Ardian will acquire bakery solutions provider Cérélia SA from IK VII Fund, which is advised by IK Investment Partners, for an undisclosed sum.

Cérélia's management team, led by founder and CEO Guillaume Réveilhac, will own a meaningful interest in the business alongside Ardian.

The deal values Cérélia at approximately $900 million, with completion expected in early 2020, The Wall Street Journal reported, citing people with knowledge of the matter.

Latham & Watkins was Ardian's legal adviser, while AT Kearney was its commercial and strategic adviser. Accuracy was Ardian's financial adviser, while Lazard and Oddo BHF Corporate Finance were its debt and M&A advisers, respectively.

Wilkie Farr & Gallagher was IK Investment's legal adviser, while EY and BNP Paribas served as its financial and M&A advisers, respectively.