Disclaimer : The Competition DG makes the information provided by the notifying parties in section 4 of Short Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

SECTION 4

Description of the concentration

This notification concerns the following undertakings:

Intermediate Capital Group plc ("ICG"), United Kingdom, listed on the London Stock Exchange.

Imanes Sarl ("Imanes"), France, controlled by the Zouari family.

Picard Groupe SAS ("Picard"), France, currently ultimately controlled by Lion Capital and the Zouari family.

The notified concentration consists of the proposed change in control over Picard, from joint control by Imanes and Lion Capital to joint control by Imanes and ICG (through a fund advised by it) within the meaning of Articles 3(1)(b) and 3(4) of Council Regulation 139/2004 on the control of concentration between undertakings. Only ICG will be acquiring control as a result of the notified concentration.

The business activities of the undertakings concerned are:

a. ICG is a global alternative asset manager active in structured and private equity, private debt, real assets, and credit based in the UK with presence in Europe, Asia Pacific and the US.

b. Imanes is an investment entity ultimately controlled by the Zouari family. The Zouari family jointly controls (i) Picard (see below) and (ii) retail shops under the Franprix and Monop' banners, located mainly in Paris and the Paris area. The Zouari family also has exclusive control (through Holding Group Zouari) over the Maxi Bazar group and the Stokomani group, active in the retail sale of decoration and bazaar products. The Zouari family also owns property assets.

c. Picard is active in the retail distribution of frozen food (and, to a minor extent, non-frozen food) through its own distribution network of specialized shops operating under the Picard brand

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