A strategic acquisition in Germany enabling LDC to diversify its portfolio while entering Europe’s largest food market
On November 28, LDC, a French agri-food group, completed the acquisition of the German company European Convenience Food, specializing in cooked and frozen processed products.
LDC is a family-owned group, one of Europe’s leading poultry and catering companies, with over 24,500 employees across 102 production sites in France and Europe. In 2023-2024, LDC reported consolidated revenue of €6.2 billion. With nearly 50 years of experience, LDC has experienced significant growth through both organic and external expansion, as well as the development of numerous brands such as Le Gaulois, Loué, Mari, Poule et Toque, Maître Coq, Pierre Martinet, and others.
European Convenience Food, with its flagship brands VEGETA and KARL KEMPER, is the leader in the German domestic market, representing 90% of its sales, while 10% of its revenue comes from exports. In 2023, ECF achieved a consolidated revenue of nearly €80 million and an EBITDA exceeding €10 million. The company employs around 200 people in Northern Germany, further consolidating its position in this growing market.
The acquisition of European Convenience Food allows LDC to diversify its portfolio by entering the promising frozen processed products made from poultry and plant-based ingredients, while also penetrating the German market, Europe’s largest agri-food market.
A deal led by ALTIOS Corporate Finance
ALTIOS Corporate Finance advised and supported LDC in its international external growth strategy. The mandate included identifying German companies, initiating contact with relevant targets, conducting financial analysis of ECF, and supporting LDC during the negotiation phases, coordinating the Due Diligence process, and drafting the SPA
ALTIOS Corporate Finance’s role included:
- Screening, market study, and identification and qualification of potential acquisition targets in several countries
- Approaching qualified targets
- Financial analysis and valuation
- Coordinating Due Diligence
- Supporting negotiations of the SPA
ALTIOS Corporate Finance confirms its position as an M&A buy-side advisor for international small and mid-cap external growth transactions.
With the successful completion of this deal, ALTIOS Corporate Finance reaffirms its ability to assist clients in complex operations and successfully execute strategic cross-border transactions.
LDC Testimonial
« The acquisition of ECF enables us to enter the German market, which is strategic for our development. We are thrilled to have found in ECF an ideal platform to continue our growth.
Bruno Lafon, General Manager LDC International
Its expertise in the ‘out-of-home’ catering market will be a considerable asset for us. We are perfectly aligned on vision and strategic plans, and we share common values to build the future. »
ALTIOS Corporate Finance Testimonial
« We are delighted to have finalized this first acquisition in Germany for the LDC group. The acquisition of ECF, one of Germany’s historic brands in processed products, will allow the group to consolidate its presence in Germany and strengthen its position in this segment. »
Alexandre Kaplan, M&A Director and Partner, ALTIOS Corporate Finance
Advisors
Buyer’s Advisors:
- M&A : Altios Corporate Finance – Alexandre Kaplan, Elia Laurent
- Legal : CMS – Barbara Wössner, Kai Wallisch, Isabell Peglow, Militsa Decheva Petrova, Dr. Boris Alles
- Financial: Mazars – Frederik Schermuly, Thoralf Erb
- Tax : Mazars – Francois Chales de Beaulieu, Ragnar Könermann, Patrick Wolff, Paulina Oster
Seller’s Advisors:
- M&A : Houlihan Lokey – James Scallan, Robert Wagon, Lila Gkena
- Legal : Noerr – Martin Neuhaus
Contact Press: Alexandre Kaplan, M&A Director, a.kaplan@altios.com
