Lion Capital to Buy Picard Surgeles

Lion Capital has agreed to buy French frozen food retailer Picard Surgeles from BC Partners.

Industry analysts estimate the purchase agreement could be around €1.5bn ($1.9bn).

The deal is expected to be complete by the fourth quarter following regulatory approval.

In 2004, BC Partners bought Picard for €1.3bn ($1.6bn) from Candover.

Picard has a network of 820 retail outlets, while Lion Capital focuses on consumer brands in the food and retail sectors.