FRANCE – France-based co-op Terrena is in talks to acquire a majority stake in frozen and shelf-stable food manufacturer Tipiak.
According to the company statement, Terrena is looking to acquire 77.95% of Tipiak from a group of majority shareholders that includes chairman Hubert Grouès, who said he is “happy” with the proposal from the co-op.
Nantes-based Tipiak, known for its patisserie products and recipe creations, has a portfolio including prepared foods, frozen ready-made meals, desserts, and artisan bread.
In 2022, Tipiak recorded revenues of €239.4m, an increase of 13% year-on-year, while net income of €4.1m was up 1.2%.
In a joint statement, Tipiak said its board welcomed the bid. Talks with staff at both companies will now take place. The businesses expect a deal to “probably” be finalized during the first half of next year.
Last month, Tipiak which owns brands including Pere Dodu chicken revealed it had hired investment bank Macquarie Capital and was looking at “different options” for its future.
The offer on the table values 100% of Tipiak at €80.4m ($84.9m), or €88 a share. If the agri-food co-operative strikes a deal for the controlling stake, it will then launch a mandatory offer for the rest of the shares in Tipiak, which is listed on the Euronext.
With more than 12,300 staff, Terrena generated a turnover of €5.4bn in 2022, up 8% on a year earlier.
The company booked a net profit of €16.8m, 34.4% higher than in 2021. Its interests include businesses in meat and fresh produce.
Commenting, Olivier Chaillou, Terrena’s president said that the merger project offers Terrena a unique opportunity to strengthen its presence in the plant-based market while developing its presence in the field of deli products.
“We are responding to our desire to find new areas of growth while meeting consumer expectations in terms of quality and authenticity,” Chaillou said.
On his part, Hubert Groues, CEO of Tipiak said that the agreement concluded between the majority shareholders of Tipiak and the Terrena group would make it possible to increase the development of the Tipiak group.
He added that the move would pursue the ambition of making Tipiak a major, iconic, culinary brand from aperitifs to desserts in France and in many countries.