FnB Private Equity has held the final close of FnB Europe Fund, its first European fund specialised in the food and beverage industry. FnB Europe Fund has raised EUR134.5 million, surpassing the EUR120 million initially targeted.
A first closing at EUR101 million was announced in April 2018.
The fund is backed by institutional investors including fund of funds, insurance companies, regional banks and pension schemes, and the remaining by entrepreneurs, family offices and the FnB team. The fund received almost 40 per cent of its subscriptions from European investors based outside France.
The fund invests in controlling positions in European SMEs in the food and beverage industry, actively contributing to their transformation, building upon the team’s experience. Investment tickets are between EUR8 million and EUR18 million, excluding co-investments offered to the fund’s LPs. The geographical focus of the investments includes France, UK, Benelux, Italy, Spain and Portugal.
FnB Private Equity has already invested in 3 companies to date: Eric Bur, Lartigue & fils and Valade. A fourth transaction is expected by the last quarter of 2018, which will lead the fund to be invested at over 30 per cent by the end of the year. The fund is targeting 10 transactions in total.
