European private equity firm Apheon has agreed to acquire a majority stake in Alma, a newly formed French frozen snacks group.

The transaction will see Apheon partner with Alma Chief Executive Officer Daniel Coutinho, who will remain a significant shareholder in the business and continue to lead its operational development.

Headquartered in the Paris region, Alma generates approximately €40 million in annual revenue and employs around 115 people across its manufacturing operations. The financial terms of the transaction have not been disclosed.

Operational Integration

Alma was formed in April 2026 through the merger of premium Asian snack manufacturer Foo Seng and frozen food components specialist Varachaux. The combined business is structured to address growing consumer demand for ethnic specialities and high-quality frozen products.

The group's operational footprint is divided into two distinct, integrated businesses:

🥟 Foo Seng: Established in 2009 in Orly, the business operates as an integrated manufacturer of premium frozen Asian snacks, with a strong market position in the rapidly expanding halal segment.

🥩 Varachaux: Founded in 1968 in Wissous, the company manufactures frozen meat-based and plant-based food components, serving industrial food manufacturers and professional catering networks.

By combining Foo Seng's commercial reach in premium ethnic retail with Varachaux’s established manufacturing infrastructure, the group has diversified its product capabilities and expanded its access to leading industrial and foodservice customers.

Halal Segment Growth

The partnership comes during a period of sustained volume growth in the European frozen snacks market, particularly within the world foods and halal categories.

Since acquiring Foo Seng in 2023, chief executive Daniel Coutinho has led a major professionalisation of the business, expanding its product line-up, strengthening its sales team, and investing in plant capabilities.

Integrating Varachaux's manufacturing assets has granted the group additional scale, allowing it to leverage complementary culinary expertise to serve high-volume accounts across France and neighbouring markets.

European Consolidation and Investment

Apheon intends to deploy its capital and operational resources to transition Alma into its next phase of international growth. The investment strategy focuses on expanding the group's regional sales network whilst executing operational improvements at its current manufacturing sites.

The primary strategic objectives for the partnership include:

Organic Market Expansion: Accelerating the distribution of Foo Seng's premium halal and Asian snack ranges across European grocery, wholesale, and foodservice networks.

Product Repositioning: Assisting Varachaux in pivoting its production capacity toward higher-value, processed frozen snack products and dedicated halal lines.

Targeted Acquisitions: Pursuing a selective buy-and-build strategy to acquire complementary businesses in Europe's highly fragmented frozen snacks and ethnic food sectors.