There’s bake-offs in investment banking and then there’s real bake-offs.
Street Talk can reveal one sale process generating some heat is KPMG Corporate Finance’s auction of artisan bread-maker Noisette.
It is understood private equity firm Next Capital is in exclusive discussions to acquire the Melbourne-based business, which makes high-end croissants, pastries and bread for cafes, patisseries and the like.
Noisette co-owner and fifth-generation baker, David Menard, has been seeking a growth capital partner for Noisette, and issued sale documents to prospective financial investors in recent months.
Sources said Next Capital would inject equity into Noisette and look to expand its production facilities in Victoria and increase the range on offer to core customers.
Menard was believed to be seeking up to $100 million [enterprise value] for the business.
Next Capital typically takes a controlling stake in its portfolio investments, then works in partnership with the owners and founders.
It acquired trans-Tasman health foods manufacturer Vitaco in 2007, sold down in a $232 million public float in 2015, before the company was bought out by Chinese operators 14 months later.
Noisette has two production facilities servicing the Melbourne metropolitan area and some regional areas…see full article.
