Ajinomoto Co., Inc. has finalized its purchase of Labeyrie Traiteur Surgelés S.A.S. (LTS), the Le Neubourg, France-based producer of frozen desserts and macarons, apéritifs (bite-size puff pastry), pies, risotto and other products sold under the Labeyrie and Blini brand names. The sales price of EUR 27 million was based on enterprise value of EUR 21 million, plus other assets and receivables.
The acquisition will further strengthen the Tokyo, Japan-headquartered buyer’s consumer food business in Europe and accelerate growth. Its Paris-based Ajinomoto Foods Europe operation, established in 2003, generated EUR 183 million in turnover last year. While largely known for umami seasonings and enzyme preparations in the EU, the company has more recently established itself as a frozen food components supplier to Japanese restaurants on the continent and a maker of frozen gyoza (meat and vegetable filled dumplings) and ready meals distributed to supermarkets and other retail stores.
Labeyrie Traiteur Surgelés, established in 2010 following the acquisition of Brossard Frozen Food by Labeyrie Fine Foods S.A.S., officially changed its name to LTS S.A.S. on November 2. Currently capitalized at EUR 7 million and employing 307 people, it posted sales of approximately EUR 50 million in 2016.