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European private equity firm Apheon has agreed to acquire Alma, a newly formed French frozen snacks group bringing together premium Asian snack manufacturer Foo Seng and frozen food components specialist Varachaux.

The transaction will see Apheon partner with Alma CEO Daniel Coutinho, who will remain a significant shareholder in the business as the company enters its next phase of growth.

Headquartered in the Paris region, Alma combines Foo Seng, an integrated producer of premium frozen Asian snacks, with Varachaux, a manufacturer of frozen meat-based and plant-based food components serving food manufacturers and foodservice operators. Foo Seng acquired Varachaux in April 2026, creating a business employing around 115 people.

The combined company aims to strengthen its position in the growing frozen snacks market, with a particular focus on world foods and halal products. Foo Seng has established a strong presence in France's premium frozen Asian snacks category, where demand for halal offerings continues to rise.

Since acquiring Foo Seng in 2023, Coutinho has overseen a transformation of the business, expanding its product portfolio, strengthening its commercial operations and enhancing manufacturing capabilities. The acquisition of Varachaux added complementary production expertise and broadened the group's offering across frozen meat-based and plant-based products.

Apheon said the investment will support Alma's organic growth strategy while helping reposition Varachaux towards higher-value frozen snacks and halal product ranges. The private equity firm also intends to back a selective buy-and-build strategy, targeting acquisitions across Europe's fragmented frozen foods market.

Commenting on the deal, Coutinho said: "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."

He added: "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 at Apheon, said: "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."

Top image: © Alma