Supporting a family-owned agribusiness in its strategy to become a global pharma leader
Founded over 90 years ago, Roquette is a French family-owned global leader in plant-based ingredients and a leading provider of pharmaceutical excipients. With a long-term vision, Roquette undertook its first public issuance in 2024 and executed the largest acquisition in its history in 2025 to establish itself as a leader in the pharmaceutical sector. Societe Generale supported Roquette in these pivotal transactions, providing financing, advisory expertise, and customised support in a challenging context.
A company at a turning point in its development
Founded in 1933 by two brothers, Roquette remains a family-owned enterprise. It has become a worldwide leader in plant-based ingredients and a leading provider of pharmaceutical excipients, for the Food, Nutrition and Health markets. Roquette’s ambition is to reinforce its pharma activities to become a global leader in this area. In this view, the company intends to enhance its one-stop-shop offer within the pharmaceutical industry, transitioning towards high-value added products, higher margin segments and low cyclicality markets and expanding and rebalancing its portfolio around Health and Nutrition. Driven by this long-term vision and strong growth objectives, the company embarked in a series of strategic investments.
Societe Generale’s instrumental role in realising Roquette’s ambitions
In 2023, with the acquisition of Qualicaps, a leading supplier of capsules and pharmaceutical equipment, Roquette was able to broaden its international footprint and enrich its range of pharma solutions. Societe Generale acted as Sole Underwriter, Mandated Lead Arranger and Bookrunner in the financing of the acquisition of Qualicaps.
In 2024, Roquette embarked in another crucial move. In March, it reached an agreement with International Flavors & Fragrances for the acquisition of IFF Pharma Solutions, a leading provider of excipient solutions in pharma and dietary supplement industries, strongly positioned in the US. This acquisition was Roquette's largest to date. The €3.2bn financing package was mainly structured as a bridge facility as well as two five-year Term Loans and was to be mostly refinanced through issuances in the debt capital markets. On this acquisition, Societe Generale acted as Underwriter, Bookrunner, Mandated Lead Arranger and Sole Rating Advisor. Later, in November 2024, Roquette, rated BBB (negative outlook) by Standard & Poors Global ratings, successfully priced an inaugural hybrid and senior bonds issue in order to refinance or replace the remaining available commitments under the bridge facility entered for the acquisition of IFF Pharma Solutions. The offering was very well received and significantly oversubscribed, knowing that Roquette is among the few issuers to have successfully priced an inaugural hybrid bond without existing senior instrument. Societe Generale was mandated as Joint Global Coordinator and Joint Active Bookrunner in the company’s €1.2bn bonds issue.
Societe Generale provided extensive financial and advisory expertise, particularly in enhancing Roquette's financial disclosure and communication to equip investors with the necessary information to understand its credit profile better. Societe Generale's efforts in marketing the company’s profile was instrumental in building investor confidence in Roquette's growth strategy and creditworthiness, contributing, in fine, to the success of these operations.
We thank Roquette for the confidence they put in Societe Generale teams, when accompanying them in their strategic positioning towards more balanced business portfolio. We have managed to deliver quality of advisory, sectorial knowledge and access to capital markets across our Investment Banking offering, on the back of a longstanding and trustworthy relationship.
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Founded over 90 years ago, Roquette is a French family-owned global leader in plant-based ingredients and a leading...