LES VERGERS DU SUD, an apples and melons producer, is raising €12.5 million from AGRO INVEST, BNP PARIBAS DEVELOPPEMENT, ETOILE ID and GARIBALDI PARTICIPATIONS. The deal will strengthen the group's equity base and support its growth strategy.
Founded in the 1990s, the LES VERGERS DU SUD group produces, stores and packages over 46,000 tonnes of apples, with orchards spanning 1,000 hectares in western and south-eastern France, and Morocco. France's leading private producer of apples, LES VERGERS DU SUD markets its products via BLUE WHALE, the main apple exporter in France, which has 300 member fruit growers. This strategic partnership gives the group access to the domestic and international markets.
In 2016, the group doubled its size and diversified into market gardening activities with the acquisition of the SOLDIVE group, France's leading producer of melons. With production spread across four countries (France, Spain, Morocco and Senegal), it can market its melons all year round.
Over the last four years, the group, which generated 2018 revenues of almost €80 million, has changed strategic tack in its core business, favouring the production of apples with high added value, particularly "club" and organic apples, whose markets are more dynamic, thanks to high demand. At the same time, LES VERGERS DU SUD has made structural investments in its industrial facilities to increase its production and packaging capacity.
Advised by ADVISO PARTNERS, the executive shareholder of LES VERGERS DU SUD, Didier MIOLLAN, is opening up the group's capital to a pool of financial investors in order to support its growth strategy. He is also keeping a lookout for acquisition opportunities.
Didier MIOLLAN, Chairman of LES VERGERS DU SUD: "This deal validates the strategic choices made over several years in terms of both industrial organisation and the shift towards high value-added apples. By raising funds from institutional partners who share our values, we will be able to accelerate our expansion and take our group's development to the next level."
Delphine NICOLAS, Executive Director at AGRO INVEST: "In the past, LES VERGERS DU SUD has demonstrated its ability to achieve sustained, profitable growth. AGRO INVEST is very pleased to support Didier MIOLLAN to further accelerate the group's development in value-added apples, thus reinforcing its position as the sector's leading independent player and in new fruit varieties."
Gilles COUDON, Managing Partner at ADVISO PARTNERS: "ADVISO is pleased to have advised Didier MIOLLAN in this capital increase. With financial partners on board, LES VERGERS DU SUD will be able to accelerate the transition in its mix of apple varieties and forge ahead with its ambitious development plan."
