- Credit Mutuel Equity, which held 20% of the shares along with Argos, has also exited the firm
- Argos Wityu acquired LCDD in 2016
- PAI is a private equity firm based in Paris, France
PAI Partners will acquire La Compagnie des Desserts (LCDD), a premium frozen desserts supplier from Argos Wityu. No financial details of the deal were disclosed.
LCDD is headquartered in Lézignan-Corbières, France. The firm produces artisanal ice cream and premium frozen pastries to over 23,000 food service clients across Europe, mainly in France, Spain, and the UK.
PAI will partner with LCDD via its PAI Mid-Market Fund (PAI MMF) to expand its presence and accelerate its international expansion, both organically and through acquisitions, according to a release.
“We’re delighted to be partnering with LCDD to support its strategy to become a pan-European leader in premium frozen desserts,” said Stefano Drago, founding partner at PAI MMF. “The company is uniquely positioned to capitalise on the growing demand for outsourced dessert preparation across hotels, restaurants and catering businesses, driven by their need to innovate and manage labour shortages in the industry.”
Credit Mutuel Equity, which held 20% of the shares along with Argos, has also exited the firm.
Argos Wityu acquired LCDD in 2016 and during its holding period, the firm saw its revenue rise two-fold.
“Philippe Bonny and the LCDD team have done a remarkable job accelerating the group’s already rapid growth by expanding its product range,” said Gilles Lorang, managing partner at Argos Wityu “They have shown a great capacity to adapt and rebound during and after the covid crisis.”
PAI is a private equity firm based in Paris, France, that handles €26.4 billion of dedicated buyout funds and has completed 94 investments in 11 countries, representing over €81 billion in transaction value.
Paris, France-headquartered Argos is an independent European private-equity group that supports the growth of mid-sized business and back their management teams.