Sophie Lebreuilly bakeries are used to roundabouts. The chain, born in Hauts-de-France, has set up this time near the least typical of them: the Place de l’Etoile. Opened on Avenue Marceau, this boutique is one of its two Parisian addresses. A showcase in the capital, while the network accelerates its coverage on the outskirts of French cities. Behind this strategy, a young investment company, FrenchFood Capital, which gives the means to achieve their ambitions to growing French SMEs in the world of food. Its recipe: capital, of course, but also advice in marketing, recruitment, social and environmental responsibility. Behind the scenes, three experts in financing, management and food. Paul Moutinho, from the private equity firm Naxicap Partners. Perrine Bismuth, ex-entrepreneur in the communications sector. And Laurent Plantier, who supported Alain Ducasse’s empire for eighteen years, from the opening of the multi-starred French chef’s first restaurant in New York, in 2000, to the creation of his cooking schools.
The trio relies on a five-star board of directors, where we meet the CEO of Nestlé France, the founder of GrandOptical and Châteauform’, the boss of Arkéa Capital, and even the founder of Nuxe. On the strategic committee, Denis Hennequin is working on the selection of files. The former boss of McDonald’s in France, then in Europe, and former CEO of the Accor group, participated in the first steps of FrenchFood Capital, in 2017. At the time, the theme of sustainable food struggled to attract crowds , and euros. “90% of people told me that I wouldn’t make it because I didn’t come from the world of private equity“, remembers Laurent Plantier. Convinced by the model, Antoine Flamarion lends him a hand, via his powerful management company, Tikehau Capital. “The theme of food remains promising, whatever the economic or geopolitical scenario: people continue to eat, and better and better”, notes the co-founder of Tikehau. Laurent Plantier then managed to bring on board Bpifrance and a few large agri-food companies – the InVivo and Even cooperatives, the cheesemaker Bel – after having hit all the doors of the sector. And if Danone did not invest, its former boss Franck Riboud allowed himself to be seduced, on a personal level. In the summer of 2019, the fund completed its first fundraising with 132 million euros, almost double of the initial ambition.
FrenchFood Capital then begins to support Thierry Marx’s bakeries. The adventure was cut short, with the famous chef having other things to do – especially since his appointment as president of Umih, the hotel and catering employers’ union. No matter, Laurent Plantier today has a lot of hope in the Sophie Lebreuilly bakeries, on the model of Marie Blachère, on the border between craftsmanship and industrial production: “It is not the same positioning as Thierry Marx, but the bread is shaped and baked on site,” he explains. A wide range of times, 15 to 20 batches per day, spaces to sit down. “We recreate the village café.” In three years, the chain has grown from 15 to more than 60 stores. It aims for 100 in 2024. Here, Denis Hennequin can highlight his experience of large-scale franchising: “When I arrived at McDonald’s, in 1984, there were only 17 restaurants in France. When I left , twenty years later, there were a thousand.” Focused on operations more than paperwork, the former manager “is capable of spending a whole day in an SME to understand how it works”, laughs Laurent Plantier.
La Nouvelle Garde, another participation of FrenchFood, will expand its address book with three or four additional trendy brasseries per year: after Paris, heading, soon, to Lille and Bordeaux. The fund also includes Chapon chocolates and Difagri food supplements for animals. He sold his first asset last year, Les 2 Marmottes, after doubling turnover and profits in less than four years. On his advice, the herbal tea manufacturer abandoned added flavors and successfully played the natural beverage card. Taking environmental issues into account is a strong conviction of the partners. It is also a key to convincing a future buyer. “From the start, we had the intuition that these criteria were intrinsically linked to the value of the brand and the company,” insists the ex-partner of Alain Ducasse. When FrenchFood took over Class’croute, the chicken in the sandwiches came from Thailand… Today, 100% of the ingredients are European. At Sophie Lebreuilly, we offer yesterday’s bread at half price. And the unsold items are reused in the production of a lager beer.
For their second vintage, the partners hope to collect 200 million euros. The pioneers having quickly returned to the pot, FrenchFood Capital 2 has already reached 115 million. The current context of high interest rates is less favorable for fundraising, because investors tend to favor the bond markets or that of private debt, where the risk-return ratio is better. All that remains is for the team to present them with a menu that will whet their appetite.