Le Cercle has successfully completed its primary LBO in partnership with FrenchFood Capital and Bpifrance
April 2025 — Le Cercle, a pioneer in reusable meal trays and a leading catering company in the Île-de-France region, is entering a new phase of development with an investment from FrenchFood Capital and the support of Bpifrance. This transaction also marks the appointment of Nathalie Grand-Morin, currently managing director, as the new CEO of the company.
Le Cercle is an impact-native and digital-native platform specializing in sustainable office meal delivery. The company offers a diversified, gourmet and elegant range of meal trays, buffets, cocktails, finger food, breakfasts and last-minute meal options. Le Cercle has built its success on solid fundamentals, including strong core values in its DNA such as local and seasonal cuisine, reusable containers, low-carbon logistics, waste management and positive social impact. With a solid, diversified and loyal customer base, the company operates a highly scalable fabless model and has established long-standing relationships with partners, providing end-to-end service and maintaining strong customer relations.
FrenchFood Capital is a French private equity fund specializing in the food and beverage sector. With US$462 million (€420 million) in assets under management, it invests in small and medium-sized enterprises (SMEs) and mid-sized companies across the entire value chain of the sector, including agriculture, distribution and trade, industrial services and consumer goods. Investment sizes range from US$3.3 million (€3 million) to US$27 million (€25 million).
Bpifrance is a French private equity fund that invests in French SMEs across all sectors.
Our role in the transaction
Oaklins’ team in France acted as the exclusive financial advisor to Le Cercle’s shareholders on this transaction.
Nathalie Grand-Morin
CEO, Le Cercle
Talk to the deal team
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