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Cerea Partners nears target for new mezzanine fundraise following €215m first close

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Food and drink investor Cerea Partners is more than 85% of the way to its target for its first full mezzanine fundraise since its management team bought the firm out from Unigrains.

Cerea has picked up about €215m through the first close of Mezzanine IV, beating the €200m it gathered for Fund III at the end of 2019.

The new vehicle will invest in French and European small and midcap companies involved in the food and beverage value chain, including ingredients, transformation, health and nutrition, distribution, catering, equipment, packaging and logistics.

Cerea said LP enthusiasm for the fundraise was primarily driven by the strong performance of previous vintages and a very low loss rate over the past fifteen years.

It also cited the resilience of the food and beverage sector amid the current Covid-19 market instability.

Paris-based Cerea was bought by its management team in 2019, after 15 years of Unigrains being the firm’s sole shareholder.

Cerea said at the time that the agrifood investor would remain a limited partner of Cerea’s funds, and was expected to continue to commit to future funds.

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Private Equity

Ex-Amazon senior exec Ajay Kavan to boost KKR’s tech, digital transformation expertise as senior advisor

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Global private equity giant KKR has hired former Matches Fashion CEO Ajay Kavan as a senior advisor in Europe.
Kavan wi

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Source: https://www.altassets.net/private-equity-news/by-news-type/people-news/ex-amazon-senior-exec-ajay-kavan-to-boost-kkrs-tech-digital-transformation-expertise-as-senior-advisor.html

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Private Equity

SK Capital seals $1bn-plus sale of Niacet to food major Kerry Group

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Specialty materials, chemicals and pharma-focused investment house SK Capital Partners has agreed to sell Niacet to food major Kerry Group in a deal worth more than $1bn.

The deal comes four years after SK bought into New York-based Niacet, which produces preservatives for bakery, meat and pharmaceutical items.

The sale is expected to close by the end of the third quarter.

SK managing director Jack Norris said, “SK Capital is privileged to have partnered with Kelly Brannen and the entire Niacet team.

“We are proud and appreciative of Niacet’s accomplishments over the last four years leveraging the strong foundation the Brannen family built over many decades.

“We believe Niacet is well-positioned to continue this growth and flourish under Kerry’s ownership.”

SK more than doubled its funds under management in 2019 by holding a $2.1bn final close for its fifth flagship vehicle.

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Private Equity

20 June, 2021 18:17

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Private Equity

Zuckerberg Group Funnels $433,000 to Wuhan Lab Partner, illegal Gain-of-Function Advocate.

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