Paris, 8 February 2023 – With the support of its shareholders – including Apax, its majority shareholder since 2019 – Routin-1883 announces the acquisition of Cappuccine, a company located near Los Angeles (CA) and specialising in powdered mixes used to prepare frappes and other beverages, to strengthen its presence in the US.
This latest acquisition will bolster Routin-1883’s development in the US, a market it first moved into back in 1996. The deal forms part of Routin-1883’s strategy to build up a diversified group supplying beverage ingredients to coffee shops and food service businesses and will generate sizeable commercial synergies both in North America and in various international markets.
Routin-1883 has made 3 acquisitions corresponding to €27 million of additional revenue since Apax joined forces with it 3 years ago.
Routin-1883 employs 220 people and its 2022 revenue totalled over €92 million. The company is headquartered near Chambéry. It has grown strongly since establishing its emblematic “1883” brand and now manufactures over 170 flavours of syrups, sauces, fruit-based creations and smoothies. Its products are sold in cafés, bars, restaurants and other food service establishments in more than 80 countries as well as in large supermarket chains across France.
Cappuccine Inc. was founded 30 years ago on the US west coast and offers a wide range of powdered mixes used to prepare frappes, lattes, smoothies and other beverages. It is based in Corona (California) and caters mainly to cafés and food service operators across the US and overseas, generating annual revenue in the region of $10 million (65% in the USA, 35% internationally).
“When Apax first became a Routin-1883 shareholder back in 2019, our aim was to turn the “1883” brand into a global reference in the market for hot and cold beverage flavourings. The acquisition of Cappuccine takes us another step forward along our roadmap”
Caroline Rémus, Partner and Martin Bouilleux, Director at Apax.
“The takeover of Cappuccine will boost our positions in the US market via our Routin America subsidiary. With consolidated revenue in excess of $20 million, this deal will secure Routin’s development in the world’s biggest market for coffee shops and mixology. After having acquired Eyguebelle (syrups, sauces, purees) and Artonic (craft mixers such as ginger ales and tonics) respectively in 2021 and 2022, we wanted to set our sights overseas for this latest stage in the creation of a leading international On-Trade ingredients manufacturer”
Loïc Couilloud, CEO of Routin-1883.
List of advisors:
- M&A advisory – Buyer: Pramex International (Jérôme Dupas, Nicolas Ferry, André Borghoff)
- Legal – Buyer: Faegre Drinker Biddle & Reath LLP (Luc Attlan, Nick Corbett) & Mermoz (Tristan Segonds, Gaspard Le Pomellec)
- Financial due diligence – Buyer: Mazars
- Banks: LCL, Crédit Agricole des Savoi
Press contacts
Lauren Bardet
Communications Director
+33 6 16 32 72 82
lauren.bardet@seven2.eu
Jérôme Goaër
Verbatee,
+33 6 61 61 79 34
j.goaer@verbatee.com
Valérie Sabineu
Verbatee,
+33 6 61 61 76 73
v.sabineu@verbatee.com
About Apax
Apax is one of the leading private equity firms in Europe. With 50 years of experience, Apax works with companies over the long term to make them leaders in their sector. The funds managed and advised by Apax amount to over €5 billion. These funds invest in high-growth SMEs and SMIs in four sectors of specialisation: Tech & Telecom, Services, Health and Consumer Goods.
Apax sas, based in Paris (www.apax.fr), and Apax LLP, based in London (www.apax.com), have a common history but are two independent firms.
