Mademoiselle Desserts

PPET completed its co-investment in Mademoiselle Desserts in 2019 alongside IK Partners, the first co-investment completed by PPET. At that time IK had owned the business for nine months and had already enacted several value creation initiatives. PPET was backing a market leading business operating in a growing, resilient industry supported by a sponsor with strong sector expertise and a proven management team.

Established in 1984 and headquartered in Montigny-le-Bretonneux, France, Mademoiselle Desserts has grown rapidly to become a leading European manufacturer of premium frozen pastries, including mini beignets, mini muffins, choux-based pastries, tarts, flans and pastry bases. From its 12 production facilities in France, Benelux and the UK, Mademoiselle Desserts serves over 900 customers in more than 45 countries globally. Mademoiselle Desserts sells its products directly to key customers (supermarkets, large restaurant clients) and through wholesalers and specialist distributors to reach smaller end clients.

Exposure to an attractive European frozen foods platform with an interesting entry point for PPET; nine months after IK Partners and following the completion of two meaningful acquisitions. Following PPET’s investment the business was heavily impacted by the Covid-19 pandemic as restaurants and hotels remained largely closed during 2020 and 2021. Following the disruption caused by the Covid-19 pandemic, the business has since recovered strongly in recent years.

In July 2024, IK Partners announced that it had reached an agreement to exit Mademoiselle Desserts to EMMI Group for an enterprise value of €900m. The sale completed in late 2024 and represented the first full co-investment exit from the PPET portfolio.