Natural mineral waters renowned for their outstanding qualities: pure, local and sustainable

Founded more than 100 years ago, Société des Eaux Minérales d’Arcachon (SEMA) is built on two rare and exceptional assets located in Arcachon: two major natural mineral water springs among the deepest in France — Source Sainte Anne (drawn from a depth of 472 meters and fed by water from the Massif Central), from which Abatilles waters originate, and Source des Pins (drawn from a depth of 330 meters), from which Source des Pins waters originate.

This depth naturally protects both springs from any pollution (zero nitrates), thanks to multiple layers of sand, clay, limestone and sandstone that act as a geological barrier. It gives the water unique mineral characteristics, thermal properties and a neutral taste — a profile highly valued by fine dining establishments as it does not alter the flavor of the dishes served. This quality, recognized by leading chefs, makes Abatilles a must-have water on France’s finest tables.

Since its acquisition in 2013 by a duo of entrepreneurs, Jean Merlaut and Hervé Maudet, SEMA has undergone a profound transformation. Significant investments have enabled the modernization of its production and drilling facilities, the creation of a range of three complementary product lines (“La Bordelaise” and “L’Eau de Tous les Jours” for Abatilles waters; “La Source des Pins” for Source des Pins waters), in terms of formats and water types (still and sparkling), and the repositioning of the Abatilles brand in the premium natural mineral water segment.

The company employs around fifty people and generated revenues of more than €20 million in 2025, with over 50 million bottles sold.

A strong growth potential

The growing demand for traceability and water purity is driving an increasing number of consumers to seek out natural, untreated water. Heat waves, which are becoming more frequent and intense, are also driving up water consumption. In this context, the intrinsic qualities of natural mineral water and the therapeutic benefits often associated with it have thus become key differentiators.

SEMA benefits from a strong premium brand image for Abatilles waters, particularly in the South-West of France, supported by its regional roots and a 100% French production chain. The availability of water from its springs and its production capacity also represent a strong competitive advantage in meeting growing demand: the volumes extracted remain well below the authorized limits, unlike many French natural mineral water sources that have already reached their maximum extraction capacity.

The entry of NextStage AM, which has been supporting high-growth SMEs and mid-sized companies for nearly 25 years, into SEMA’s share capital — in a transaction advised by Largillière Finance — aims to accelerate the company’s nationwide development into new regions (South-East, Île-de-France, Brittany and Normandy), by strengthening the group’s presence in out-of-home consumption channels (CHD – restaurants, etc.) and accelerating its expansion in mass retail distribution (GMS). The investment by NextStage AM, carried out alongside Hervé Maudet, who remains a shareholder and continues to lead the group, is intended to reinforce SEMA’s marketing strategy and enhance the group’s commercial capabilities.

An alliance of expertise and entrepreneurial vision

Founded in 1997 by pastry chef Arnaud Larher, Meilleur Ouvrier de France in 2007, Maison Arnaud Larher is a highly reputed heritage brand with recognized expertise, pursuing a strategy focused on international expansion and moving upmarket.

For Fauchon, this acquisition opens up new growth prospects and marks a decisive step in its ambition to become a benchmark player in the high-end pastry and chocolate segment, both in France and internationally. By integrating Maison Arnaud Larher, Fauchon intends to strengthen its product offering and accelerate the deployment of its network.

The merger of the two companies will make it possible to:

• The development of a network of Arnaud Larher boutiques in France and abroad. These boutiques will be financed through equity investments and, if necessary, the structuring of bank financing.
• The enrichment of the Fauchon offer, through the creation of a line of pastries and chocolates co-signed by Fauchon x Arnaud Larher, combining artisanal excellence and aesthetic excellence. This range is designed to enhance the appeal of existing boutiques and appeal to a clientele in search of high-end novelties.
• Creating synergies. A project to resize the production workshop is currently under study. The creation of a workshop dedicated to the production of macaroons is also envisaged in order to meet growing demand in this segment, on both domestic and export markets.

The Galapagos Group, a Fauchon shareholder, will support the entire project through:

• Financing investments in network expansion and production facilities,
• Providing strategic and operational support for international expansion,
• Providing shared resources for finance, HR, development and supply chain.

The group is positioned across the entire value chain. It has developed activities in fishing, aquaculture, primary and secondary processing in its local factories, export and distribution on French and international markets. The Group offers a wide range of complementary products (toothfish, octopus, shrimp, seaweed, pelagic and bottom fish), sold in various forms (raw, cut, frozen, fresh, processed). The company’s clientele is evenly balanced between supermarkets, out-of-home catering, manufacturers and local authorities.

With sales of 70 million euros, constantly rising in recent years, the group owns some 30 boats and operates 7 processing plants.

The group is strongly committed to the responsible and sustainable exploitation of seafood products: it has been awarded the demanding MSC certification for sustainable fishing and the state ecolabel for “sustainable fishing”, and has forged numerous partnerships with NGOs, universities, scientific bodies and local associations.

In a seafood products market that is growing by 5% a year, the group was seeking a reference in financial terms to support the next stages of its development. The investment bank Largillière Finance was chosen because of its in-depth knowledge of the agri-food industry, the French overseas territories and French financial players, an essential criterion in the choice of a new partner. In this spirit, Hivest Capital acquired a stake in the company, while at the same time facilitating a transition between the group’s management generations, with current and future managers acquiring a greater stake in the company. Governance will remain based in La Réunion, where the group operates.

Hivest Capital will provide the group with all the resources it needs to accelerate its development, particularly in its CSR policy and the continuous improvement of its ESG commitments. Hivest Capital and the group’s management team also share the common goal of developing the group’s position, both in its historical markets and internationally, notably through external growth operations.

Founded in 1997 by the current CEO, the Huguenin Group is a specialist in the trading, primary and secondary processing of exceptional quality meat products for a clientele of high-end restaurateurs. Based in Rungis (94), the group is renowned for its excellent sourcing and tailor-made service. With sales of €28 million, including almost 10% from exports, and a workforce of 42, it works for 300 customers every day, including such big names as Groupe Ducasse, Plaza Athénée, Lenôtre, Big Mama and Jean-François Piège.

Huguenin operates in a niche sector and caters to an extremely demanding clientele, sensitive to the provenance, traceability, certifications and, more generally, the quality of the products it buys. In an out-of-home catering market with annual growth of 14% post-Covid, the Group is forecasting sales growth of over 40% between 2020 and 2022.

Jean-Claude Huguenin, who has been at the helm for almost 30 years, wanted to organize the transfer of his company’s capital and management. The investment bank Largillière Finance quickly identified the FrenchFood Capital fund, specialized in the agri-food sector, as one of the best candidates for the takeover.

FrenchFood Capital takes control of the company through a majority LBO. Jean-Claude Huguenin will support the management handover, building on the strong, well-structured team already in place. A new manager is expected to join the group at a later stage and take a stake in the capital. Other key managers may also be interested in acquiring a stake.

Nathanaël Blanc, Director at Largillière Finance, comments: “For more than 27 years, the Huguenin Group has set itself apart from all its competitors, through an irreproachable level of service, accompanied by an ever-increasing demand for quality. A long-standing supplier to some of the finest Michelin-starred restaurants in Paris, the Group’s reputation for excellence and its ability to conquer new markets were key factors in convincing French Food Capital to take part in this acquisition. We are delighted to have been part of this very successful operation, in a particularly discreet and closed world”.

Maison Boinaud is a family group established since the 17th century in the heart of Grande Champagne (Cognac), and managed by Charles and Rémi Boinaud, in the 24th generation. Its 420-hectare vineyard is the largest family estate in the region.

Founded in 1989 by Maison Boinaud, Biossent extracts active principles from oak wood and vines for the ageing of wines and spirits [through its two brands Boisé Sélection for spirits and Oenotan Sélection for wine].

Thanks to its outstanding mastery of the production process, Biossent has acquired a strong reputation that enables it to serve 110 customers in 15 countries, including the United States, on all 5 continents. Exports now account for 60% of sales. Wishing to refocus on spirits, Maison Boinaud decided to transfer Biossent to a company able to capitalize on its assets and support it in an ambitious growth project, and appointed Largillière Finance.

TFF Group has grown from the historic business of Tonnellerie François Frères to become the international leader in the design, production and marketing of oak barrels for the production of top-of-the-range wines and the ageing of spirits. The group, listed on Euronext, is run by the 4th generation. It has 1300 employees worldwide. With the acquisition of Biossent, TFF Group strengthens its position in the dynamic sector of wood products for oenology, and broadens its offer.

Vino Cado – Vino Club joins Oenodyssée

Founded in 2010, the company CRGE developed impressive two-fold expertise in the wine-related events sector through its two brands, Vino Cado and Vino Club:

• Wine trade primarily aimed at companies
• Wine-related events for companies and private individuals
• After 10 years of developing CRGE, the founding managers wanted to pursue new professional opportunities. They asked the Largillière Finance team to organise the sale. Various wine-related events companies were interested in CRGE.

Following the sale, CRGE joined Oenodyssée, a specialist in wine-related events and wine tourism.

Stakeholder :

The Blanvillain family, owner of the group A l’Olivier, has entrusted Largillière Finance with a mandate to sell their group. Previously, Largillière Finance conducted an evaluation of the group’s shares at the request of the Blanvillain family. The goal of the family was to find a solid buyer who could support the development of the group and share a family business culture. The mission was successfully accomplished by Largillière Finance.

With this acquisition, Darégal diversifies its offer with highly complementary products and exceeds the € 150 million turnover treshold. Benoît and Jérôme Blanvillain – leaders of the group A l’Olivier, join Darégal.

About groupe A l’Olivier (www.alolivier.com)

For nearly two centuries, the A l’Olivier group has been selecting and offering olive oil crus of excellence offering impeccable organoleptic quality. It has grown all over the world and today has 4 sites in France and 5 prestigious boutiques. The group has also specialized in the flavoring of olive oils by developing a line that today represents a key reference in the flavored oils market. With its mill in Poitou and that of Sainte-Anne in Grasse, it also has a recognized expertise in the manufacture of nut’s, seeds’, olive’s virgin oils.

About Darégal (www.daregal.fr)

Founded in 1887, the Darégal group is based in Milly-la-Forêt in the Parisian region where its head office and production site dedicated to the cultivation, processing and marketing of aromatic herbs are located. Its historical agricultural know-how and its state-of-the-art tool have brought the group its world-renowned reputation. With a strong international presence, it now has 4 production sites in Europe and the United States. As a benchmark player in its market, the group devotes a large part of its turnover to research and innovation.

Stakeholders List:

Strategic support for managers and shareholders