Ardian is preparing to launch a fresh auction for Prosol Group, the French food retailer behind the Grand Frais supermarket chain, at a valuation of €3bn–€4bn with US buyout firm Clayton, Dubilier & Rice (CD&R) among potential bidders, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as revealing that the Paris-based private equity firm, which acquired a majority stake in 2017, has hired Zaoui & Co and JPMorgan to run the process, which is expected to begin formally in October. A sale could value Prosol at €3bn–€4bn ($3.5bn–$4.2bn), based on EBITDA of around €400m.
Founded in 1992 by Denis Dumont, Grand Frais operates more than 250 stores across France, with a focus on fresh and locally sourced products. Dumont, who retained a stake alongside management, is expected to reinvest on a minority basis under new ownership.
For CD&R, which already owns Morrisons in the UK and controls French home equipment retailer Mobilux, Prosol would represent another major European retail investment. The firm recently closed its acquisition of Sanofi’s consumer health business, Opella.
Ardian had previously explored a sale of Prosol but shelved plans in the aftermath of the Covid-19 pandemic.
