King & Wood Mallesons advised Lion Capital on the sale of a part of its stake in Picard Group to Aryzta AG.

Lion Capital, the owner of the French frozen food retailer Picard since 2010, has entered into exclusive negotiations with Aryzta, one of the world’s largest frozen bakery companies based in Switzerland. Under the terms of the investment, Aryzta will acquire a 49% shareholding in Picard for a consideration of €446.6 million.

The investment would be conditional on limited conditions including anti-trust clearance. Picard will consult its Works Council in connection with the investment.

The KWM team was composed of Corporate partners Maxence Bloch and Thomas Maitrejean, as well as associates Simon Servan-Schreiber, Augustin Fleytoux and Charlotte Cloix; of Finance partner Olivier Vermeulen, counsel Adeline Tieu-Roboam and associate Tereza Courmont-Vlkova; and of Tax partner Fanny Combourieu as well as counsel Gwenael Kropfinger.