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Catterton exits YoCrunch to Danone as Fund VII final close looms

12 Aug 2013

YoCrunchConsumer-focused private equity firm Catterton Partners has sold yoghurt maker YoCrunch to French strategic player Danone after an eight-year holding.

Danone, which was backed by European private equity firm Eurazeo for more than 25 years, said it picked up the business to expand its US operations.

YoCrunch had net sales of $110m and sustained double-digit growth in recent years according to a statement from Danone.

The sale is the latest from Catterton as it eyes the $1.5bn hard cap for its seventh major buyout vehicle.

AltAssets revealed in June that the firm had already hit its $1.2bn target and could end up 50 per cent larger than its sixth vehicle, which brought in $1bn in 2006.

Eurazeo announced in April that it would be exiting its stake in dairy group Danone more than a year ahead of schedule following a sharp rise in the company’s share price in the preceding months.

Eurazeo issued about 15.5 million bonds in the company for €700m in 2009, all of which could be converted into Danone stock.

The firm said it had received early conversion requests from bondholders following a continued rise in Danone’s share price, which was up by about 60 per cent since the bonds were issued.

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