Apheon agrees to buy French frozen snacks group Alma

Apheon has agreed to acquire Alma, a newly created French frozen-snacks group with about 115 employees and annual revenue of roughly €40 million, according to PE Hub. The transaction gives Apheon a platform formed from the combination of Foo Seng and Varachaux, two French businesses serving frozen food and foodservice markets.

PE Hub reported that Apheon will invest alongside Daniel Coutinho, Alma’s chief executive, who will continue to hold a significant stake in the business. The report did not provide a purchase price or other financial terms.

Alma brings together two specialist manufacturers. Foo Seng makes frozen Asian snacks. Varachaux produces frozen meat-based and plant-based food components for food manufacturers and foodservice operators, according to PE Hub.

The deal places Apheon in a segment where production scale, distribution reach and customer relationships can matter for both branded and business-to-business food suppliers. Frozen snacks and prepared components typically require reliable cold-chain handling, consistent manufacturing standards and access to foodservice or industrial customers, making operational integration central to any acquisition-led strategy.

Buy-and-build plan

PE Hub said Apheon intends to back a selective buy-and-build strategy in Europe, where the market remains highly fragmented. In private equity, a buy-and-build strategy generally uses an initial platform company as the base for further acquisitions. The aim is to combine smaller operators, broaden product ranges, add customers or geographies, and seek efficiencies across procurement, manufacturing, sales or administration.

For Alma, that approach starts with the pairing of Foo Seng and Varachaux under one group. The businesses address adjacent parts of the frozen-food market: Foo Seng through Asian snacks, and Varachaux through meat-based and plant-based components used by manufacturers and foodservice operators.

PE Hub did not report a closing timetable, regulatory conditions, financing details or the identity of the seller. It also did not state whether Alma’s management structure will change beyond Coutinho remaining chief executive and a significant shareholder.

The agreement adds to private equity activity in European food manufacturing, a sector where sponsors often look for companies with defensible production capabilities and scope for consolidation. In this case, the facts reported by PE Hub indicate a platform investment rather than a single-asset operating acquisition, with Apheon expected to use Alma as a base for future expansion in frozen snacks and related food components.

This story draws on original reporting from PE Hub.