Maïsadour has sold its dry-cured meat division to Fipso

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Maïsadour has sold its dry-cured meat division to Fipso

Paris – Corporate Finance International (‘CFI’) is pleased to announce that they acted as exclusive financial advisor to Maïsadour cooperative group in the context of the sale of its maturing and slicing of dry-cured meat division to Fipso group.

The division comprises Delpeyrat – Chevallier (owned at 100%), which holds 66% of Haraguy – Jambon de Bayonne and Salaisons Pyrénéennes (owned at 100%). These companies process fresh ham and market their products to retail (sliced, freshly packaged, self-service and at the counter), B2B, on-trade and exporters, operating under three dedicated brands: Delpeyrat, Salaisons Pyrénéennes and Sarrade.

The division is made up of 5 IFS-certified processing sites: 2 maturing sites, Orthez certified organic, Ibos, 1 boning/maturing/slicing site, Aïcirits certified organic, 1 boning/slicing site, Sauveterre-de-Béarn certified organic, and 1 production site for cold meat specialities, Bordères-sur-l’Échez.
The division is the market leader for PGI Bayonne Ham (46% of volume processed).

During the financial year which ended 30 June 2020, the division sold 4,700 tonnes of dry cured meats, 82% of which were dry cured hams and 18% of which were small-cured meats (sausages, coppa, etc.). The division employs 163 people and achieved a revenue of €52 million, 86% of which came from the sale of dry cured hams (74% of which were PGI Bayonne Ham and 26% Pyrenees Ham, other) and 14% from the sale of small-cured meats, with a positive EBITDA.

Fipso group is a well-known southwestern cooperative in France within the pork industry. The group employs 300 people for a revenue of €155 million in the financial year ended 31 August 2020, with three locations. At the end of 2019, Fipso partnered with German industrialist Sauels to develop a private label cooked ham business from a new plant in Brive. The €25 million investment was carried by So’Ham, an equally owned joint venture.

Through this operation, Fipso will become the main operator in the South-West of France in the breeding and slaughtering/cutting sectors, with 100% integration upstream and downstream of the Bayonne Ham PGI. The operation was structured through the agreement of service contracts for the IT, logistics and order preparation platform of Delpeyrat.

The acquisition was made through Fipso Salaison, which was created for this purpose. The financial debt was fully refinanced by Crédit Agricole Aquitaine and Crédit Agricole Pyrénées Gascogne. The transaction was notified to the French Competition Authority on 17 March 2021, which lifted the conditions precedent on 9 April 2021.

The transaction closed on 18 May 2021.