The shareholders of Picard Surgelés ("Picard"), the leading French frozen food retailer, have signed an agreement with BC Partners to sell Picard for an enterprise value in excess of €1.3 billion prior to year end, subject to competition clearance.

Picard is a market leading retailer of frozen food to high and middle income bracket customers. It has a total of 570 stores in France, and 45 in Italy. Almost all its product range, which encompasses around 1000 items, is both manufactured for and sold exclusively by Picard. In addition to its network of shops, Picard also provides a home delivery service in France and in 2003 set up a similar home delivery service in the UK, focused on the London area. 

In February 2001, Montagu Private Equity took part alongside Candover in the €920 million buyout of Picard from Carrefour. In the three and a half years since then, Picard has opened close to 150 stores, increased its market share and strengthened its brand thanks to the introduction of quality innovative product ranges. 

In the year ended 31st March 2004, Picard's turnover increased by 13% to €747 million and EBITDA by 15% to €109 million.