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| Senoble |
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| Business description: |
| Manufacturer of dairy products and chilled desserts |
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| Country: |
| France |
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| Investment type: |
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Growth capital
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In March 2004, 3i made a substantial growth capital investment in Senoble, a €600 million turnover French manufacturer of dairy products and chilled desserts, taking a 25% equity stake in the business. The investment was made to support capital expenditure.
Senoble, which has operations in France and Spain, is the leading manufacturer of private label milk-based products, but also produces a range of desserts under its own Senoble brand and a number of low-calorie products under the Weight Watchers brand through an exclusive licence for France.
The investment opportunity was originated through some direct marketing by one of 3i’s French food sector specialists. The depth of 3i’s network in the food industry in Europe (demonstrated through the pan European Food & Drink Sector conference at the IESE Business School in Barcelona in November) and the breadth of its sector experience and expertise were key differentiators in 3i’s ability to secure the opportunity. 3i has introduced a non-executive director with strong dairy sector and private label experience.
The investment strategy is premised upon strong growth of sales, mainly through increasing exports, and improvement in margins. |
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