DGF acquires Val de Seine

November 3, 2016

DGF realizes its 7th build-up since its takeover by 21 Centrale Partners in 2014, and completes a refinancing with Permira Debt Managers.

21 Centrale Partners announces the acquisition of Val de Seine by DGF, 2nd French player in the distribution of products and ingredients for bakeries and for the catering industry. On this occasion, DGF refinances its debt and benefits from additional financial resources to accelerate its growth.

DGF, 2nd French player in the distribution of products and ingredients for bakeries and for the catering industry, makes the acquisition of Val de Seine, a major player in Paris and its area, covering a wide customer base (bakers / pastry chefs, caterers, ice-cream makers, local authorities). On this occasion, DGF refinances its debt and benefits from additional financial resources to continue its market consolidation strategy.

This acquisition increases DGF’s sales by €M 22 and strengthens its leading position on the French market with total sales of €M 220, up 38% from 2014. Its medium term objective is to reach €M 300, continuing to combine organic growth and acquisitions, in France and abroad. To support its ambitions, the group will inaugurate a brand new warehouse next March.

DGF partners with Permira Debt Managers to take advantage of good market conditions and refinance its debt. This Unitranche financing of €M 62 also includes an undrawn capex line of €M 30; it thus provides DGF the proper means to finance its future projects and to pursue its ongoing consolidation strategy.

Other opportunities are being considered, some of which should be completed in the coming months.

Stéphane Perriquet, Managing Partner at 21 Centrale Partners, declares: "DGF is a good example of the strategy deployed by 21 Centrale Partners to create consolidation platforms in France and abroad. Acquiring Val de Seine is a key step in our national coverage strategy. We are pleased to realize it along with DGF’s Management Team and Permira Debt Manager

Bruno Rouxel, President of DGF, said: "We are delighted to partner with Val De Seine: a successful company, made up of very talented professionals. The association with Permira Debt Managers, which provides us with a significant investment line will also enable us to accelerate our acquisition strategy, which is part of DGF’s development model. We would like to thank the 21 team.“

David Hirschmann, Head of Private Credit at Permira Debt Managers, said: “Permira Debt Managers is pleased to establish a long-term financing solution to support the group in its market consolidation strategy, in association with 21 Centrale Partners. DGF’s refinancing operation is a perfect example of our investment strategy to support medium-sized companies in Europe, leaders in their markets, and constantly expanding.”

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