British private equity firm BC Partners announced on Monday that it would sell Picard Surgelés, a French food business, to Lion Capital in a deal valued at €1.5 billion, including debt. The deal is the largest leveraged buyout in France since September 2008.

 

Cleary Gottlieb Steen & Hamilton advised advised London-based BC Partners on the sale with M&A partner Jean-Marie Ambrosi, finance partner Valérie Lemaitre, antitrust partner François Brunet – all are based in Paris.

 

British firm SJ Berwin's Maxence Bloch advised London-based private equity firm Lion Capital on the deal.

 

The Picard managing team was assisted by French firm Scotto & Associés. The team was led by corporate partners Lionel Scotto le Massese, Nicolas Menard-Durnand, tax partner Jérémie Jeausserand and associate Myriam de Gaudusson on employment law.

 

Lion Capital, which saw itself outbid in another recent frozen foods buyout involving Findus and Birds Eye Iglo, specializes in acquiring consumer products companies such as cereal maker Weetabix, lingerie retailer La Senza, restaurant chain Wagamama, and t-shirt retailer American Apparel.