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LBO France renews plans to sell biscuit maker Groupe Poult

10 Jul 2013

biscuits_170sqPrivate equity firm LBO France is looking to recoup up to €320m by selling biscuit manufacturer Groupe Poult, it is understood.

Bids for the Toulouse-based business are due by the end of the month according to Bloomberg, which cited a person familiar with the process.

LBO France has reportedly hired Rothschild to sell the business, with another source saying the deal could be valued at seven to eight times the company’s EBITDA.

That currently stands at about €40m this year, while revenues are about €240m.

The sale comes seven years after LBO bought the business, and three years after a previous sale attempt was put on hold.

In May it emerged LBO France was targeting €1bn for a new fundraise after investors refused to top up its last fully-invested vehicle.

The firm had considered collecting an extra €350m for its White Knight VII fund, which has expended all of the €851m it raised in 2008 according to the FT.

People with knowledge of the plans told the newspaper investors were given the option to sell part of their assets in the fund to new LPs, with the fund period being extended by two years.

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