France-based butter supplier Loyez Woessen aims to enhance its international presence following the acquisition of new investments.
The company is also expanding into cheese and has revealed a new corporate name – Abondia.
Less than 5% of Abondia’s sales originate from outside of France, where it packages butter for the country’s grocery stores. In 2023, the company achieved sales of €210 million ($230.2 million) but refrained from disclosing its profit details.
Having secured an undisclosed investment from BNP Paribas Développement, the group is now poised to extend its presence in the United States and establish footholds in the Middle East and Asia.
BNP Paribas Développement joins a group of investors that includes majority shareholder Sénevé Capital, agri-food fund Unigrains, and members of the butter maker’s management.
The details of BNP Paribas Développement’s investment remain confidential, including the identity of existing shareholders from whom the bank acquired its stake.
Pascal Jallet, appointed as Abondia’s CEO, has become an investor through the course of the transaction.
“International expansion is a greenfield development project, starting from scratch,” a Unigrains spokesperson said, pointing to overseas accounting for “less than 5%” of the business.
“As a first step, a commercial office has recently been opened in the United States. The focus in this first phase will be on butter, the group’s historic segment.”
Loyez Woessen’s Operational Focus:
Abondia has two butter production sites in France, located in Hauts de France and Loire Atlantique. The company employs 120 staff.
The company’s plans for cheese include production in France, with an eye on supplying the country’s major retailers.
In 2017, Xavier Burette, the president of Abondia, invested in Loyez Woessen alongside Sénevé Capital. Unigrains joined as an investor four years later.
Burette said, “The reorganization of our capital will bring added value to our growth projects. We are delighted to continue this adventure with Sénevé Capital and Unigrains and to welcome BNP Paribas Développement as a shareholder. This operation reflects our ambition for the development of our company in the coming years.”
Continue Exploring: Palace Culture’s plant-based cheese sales soar following successful UK retail debut