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moreRSM carried out the financial, legal, tax and HR due diligences for FrenchFood Capital, a growth equity fund specialized in the food sector, as part of its acquisition of Chapon, an SME chocolatier renowned for its work with single-origin cocoa.
This operation further strengthens RSM Corporate Finance’s position as a trusted advisor to sector-focused private equity funds acquiring high-potential French companies.
A unique expertise
Founded in 1986 by Patrice Chapon and a pioneer of the "bean-to-bar" movement, Chapon operates six own-brand boutiques and one franchise in Paris and the surrounding region. The company employs 35 people and generates €6 million in annual revenue. Over more than 35 years, its founder has developed exceptional know-how as both chocolatier and cocoa roaster.
Welcoming a new partner
FrenchFood Capital, a collective of entrepreneurs committed to helping high-potential, under-the-radar brands grow and thrive, is now supporting Chapon and its founder in the next phase of the company’s development.
While Patrice Chapon remains the creative director and guardian of the brand’s signature chocolate collections, the business now benefits from the expertise of a new partner: Cédric Taravella, a seasoned entrepreneur and former CEO of lingerie brand Etam. With recognized experience in retail development, concept creation and e-commerce, Taravella brings strategic capabilities to the company. Together, the duo combines artisanal excellence and strategic growth ambition to support Chapon’s new chapter.
FrenchFood Capital, a partner for Entrepreneurs
Chapon perfectly exemplifies the type of investment targeted by FrenchFood Capital: SMEs and mid-cap companies in the food sector with strong brand identity, original craftsmanship, and the potential to transform towards positive impact. The fund consistently seeks off-market gems it can scale and accelerate.
Chapon represents the final investment from FrenchFood Capital’s Fund I. The firm is currently raising its second fund, with the final closing expected in the coming weeks. With a target size of €250 million, this new vehicle will continue to invest in food-focused SMEs and mid-sized companies, with the stated mission of accelerating the food transition by guiding its portfolio companies toward impact-driven transformation. FrenchFood Capital firmly believes that sustainable financial value creation in the food sector must be accompanied by the creation of social and environmental value.
The RSM team
The RSM team involved was composed of :
- Financial : Eric Fougedoire, Maxime Pothron
- Tax, legal and HR : Cécile Guyot, Monia Hegy, Déborah Kocher, Giovanni Terrana
FrenchFood Capital is an independent growth equity fund created by a team of experienced food entrepreneurs. The fund is deeply committed to supporting the emergence of French food industry leaders both domestically and internationally. With €132 million under management, the fund typically invests between €3 million and €15 million (up to €35 million with co-investors) in SMEs and mid-cap food businesses. The team brings together recognized sectoral experts and seasoned entrepreneurs, leveraging a wide network of operators and specialists to drive the growth of its portfolio companies. Many of its investors are themselves entrepreneurs, families, and industrial players in the food sector, fully engaged in the success of the fund’s investments.
To further support the ecosystem, FrenchFood Capital created the FrenchFood network, launching the FoodCamp—a two-day gathering of food industry leaders and experts. After just two editions, the event has become a key meeting point for the sector.
RSM is the world’s 6th largest network of audit, tax, and consulting firms, present in over 120 countries and bringing together more than 53,000 professionals and partners globally.
In France, RSM is a leading multidisciplinary player in audit, accounting, and consulting services. The firm operates in major regional economic hubs, with offices in Paris, Lyon-Chambéry-Grenoble, Montpellier-Nîmes, Nantes-Laval, Strasbourg-Colmar, La Réunion, and Mayotte. Today, over 1,250 professionals are part of RSM France, and the firm continues to expand its regional presence. Its service offering is structured around five core areas: Audit, Accounting, Consulting, HR & Payroll, and Legal & Tax Advisory.
RSM’s Corporate Finance division advises businesses and their leadership teams, private equity funds, investors, and shareholders—both in France and internationally—to secure and optimize financial decision-making. The team comprises 20 professionals across Paris and regional offices, including three partners. RSM Corporate Finance specializes in Transaction Services, Business Valuation & Complex Financial Modelling, Capital Operations, and Restructuring.
