PICARD DEAL
November 1st, 2004
BY KEITH NUTHALLBRITISH holding company Candover has welcomed the European Commission clearing its sale of French and Italian frozen food chain Picard to another investment vehicle BC Partners for more than Euro 1.3 billion. The sale brings Candover a 2.7-times return on its 2001 acquisition of Picard in 2001, when it bought the chain from French retailer Carrefour in 2001 for Euro 920 million.Further investment has been made, however, with Picard since opening around 150 stores, leaving it with 562 in France and 46 in Italy, and launching a home delivery service ...
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