(BFM Stock Exchange) – The investment company announced on Friday evening a CPK transfer project, parent company of Carambar and Krema, in Ferrara Candy, a subsidiary of the Italian Ferrero. According to Eurazeo, after the sale, 240 million euros in cash will have been returned to his record. This should cause a good bonus compared to the value that the group retained in its accounts.

Eurazeo will soon say goodbye to Carambar, Michoko and Krema sweets in his wallet. The investment company announced on Friday, after the closure of the market, to have entered into exclusive negotiations to give in CPK, a European sugar and chocolate confectionery group which has the aforementioned brands, in Ferrara Candy. This American company is a subsidiary of the Italian Ferrero, owner of Nutella.

CPK was born in 2017 when Eurazeo bought 14 brands from Mondelez (including Carambar, Krema, the Pie which sings, and the chocolate Poulain) on the basis of a business value of 157 million euros. The investment company then took 67.8% of the capital of this company. CPK then bought the Lutti Holdings company in 2018, known for Lutti candies and chocolates.

Eurazeo will give in all of its 68% in CPK to Ferrara Candy and expect the transaction to be closed in the fourth quarter of 2025.

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Value creation

The announcement is well received by the market. This Monday, July 14, the title Eurazeo climbs 2.8% in the early afternoon, signing one of the strongest increases in the SBF 120.

The sale of CPK will allow Eurazeo to crystallize value. The group did not give a transfer price. But the investment company ensures that once the transfer was finalized, 240 million euros will have been returned to its balance sheet. Admittedly, this amount includes the Eurazeo dividends has received since the company’s acquisition.

But the sale will undoubtedly represent a good bonus in relation to the valuation of CPK in the accounts of Eurazeo. At the last score, published as of December 31, 2024, the approximately 68% held by the French group with the confectioner’s capital were valued at only 131.8 million euros. The amount (dividends therefore included) mentioned by Eurazeo is 80% higher than this last figure.

Beyond the very specific case of CPK, Eurazeo has (good) habit of getting out of the capital of the companies in which he has invested with an important added value compared to their accounting value.

Cited by the Agency Agefi-Dow Jones, the Berenberg Bank underlined at the end of 2020 that Eurazeo historically sold its assets with a “significant” premium, of around 40% on average, compared to the valuations that the group retains in its re-evaluated net assets (ANR), the main indicator followed by investors.

In any case, the sale of CPK comes to show the market that Eurazeo remains active to improve the value of its portfolio which had dropped by 1.6% over one year in 2024, to 7.9 billion euros or 107.8 euros per share.

“If Eurazeo carried out impressive fundraisers and solid growth of its assets under management in 2024, the performance of its portfolio left something to be desired,” commented in March the independent AlphaValue design office.

“Although Eurazeo’s commitment in favor of the return for its shareholders remains obvious, the central question is whether Eurazeo can maintain a creation of long -term value in a difficult environment,” continued the financial intermediary.