (5%), the Neuhauser group has 16 production units – including France’s largest industrial bakery – a plant in Portugal and a chain of stores in Germany. Its ranges include more than 500 products (raw breads, pre-cooked breads, confectioneries, ready-to-bake pastries, etc.), which it sells to bakeries, baking outlets, catering chains, supermarkets/ hypermarkets and industrial groups. IDIA first acquired a stake in 1992 to help with the company’s development and now owns around 5% of its capital.
		www.neuhauser.fr

Principal stakes in the wine-making industry


		In 2004, CA Grands Crus, acquired to Cordier Mestrezat five castles including: Château de Rayne Vigneau - First Grand Cru Classé, Sauternes The excellent rating attributed to by wine-tasters to this Premier Cru classified in 1855 is the fruit of the intense investment in terms of cash and effort made for several years to improve the wine's quality. The vineyard covers 80 hectares. The vines planted are 74% Semillon, 24% Sauvignon and 2% Muscadelle. Annual production averages between 3,000 and 8,000 cases. The excellent rating attributed to by wine-tasters to this Premier Cru is the fruit of the intense investment in terms of cash and effort made by the owners to improve the wine's quality. The vineyard covers 78 hectares. The vines planted are 74% Semillon, 24% Sauvignon and 2% Muscadelle. Average annual production is around 210,000 bottles. Château Grand-Puy Ducasse - Grand Cru Classé, Pauillac Château Grand-Puy Ducasse is recognised as once of the best Grands Crus in Pauillac. The estate covers 40 hectares planted: 60% Cabernet Sauvignon and 40% Merlot. Average annual production is around 225,000 bottles. Château Meyney - Cru Bourgeois Supérieur, Saint-Estephe Château Meyney is one of the Médoc's oldest estates. It covers 51 hectares. Vines grown are 56% Cabernet Sauvignon, 26% Merlot, 8% Cabernet Franc and 10% Petit Verdot. Average annual production is around 300,000 bottles.
		www.cagrandscrus.com


		Château de Santenay is a 91 hectare winery bought in 1997 by Grands Crus Investissements. The Chateau owns excellent wine-growing land in the Mercurey AOC and a number of others in regional appellations along the Côte d'Or. The estate is at the heart of the village of Santenay to the south of Beaune. The chateau is spectacular and clients are welcome.
		www.chateau-de-santenay.com


		Château Tour de Mons is a 55 hectare estate in the Margaux Cru Bourgeois AOC bought in 1995 by Grands Crus Investissements in partnership with C.D.P.Q (Caisse de Dépôt et de Placement du Québec). It produces excellent wines recognised as among the best value Médocs for their price range.


		Châteaux Montus- Bouscassé Vins haut de gamme élaborés par Alain Brumont Madiran, Coteaux de Gascogne 180 hectares de vignes Cépages : Tanat, Cabernet Franc, Cabernet Sauvignon, Merlot Production moyenne annuelle : 1200000 bouteilles

Principal stakes in the agriculture sector


	JARDIN DE RABELAIS	Development capital investment at the end of 2008 to assist one of the market leaders in cherry tomatoes: construction of a new 30,000 m² greenhouse expected annual output of 3,000 tonnes
		www.lejardinderabelais.fr


	COULEURS D'AQUITAINE	Development capital investment in april 2009 for the commercial restructuring of the Bergerac cooperative: takeover of Socav (2008 sales: €11.8 million) pooling of tools and commercial facilities expected annual sales of 10 million bottles


	JO LEROY	Company: JO LEROY Acquisition in late 2005 of a horticultural production and trading company in Finistère 40,000 sq m of greenhouses Sales of €4m


	HORTI GT	In 2007, IDIA stepped in to assist in the development of a horticultural production and trading company 8,300 sq m of greenhouses Sales of €1.5m
		www.hortigt.fr