Financial advisory firm Rothschild & Co is reportedly studying a range of strategic options for frozen food retailer Picard, having gained the mandate from its owners, bakery firm Aryzta and Lion Capital, Reuters has reported.
The French retail group could be subject to an IPO as part of the move, according to sources quoted by Reuters.
Selling the group is also thought to be an option, with part owner Aryzta, which holds a 49% stake, previously saying it was ‘evaluating its options’ over the business.
Investment Alternatives
"As part of that review, Aryzta has commenced a process with Lion Capital to evaluate investment alternatives for the Picard business," Aryzta chairman Gary McGann said in a statement earlier this year.
Aryzta is currently undertaking a root and branch review of its operations, in a bid to bolster shareholder confidence in the business. In February, the group said that chief executive Owen Killian, along with CFO Patrick McEniff and John Yamin, the head of Aryzta's Americas business, is to leave the company.
Aryzta bought a 49% stake in Picard less than two years ago. The frozen food specialty business operates more than 900 stores around France, and boasts annual sales of around €1.4 billion.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
