Deals
Lion Capital Agrees to Buy Picard From BC Partners
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Lion Capital LLP, the owner of Weetabix and Kettle Chips, agreed to buy Picard Surgeles from BC Partners Ltd., becoming the French frozen food retailer’s third private-equity owner in 10 years.
The takeover values Picard at about 1.5 billion euros ($1.94 billion) including debt, according to two people with knowledge of the talks, who declined to be identified because the firms haven’t disclosed the terms. Private equity funds Clayton Dubilier & Rice LLC in New York, CVC Capital Partners Ltd., Cinven Ltd. and Paris-based Eurazeo had all considered making offers, people with knowledge of the sale said in June.