Swiss bakery group Aryzta is strengthening its footprint in France through the acquisition of Société Européenne des Beurres (SEB), its long-standing regional distributor based in Bordeaux. The deal transforms a commercial partnership of more than thirty years into full ownership, following a shareholder succession process.
The transaction reflects both a consolidation of Aryzta’s French distribution network and a broader strategy aimed at securing direct control over key regional logistics assets.
Analysis by AURIS Finance Advisors, specialists in M&A advisory and financial engineering.
Aryzta has acquired SEB through its subsidiary Coup de Pates, taking full ownership of Société Européenne des Beurres, a distributor of frozen bakery products operating in South-West France. The financial terms of the transaction have not been disclosed.
Founded in 1973, SEB has acted since 1991 as the exclusive regional distributor of Coup de Pates and La Carte d’Hubert. The deal takes place in the context of a succession and is intended to reinforce Coup de Pates’ distribution capabilities and support Aryzta’s growth in the Bordeaux region.
A long-standing partnership brought fully in-house
For more than three decades, SEB operated as an independent exclusive distributor of Aryzta’s brands in the region. Bringing this partner into full ownership marks a shift from commercial cooperation to full integration, strengthening the group’s French distribution platform.
Urs Jordi, Interim CEO and Chairman of Aryzta, commented on the rationale behind the deal: “The acquisition of SEB strengthens Coup de Pates as a regional frozen food distributor in South-West France and provides a strong platform for organic growth in our French business.”
Coup de Pates, a key pillar of Aryzta’s French operations
Coup de Pates is a core asset within Aryzta’s French business, supplying bakery, pastry, foodservice and institutional catering professionals. The integration of SEB enhances its regional logistics network in a strategically important market.
Headquartered in Schlieren, Switzerland, and listed on the SIX Swiss Exchange, Aryzta is an international bakery group specialising in convenience baked goods, with operations across Europe, Asia, Australia and New Zealand.
For fiscal year 2025, the group reported revenues of €2.2 billion, up 1.3%, with organic growth of 1.5%. EBITDA stood at €306.9 million, down 4.4%, representing a margin of 13.8% versus 14.6% the previous year. Net leverage was 2.6x EBITDA, compared with 2.8x previously.
Cold-chain logistics as a strategic rationale
The strategic value of the deal lies in logistics. In frozen food distribution, building a regional network from scratch requires years of investment: securing warehouse capacity, building commercial teams with local expertise, and rebuilding long-standing customer relationships.
By integrating SEB, Aryzta eliminates this ramp-up phase. The group gains immediate access to an established local platform, a loyal customer base, and deep regional market knowledge in Bordeaux, assets that would be difficult and costly to replicate organically.
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