French frozen food retailer Picard Surgelés is set to be completely acquired by the Zouari family, who currently hold a 49% stake in the business.
According to Bfm Business, Invest Groupe Zouari (IGZ), the family’s holding company, has reached an agreement to purchase the remaining shares held by the investment fund Lion Capital, with the transaction expected to be finalised in the first quarter of 2025.
No financial details were released by the two parties.
Picard Surgelés
Picard Surgelés, which specialises in frozen food products, operates predominantly in France, but also has a presence in other European countries, as well as the Middle East and Asia. It boasts approximately 1,185 stores, 4,500 employees, and annual revenues of €1.8 billion.
Lion Capital invested in the company 14 years ago to facilitate network expansion and international growth, while IGZ joined in 2019.
The transaction is contingent upon informing and consulting employee representatives and securing the required regulatory approvals.
The Zouari Family
Entrepreneur Moez-Alexandre Zouari and his wife Soraya Zouari opened their first minimarket in Paris in the 1990s. Initially affiliated with the Casino group, they operated up to 450 stores under the Monoprix, Leader Price, and Franprix brands. After selling a portion of their stores to Aldi, the Zouari family acquired a stake in Picard Surgelés in 2019.
They also expanded into non-food retail with Maxi Bazar and Stokomani.
Despite a failed attempt to acquire the organic products distributor Bio c'Bon, which was ultimately acquired by Carrefour, the Zouari family has continued to expand its business interests.
In addition to Picard, the family is a shareholder in Teract, a distributor resulting from the merger of agriculture cooperative InVivo and a financial investment vehicle created by prominent French entrepreneurs.
The Zouari group had previously expressed interest in acquiring the Casino group but was ultimately outbid by Czech billionaire Daniel Kretinsky.
