Edmond de Rothschild Corporate Finance has advised La Boucherie shareholders on the opening up of the group’s capital to UI Gestion and BNP Paribas Développement

Press release - 2/14/2017

To support its robust growth, La Boucherie, the third-largest group on the French grill restaurant market, has accepted BNP Paribas Développement and UI Gestion as minority shareholders, in addition to Naxicap, already on-board.

Morgalex (the structure uniting Bertrand Baudaire, founder, and the management team headed by Christophe Mauxion, Managing Director) remains the majority shareholder.

La Boucherie is based near Angers in western France and has grown from 80 restaurants in 2011 to almost 160 today (in France and in seven other countries). Its strong growth can primarily be attributed to a franchise-based strategy, supported by vertical integration that guarantees control over quality and the key components of the concept. In this respect, the Group owns:

  • its own meat cutting and maturing plant (100% European meat) employing close to 40 employees
  • a central kitchen, opened in late 2016 to produce cooked items for its restaurants (sauces, garnishes and dishes)
  • a central procurement and supply division with a storage site for non-perishable foodstuffs
  • a training centre for franchise owners and employees (in partnership with a specialist organisation).

La Boucherie achieved branded sales exceeding €150 million in 2016. Last year’s acquisition of two new brands (Bistrot du Boucher and L’Assiette au Boeuf, respectively contributing a further 17 and 2 restaurants, mainly under franchise) has reinforced the chain’s town-centre presence and expanded the offering for independent restaurant owners looking to join a network.

Benefiting from a positive outlook, the Group intends to pursue the growth of its network of franchised restaurants in France and Europe.


M&A Advisors: Christophe Marchand (Managing Director), Arnaud Petit (Associate Director), Aurélien Bouvier (Associate)

Financing advisory: Gregory Fradelizi