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Daniel Coutinho acquired the premium frozen Asian snacks manufacturer Foo Seng through the NCA Operator-Led Buyout Program in July 2023, with the ambition of building a leading platform in the sector. The acquisition was backed by several SF investors, including Cloudbreak, TMB3 Fund, Sillage Partners, and Novadvice, among others.
Under his leadership, the company underwent a significant transformation, strengthening its operations, expanding its commercial capabilities, and broadening its product offering. A few months ago, the company completed the acquisition of Varachaux, a manufacturer of frozen meat-based and plant-based food components for food manufacturers and foodservice operators, gaining access to its complementary product range, industrial expertise, and know-how.
Founded in 2009 and based in Orly, Foo Seng has delivered consistent revenue growth in recent years, operating in one of the fastest-growing niches of the frozen food market, where halal products represent the most dynamic sub-segment. Together with Varachaux, the Group benefits from a diversified portfolio of frozen snacks, access to tier-one customers, and strong industrial capabilities to further accelerate its growth. The combined group, named Alma, employs approximately 115 people and generates around €40M in annual revenue.
Apheon, a leading European PE firm, has announced the acquisition of Almma, marking the beginning of a new phase of growth for the group as it continues to pursue its buy-and-build strategy. Daniel Coutinho will remain CEO and a significant shareholder alongside Apheon. The transaction generated an IRR of approximately 40% in just 3 years.
Daniel Coutinho, CEO of Almma, commented: “In recent years, Foo Seng has established itself as a leading player in premium frozen Asian snacks, driven by our commitment to authentic recipes, consistent product quality and culinary know-how. The acquisition of Varachaux earlier this year marks a pivotal step towards a larger and more diversified group. Apheon shares our long-term vision and brings not only the capital, but the strategic support and buy-and-build expertise we need to accelerate our expansion across Europe and build a truly category-defining platform while upholding the product quality and authenticity that define the Group.” He added: “NCA’s support throughout every stage of the journey, from acquisition to growth and now exit, has been invaluable.”
Wolfgang de Limburg, Managing Partner of Apheon, added: “Almma operates in an attractive, fast-growing niche where it holds a leading position, underpinned by authentic products, strong industrial capabilities and a clear consolidation opportunity ahead. We have great respect for what Daniel and his team have achieved in a short period and we look forward to this partnership, with the shared ambition of making Almma a champion in world foods snacks across Europe.”
M&A (seller): NINE58 / (buyer): Raymond James
