About private equity
How private equity invests in privately-owned businesses, supports jobs and creates prosperity.
About us
We represent Europe’s private equity, venture capital and infrastructure industry.
Section Highlights
Industry standards
Invest Europe is the guardian of the industry’s professional standards.
Section Highlights
Policy
Working with policymakers to develop legislation that helps drive growth and prosperity.
Section Highlights
Research
The authoritative data source on European private equity activity.
Events & training
A comprehensive suite of conferences, networking events and training courses.
Section Highlights
News & opinion
Up-to-the-minute policy and industry news, insights and opinions.
Section Highlights
Members
Login to access your exclusive member-only content and account information.
Login
Not a member? Join us
- Operate to the highest level of professional standards
- Access authoritative industry research and data
- Navigate the complex EU regulatory environment
- Network and engage with industry leaders
When Activa bought the French desserts maker Mont Blanc in 2003, it had been part of Nestlé but needed significant investment to build on its position in the desserts market. Over the next two years, Activa bought Nestlé’s remaining share of the business plus the concentrated milk brand Gloria and then led a merger of Mont Blanc with fruit desserts producer Materne.
Within three years of leaving the Nestlé stable, the company was a stand-alone force in packaged desserts, having invested in brand development and product innovation and with some of France’s best-known names in fruit purées, milk desserts, jams and concentrated milk. Activa also took the company’s products to the US, where it became quickly established in the fruit desserts segment, before it sold to LBO France in 2010.
The company's growth continued with LBO France, which helped Mont Blanc to nearly double revenues to €368m by the time of its exit in 2016.
Michel Larroche
CEO
Materne-Mont Blanc
rise in turnover in 7 years
sales to non-EU countries
What did the business need?
- Re-launch of Mont Blanc brand
- Investment in product innovation and packaging
- Capital to build an independent food company in France and internationally
How did private equity backing create lasting value?
- Created independent sales and marketing teams
- Invested to establish stand-alone IT systems
- Reduced key running costs through focus on core brands and improved production
- Strengthened management team by recruiting a new CEO, a new CFO and a new marketing Director
- Devised and executed a clear strategy for expansion
- Established strong position in the US market
- Expanded into new product areas through acquisitions and development of new deserts
What outcomes did private equity investment achieve?
- gm Increased sales from €40m to €190m between 2003 and 2010
- Expanded by acquiring complimentary brands
- Built non-EU sales from zero to €6m (mainly US, Canada and Israel)