AXA Sells Benedicta

Food giant H.J. Heinz Co has bought Paris-based sauce manufacturer Benedicta for an undisclosed sum. The company which makes sauces, mayonnaises and salad dressings was sold by private equity firm AXA Private Equity.

AXA Private Equity had held the business since 2005, when it acquired it in a secondary management buyout from Barclays Private Equity and ABN AMRO Capital France for a reported EUR 60m. Benedicta was originally part of Unilever before it sold it in 2000.

Benedicta is understood to generate sales of around US$90m a year. It was the first company in France to introduce table-top mayonnaise in 1957.

The deal is subject to regulatory approval.

Source: Thomson Merger News