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MMF V FPCI makes its fifth investment by becoming the majority shareholder of the NOVEPAN group, which was formed by the merger of the companies Grain d'Or Gel and Lubrano & Fils.

Based in Lomme (59) since its creation in 1965, Grain d'Or Gel is one of the pioneers in the production of frozen raw bread for modern distribution channels and has developed a know-how in frozen pizza dough for restaurant chains. Taken over in 2008 by Marc Lévy, its range of products has been expanded and the company now has three production sites (Lomme, Dunkirk and Rouen).

The company Lubrano & Fils was founded in 1934 as a family-run bakery in Sète and specialises in the production of premium pre-cooked frozen bread. Since 1989, it has been managed by François Lubrano, who has encouraged new production technologies. Since 2012, the company benefits from a highly innovative industrial site in Gigean (34), implementing processes based on the use of specific ingredients to obtain very high-quality products.

The two companies, which are highly complementary in terms of product ranges, geographical coverage and customer base, have created the Novepan group (€50m turnover), which has an ambitious development project in premium pre-baked bread segment. With the active support of Azulis Capital, Marc Lévy and François Lubrano intend to create a French leader in "premium" bakery products, thus meeting strong consumer expectations. This strategy will be based on the pursuit of an industrial investment policy and on the search for complementary acquisition opportunities in terms of products and geographical coverage.

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Discover the interview of Alain Mizlack, founder and managing director of the men's ready-to-wear chain Father & Sons and Thierry Herbé, managing director (interview run by Olivier Bénureau, director of Magazine des Affaires).

Azulis Capital publishes its 2015/2016 ESG report.

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MMF IV FPCI, managed by Azulis Capital, is selling its stake in LAGARRIGUE group as part of a capital reorganisation involving the management and a new financial investor. The group, led by Alain Montéan and Jean-Pierre Mahé, was created in 1976 and has become, with the active support of Azulis Capital since 2011, the leader in the external orthopaedic equipment sector (prostheses, orthoses) in France, doubling its turnover to €50m in 2016. Lagarrigue now employs more than 400 people in 33 branches throughout France.

Christine Mariette, Managing Partner of Azulis Capital, said: "Lagarrigue adventure is a fine example of a successful partnership between financial investors and a company that is totally focused on people, since it operates in the environment of disability. We are proud to have accompanied the managers on their journey. The will to surpass themselves, team spirit and ambition have enabled them to transform a regionally based SME into a key player with strong development potential.