RSM has provided financial due diligence services for the Frio Group and Azulis Capital

  • The TAS cross-border team of RSM, the world's 6th largest audit and advisory network, has performed the accounting and financial due diligence for the Frio Group, the European leader in the wine cellar market, and Azulis Capital, a major player in private equity dedicated to small and medium-sized companies, for the acquisition of Temptech, the leader in the wine cellar market in Scandinavia.
  • The RSM team was composed of Eric Fougedoire, Oliver Smyth, Sanna Holmen Krag and Simen Solberg.
  • With this pan-European deal, RSM reinforces its leading role as advisor to private equity funds in their European development strategy.

 

Acquisition of Temptech by the Frio group and Azulis Capital

The Frio group, known for its brands La Sommelière, Climadiff and Avintage, reinforces its position as European leader in the wine cellar segment by taking over the Norwegian company Temptech. Founded in 2004 and based in Stokke, Norway, Temptech is the leading player in the Scandinavian market with 40,000 wine cellars sold each year through a network of 2,000 distributors based in Norway but also in Sweden, Denmark, Finland and about fifteen other countries.

Temptech's teams design the products in-house with a real know-how in quality and design which explains their success. They also ensure their promotion, marketing and distribution within physical or online networks. Temptech has been growing strongly for several years and is expected to achieve a turnover of €15 million in 2021.

This transaction, carried out by mutual agreement, is an ideal way to consolidate the Frio Group's position as European leader, by strengthening its presence in Northern Europe. It offers the possibility to Temptech's shareholders and management, all convinced by the project, to reinvest part of their proceeds in the Group's capital. This acquisition concludes a year 2021 rich in significant events, such as the launch of the E-Cellar 185, the first connected wine cellar in the world.

Led by Didier Grychta and Xavier Dubreuil, the new group has 100 employees and represents a turnover of €75 million, half of which is international. Backed by Azulis Capital, its majority shareholder since 2019, as well as by BNP Paribas Développement and Arkéa Capital, it aims to continue its development in Europe, but also in the export market (United States, Japan), through internal or external growth.

 

About Azulis Capital

Azulis Capital is one of France's leading independent private equity investors in the SME sector, with 120 platform investments over the past 20 years. The team has strong sector expertise in four areas of activity: Food, New Consumption, B2B Services and Health & Personal Services. It favors development through acquisitions, with nearly 200 build-up transactions completed to date.

About RSM

RSM is the world's 6th largest audit, consulting and accounting network, present in over 120 countries. It currently has more than 48,000 employees and partners.

In France, RSM, a major player in auditing, consulting and expertise, is present in the main regional economic centers, with offices in Paris, Lyon-Chambéry-Grenoble, Montpellier-Nîmes, Nantes-Laval, Strasbourg-Colmar, Aix-en-Provence, La Réunion and Mayotte. RSM now has more than 1,200 professionals throughout the country. It intends to continue its regional development. The group has structured its multidisciplinary offer around 5 business lines: Audit, Expertise, Consulting, HR-Social / Payroll, Legal & Tax.

RSM - Corporate Finance

The Corporate Finance practice of RSM assists companies and their managers, investment funds, as well as investors and shareholders, in France and abroad, in order to secure and optimize their financial decisions. It has 20 professionals in Paris and in the regions, including 3 partners. RSM Corporate Finance provides transaction services, valuation and complex financial modeling, capital transactions and restructuring.