UNIGRAINS
Presentation
February 2013
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Independent Capital Investor
Our Strategy
Food and Agribusiness focus
Partnering
Team & Contacts
February 2013
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Independent Capital Investor
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 Investments made through Unigrains’ equity (currently €650M) and its subsidiary Céréa
(€360M under managment)
 Major equity shareholders are Associations of cereal producers
AGPB
(Association Générale
des Producteurs de Blé
et autres céréales)
AGPM
(Association Générale
des Producteurs de Maïs)
Corporate banks
(Crédit Agricole, Natixis,
Société Générale,
BNP Paribas…)
> 50 %
CEREA GESTION
UNIGRAINS
-Mezzanine
- LBO
Chairman : Philippe Pinta
Vice Chairman : JF. Isambert
CEO : JF. Laurain
Chairman Adviser : Ph. Ducroquet
MESSIS FINANCES
-Advisory services
-M&A
Finance
February 2013
Investment &
Development
Food and Agribusiness
Research
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Independent Capital Investor : subsidiaries’ activities
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CEREA funds

Céréa Mezzanine operates alongside majority private equity, family or
management team investors as a specialist provider of mezzanine financing
for leveraged transactions (LBOs, LBIs, OBOs….), shareholding
restructuring and financing of acquisition and organic growth projects


Céréa Capital participates as a majority or joint-majority private
equity investor in family or management shareholding
restructurings and spin-offs or divestments from industrial groups,
families or other investors
Céréa Mezzanine offers financing combining bullet-repayment bonds with
a minority access to equity through warrants, thus enabling shareholders
to benefit from additional financial leverage beyond senior debt


Scope:
Céréa Capital closely associates each company's management to the
success of the transaction and supports it in the identification and
selection of internal and acquisitions projects with a view to
increase the intrinsic and strategic value of its investments

Scope:


European companies with an Enterprise Value between €15M and
€300M
Investment varies between €2M and €15M


Céréa Mezzanine
€105M
Fully invested in 2008
February 2013
Céréa Mezzanine II
€127M
€65M invested since 2008
European companies with an Enterprise Value between
€15M and €80M
Investment varies between €3M and €15M
Céréa Capital
€130M
€64M invested since 2007
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Independent Capital Investor : Subsidiaries’ activities
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MESSIS FINANCES

Established in early 2007, Messis Finances is a wholly-owned subsidiary of Unigrains, specializing in financial engineering and
M&A services for Agribusiness companies in France & Europe.

Main solutions proposed by Messis Finances:
Solutions
proposed
Strategic
issues
Financial
resource issues
Development,
acquisitions
Financing growth
New shareholders
Asset disposal
Syndication
Recapitalisation

From defining requirements through to completing the transaction, the professionals at Messis Finances provide clients with
expertise and experience to optimize and drive their strategic financial projects through to success.

Messis Finances has advised more than 20 transactions since 2007: Tereos on bond financing for acquisition of Tate & Lyle’s
assets (2007), acquisition of Evialis by Invivo (2007 and 2009), acquisition of Brocéliande ALH by Cooperl Arc Atlantique
(2009), disposal of Arrivé to LDC (2010), disposal of Atlantique Alimentaire to Comigel (2010), acquisition of BCS by
Neuhauser (2011).
February 2013
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Our strategy
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 Strenghten our strategic links with the companies of the portfolio in France
 Provide broader services (financial engineering, advisory…) to the companies of the
portfolio
 Improve our presence outside France
•
Offer services to support French companies’ expansion abroad
•
Presence in emerging markets (India, Africa) through investments in Private Equity Funds
dedicated to the Food and Ag sector
•
Aim to develop other close relationship with management teams, in order to invest in Ag and
Food sector’s dedicated funds, based in East Asia, Brazil, Eastern Europe
•
Active search for partnerships in Western Europe with organizations involved in the Food and Ag
sector
February 2013
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Our strategy : investments in Private Equity funds
SEAF India
Food & Ag growth capital in India - closed in
2011
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$50 M
 May 2011 : $700K - manufacturer of milk dairy products based in New Delhi
 August 2011 : $2,6M - western Indian company involved in the technology based cottonseed processor
 December 2012 : $1.8M - soy processing plant (expeller extrusion) and cotton ginning & pressing unit in
central India
 December 2012 : $3,6M – biotech engaged in hybrid and elite open pollinated seeds of several field crops
and vegetable crops in nord India
Ag. African Fund
Food & Ag growth capital in Africa - raised in
$250 M
2011
target size
 July 2011 : $10M - palm oil plantation and milling company located in Sierra Leone
 May 2012 : $24M - company involved in the production, distribution and sale of chicken table eggs
located in Zambia
 December 2012 : $ 10,5M - palm oil plantation and commercial arable farm in the Democratic Republic
of the Congo
Sofinnova Green Fund
February 2013
Green chemestry & bio energy seed capital
(Europe) - raised in 2012
€ 40 M
target size
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Food and Agribusiness focus
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Fields in which UNIGRAINS operates
AGRIBUSINESS
FOOD
• Seeds
• Bioethanol (first and
second generation)
• Plant-based chemistry
• Biomaterials
• Industrial equipment
• Transportation – logistics
• Packaging
• …
February 2013
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Milling
Bakery
Pastries
Malt
Animal feed
Meat products
Dairy products
Fish and seafood
Deli products
Food service
Ingredients
Fruit and vegetables
Beverages
Retail
…
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Food and Agribusiness focus : portfolio breakdown by sector (as of dec.2011) 2/5
Miscellaneous
Seeds – Agro-industry
Meat processing
8%
25%
9%
Dairy Products–
Ingredients
10%
450 m€
invested
28%
9%
Cereal processing
11%
Cooked meats –
Deli Products – Food Service
Animal Feed
February 2013
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Food and Agribusiness focus
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Expertise contributing to more than 500 companies up to date
February 2013
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Food and Agribusiness focus : recent deals
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September 2012
July 2012
June 2012
June 2012
Packaging machinery
Sugar – starch – alcohol
Cooperative Group
Automatic food distribution
Diversified food and agribusiness
Sales revenue : € 38 M
Sales revenue : € 4 400 M
Sales revenue : € 132 M
Sales revenue : € 400 M
LBO
Equity Restructuring
Acquisitions
Share Buyback
June 2012
June 2012
January 2012
December 2011
Fine food brands
Cooperative Group
Sales revenue : € 248 M
Sales revenue : € 736 M
Sales revenue : € 192 M
Equity restructuring
Support of acquisition
Growth capital
Cooperative Group
Sales revenue : € 625 M
Growth capital
February 2013
Agro-equipment /anti-damaging
production and distribution
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Food and Agribusiness focus : recent deals 5/5
December 2011
December 2011
November 2011
October 2011
Dairy Cooperative Group
Rabbit & Goat meat Processing
Equestrian Equipment
Distribution
Cereal Processing
Sales revenue : € 8 135 M
Sales revenue : € 117 M
Sales revenue : € 63,4 M
Sales revenue : 110 € M
Growth capital
Growth capital
LBO
Growth capital
July 2011
June 2011
June 2011
January 2011
Food ingredients
Cereal processing
Seeds – Bakery
Cooperative Group
Transport and Logistics
Sales revenue : € 175 M
Sales revenue : € 801 M
Sales revenue : € 1 450 M
Sales revenue : € 2 300 M
LBO
Growth capital
Growth capital
February 2013
Equity restructuring
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Partnering
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Unigrains is a long term partner of the Food and Agribusiness sector
 A growth Capital Investor and financing provider dedicated to the agribusiness industry
 An investment experience and partnership of 50 years in more than 200 French
agribusiness SME’s
 Strong relationship with the major shareholder, based on trust and shared strategic
approach
 Long term value added
 Operating investments with the support of a Research Department, for a strategic
view of entrepreneurs' projects
 Size of investment per deal : € 0.5 to €50M
February 2013
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Partnering
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An industry expertise and a strategy know-how to serve partner companies
Major fields of activity
Strategic analysis
 Strategic analysis of food and agribusiness
industries and key companies positioning
 Watch over international developments
 Customised studies, conducted upon request
Marketing and consumer
trends
Raw materials sourcing
 Insight into market dynamics (industrial and
marketing), product innovation and consumer
trends
 Publishing of periodic market analysis
 Monitoring of consumption and retail trends,
study of retailer panel
 Monitoring of agricultural commodities and
prices
 Monitoring of regulatory trends
Regulation
February 2013
 Outlook scenarios, economic forecasts and
analysis of the impact of policy directions
(particularly the European Common Agricultural
Policy)
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Our Team
Jean-François LAURAIN
C.E.O.
Christine KERBOULL
mail :[email protected]
Didier BOSC
Investment and
Development Director
Commerciale and
Financement Director
mail :[email protected]
Yves GASLAIN
Principal
mail : [email protected]
mail :[email protected]
Florence ALIN
Principal
Denis CAMARET
mail : [email protected]
mail : [email protected]
Dominique COURCOUL
Principal
mail:[email protected]
February 2013
Principal
Daniel-Eric MARCHAND
Principal
mail:[email protected]
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Our Team
Jérôme GENEY
Investment Director
Sébastien HASELINT
mail : [email protected]
Bruno JULLA
Investment Director
mail : [email protected]
Romain PINPERNET
mail : [email protected]
Jean-Jacques BRY
Investment Officer
Investment Officer
mail : [email protected]
February 2013
Investment Director
mail :[email protected]
Isabelle LUGUENOT
mail : [email protected]
François-Xavier MASSON
Investment Director
Investment Officer
mail :[email protected]
Benoît VIRON
Investment Officer
mail : [email protected]
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Our Team
Philippe MEYER
Economic Research
Director
mail : [email protected]
Céline ANSART
Senior Agribusiness
Expert
mail : [email protected]
February 2013
Eric PORCHERON
Senior Agribusiness
Expert
mail:[email protected]
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Contacts
UNIGRAINS
23 avenue de Neuilly
75 116 PARIS
France
+ 33 1 44 31 10 22
www.unigrains.fr
February 2013
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