Capitalmind Investec has advised Terrena on the acquisition of Tipiak

About the deal

Tipiak is a listed agri-food group, created in 1967 from the merger of two companies owned by the French Groult and Billard families. Product-driven and benefiting from its R&D department, the Group is structured around two main divisions: Dry (i.e., dry grocery and crusty bread) and Frozen (i.e., frozen ready meals and party food). Tipiak operates both in France and internationally, with significant presence in European and American markets. In 2023, the Group generated €225m in revenues (19% from international sales) and employed c.1,300 people.

To initiate a new phase of its development, including international sales expansion, the revitalization of certain activities in France (e.g., product innovation, investment in marketing, sales force strengthening, etc.), and implementation of an industrial strategic plan, Tipiak’s shareholders decided to sell the group to a new partner able to support this growth.

With this acquisition, the French agricultural cooperative Terrena secures a strong brand with an excellent reputation, leading in both mainstream (e.g., supermarkets) and specialized markets (e.g., frozen food distribution channels) in France and internationally. This transaction also allows Terrena to balance its B2C portfolio by increasing its range of plant-based nutritional solutions, meeting its goal of covering all meal consumption moments, and accelerating its international expansion.

What we did

Capitalmind Investec supported Terrena throughout this competitive process:

• using its strong sector expertise to provide a critical evaluation of the opportunity,
• modelling a reworked business plan in line with Terrena’s strategic project,
• conducting detailed valuation work,
• preparing materials for various group committees (board of directors, investment committee, etc.),
• coordinating due diligence work,
• negotiating terms and conditions of the deal.