Lion's Capital buys French frozen food retailer Picard

21st October 2010, Comments 0 comments

British investment fund Lion Capital has finalised the purchase of French frozen food retailer Picard for 1.5 billion euros (2.10 billion dollars), a source close to the deal said Thursday.

"Lion Capital and BC Partners, a company with mostly French shareholders, have completed the transaction for Picard," a Picard spokesman said, confirming information in the newspaper Le Figaro but declining to provide details.

The sale had been completed as of October 14, said a spokeswoman for BC Partners, which owns the Findus frozen food brand.

A source familiar with the transaction said the sale price was 1.5 billion euros, including 600 million in cash.

Picard, which has 823 shops and 4,000 employees in France, has more than doubled its revenues in the past ten years to 1.15 billion euros last year.

© 2010 AFP

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