Apheon, a leading European private equity firm, is pleased to announce that it has agreed to acquire Alma (the “Group”), a newly formed French frozen snacks group, combining Foo Seng, a manufacturer of premium frozen Asian snacks, and Varachaux, a manufacturer of frozen meat-based and plant-based food components for food manufacturers and foodservice operators. Through this transaction, Apheon will partner with Daniel Coutinho, the Group’s CEO, who will remain a significant shareholder alongside Apheon.
Headquartered in Paris, Alma unifies two complementary food businesses. Foo Seng, founded in 2009 and based in Orly, is an integrated manufacturer of premium frozen Asian snacks, with a strong position in the French market, particularly in the fast-growing halal segment. Varachaux, founded in 1968 and based in Wissous, is a manufacturer of frozen meat-based and plant-based food components for food manufacturers and foodservice operators; it was acquired by Foo Seng in April 2026. The combined Group employs approximately 115 people, forming a platform in premium frozen snacks with a focus on world foods.
Daniel Coutinho, CEO of Foo Seng and now Group CEO, acquired Foo Seng in 2023, and has since led the company through a phase of significant transformation – professionalizing its operations, broadening the product range, reinforcing its commercial organization. Most recently, he completed the acquisition of Varachaux, to access its complementary product range, industrial excellence and know-how. Foo Seng has delivered consistent revenue growth in recent years, operating in one of the fastest-growing niches within frozen food, one in which halal products represent the most dynamic sub-segment. Together with Varachaux, the Group will benefit from a diversified product base of frozen snacks, access to tier-one clients in the segment and strong industrial capabilities to further accelerate its growth.
The partnership with Apheon marks the beginning of a new phase of growth for Alma. Apheon will support the Group in further accelerating its organic growth, repositioning Varachaux towards higher-value frozen snacks and halal product ranges and pursuing a selective buy-and-build strategy across a highly fragmented European market. With its pan-European presence and track record of supporting entrepreneurs, Apheon brings a proven playbook for scaling businesses through targeted consolidation in fragmented European markets.
Daniel Coutinho, CEO of Alma, commented: "In recent years, Foo Seng has established itself as a leading player in premium frozen Asian snacks, driven by our commitment to authentic recipes, consistent product quality and culinary know-how. The acquisition of Varachaux earlier this year marks a pivotal step towards a larger and more diversified group. Apheon shares our long-term vision and brings not only the capital, but the strategic support and buy-and-build expertise we need to accelerate our expansion across Europe and build a truly category-defining platform while upholding the product quality and authenticity that define the Group."
Wolfgang de Limburg, Managing Partner of Apheon, added: "Alma operates in an attractive, fast-growing niche where it holds a leading position, underpinned by authentic products, strong industrial capabilities and a clear consolidation opportunity ahead. We have great respect for what Daniel and his team have achieved in a short period and we look forward to this partnership, with the shared ambition of making Alma a champion in world foods snacks across Europe.”
About Alma
Alma is a newly formed French frozen snacking group combining Foo Seng, a leading manufacturer of premium frozen Asian snacks, and Varachaux, a manufacturer of frozen meat-based and plant-based food components for food manufacturers and foodservice operators. Headquartered in the Paris region, the Group designs, manufactures and distributes frozen snacking and food products for wholesalers, specialty distributors, foodservice operators and retail customers, primarily in France. For more information visit: www.fooseng.com or www.varachaux.com.
About Apheon
Apheon is a pan-European mid-market private equity investment company managing ~€4.5 billion of assets from select global institutional investors and families. Apheon is characterized by its partnership approach, providing “patient and friendly capital” and industrial know-how to entrepreneurs and management teams, preparing their companies for the future. Through its pan-European footprint, the firm acts as a gateway into Europe for companies in the mid-market. Since its founding in 2005, Apheon has raised more than €5 billion in capital, invested in ~45 companies across Europe and completed ~250 add-on acquisitions for a total aggregate transaction value in excess of €8 billion. Apheon’s current portfolio consists of ~25 companies across its target sectors, representing ~€3.5 billion sales and more than 20,000 employees. Apheon is advised by Apheon Advisors, which has offices in Brussels, Milan, Madrid, Paris, Munich and Amsterdam. For more information, please visit www.apheon.com.
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For more information, please contact:
John Mansvelt, COO, Apheon
jm@apheon.com
T: +32 2 213 60 90
Natalia Yek, Head of Investor Relations, Apheon
ny@apheon.com
T: +32 2 213 60 90
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