European private equity firm Ardian is exploring a potential sale of Frulact, a Portugal-based producer of natural fruit-based and plant-based specialty ingredients, according to a report by Bloomberg citing unnamed sources familiar with the matter.
The firm has retained Evercore to advise on the potential transaction.
Frulact, founded by Portugal’s Miranda family in 1987, supplies ingredients for dairy, ice cream, desserts, beverages, flavours, and plant-based alternatives. Ardian acquired the Porto-based business in 2020, and any sale could value the company at under €1bn ($1.2bn).
The review comes as Ardian has increased its focus on exits, driven by investor demand for capital returns. The firm has previously delayed fundraising for its multi-billion flagship buyout fund while continuing to manage its portfolio.
Ardian is concurrently pursuing exits in other sectors, including the potential sale of French aerospace maintenance company Revima, advised by Jefferies, which could be valued at around €800m, and exploring options to revive the sale of French food retailer Prosol Group.
Deliberations remain ongoing, and Ardian could ultimately decide to retain the assets. Representatives for Ardian, Evercore, and Jefferies declined to comment.
