Press release 02 May 2018

Arsene advises Ardian Growth in the sale of its minority stake in Piz’Wich to Frostkrone

Arsene advises Ardian in the sale of its minority stake in Piz’Wich to Frostkrone

Arsene advised Ardian, an international leader in private investment, as it performed the sale of its minority stake in Piz’Wich, a major player in the to-go snacking industry. Ardian Growth sold its stake to Frostkrone, a European leader in frozen hors d’oeuvres and snacks.

Piz’Wich was founded in 2001 and has since seen its operations grow steadily on a changing and growing market. Stéphane Delahaye has managed the company since 2011, with an updated business model integrating a product tailored to high-growth niche markets: the ‘Pizza Pocket’, a frozen, folded slice of pizza designed for on-the-go snacking. Piz’Wich values ingredient quality and traceability and has met growing demand for this category of products, for an array of uses, with strict certification and control requirements.

Arsene advisors on tax issues pertaining to the sale were Franck Chaminade, Partner, and Charles Dalarun, Manager.

Other parties involved were:

Piz’Wich: Stéphane Delahaye

Ardian: Frédéric Quéru, Alexis Saada

Legal Counsel: McDermott, Will & Emery (Diana Hund, Louis Leroy)

M&A Consel: Invest Corporate Finance (Marc O’Neill, Maxime Bazin)

Frostkrone: Frédéric Dervieux

Emeram Capital Partners : Matthias Obermeyr, Kaili Shen

GLNS : Ludger Schult et Andreas Scheidle
Aramis : Raphaël Mellerio and Aliénor Harel

Finance, tax and structuring
PWC financial : Richard Siedek, Philippe Chavane and Olivier Lorang
PWC tax : Fabien Radisic

Flick Gocke Schaumburg : Christian Pitzal and Martin Oltmanns

Shearman & Sterling : Winfried Carli

About Arsene

Arsene is the first, exclusively tax-centered independent law firm. The firm is a founding member of the Taxand International Network (50 countries, 400 partner, 2000 tax experts) and is not affiliated to an audit or legal firm.

Arsene was founded in 2004 to offer tailored services in all major fields. With 21 partners among the top 100 tax experts in Paris, Arsene advises and supports clients in tax management in an international environment.

Media contacts: Enderby

Franck Moulins – T +33 (0)1 83 64 71 79 –

Damien Piganiol – T +33 (0)1 83 64 71 77 –