French private equity investment company Ardian has sold its stake in Piz’Wich to German frozen convenience food and snack products manufacturer frostkrone.

Financial details of the transaction have not yet been disclosed by either company.

Established in 2001, in Bulgnéville, France, Piz’Wich is a manufacturer of white-label frozen snack products, which are distributed to supermarkets and food service providers.

Piz’Wich CEO Stéphane Delahaye said: “We have seen an intense and productive period since the beginning of our partnership with Ardian through its investment in Piz’Wich.

“We have continued to develop our product range and with the support of Ardian’s extensive network have identified a number of industry partners worldwide, as well as other external expansion targets.”

In December 2016, Ardian Growth purchased a stake in Piz’Wich in order to expand its presence in the international market and support the company’s organic growth strategy.

"Through our initial investment, we, alongside Stéphane Delahaye, were able to successfully enable Piz’Wich to roll out its strategy."

Ardian Growth is part of Ardian’s direct fund segment that focuses on profitable growth companies generating sales of between €10m and €100m annually.

Ardian Growth director Frédéric Quéru said: “Piz’Wich has experienced rapid development over the 16 months since our investment. Through our initial investment, we, alongside Stéphane Delahaye, were able to successfully enable Piz’Wich to roll out its strategy.

“The company generated strong interest from a number of players, but frostkrone, a recognized industry leader, made it clear early on they were willing to take Piz’Wich to the next level.”

Under the deal, frostkrone now holds a complete stake in Piz’Wich.

Established in 1997, frostkrone produces frozen finger food and snack products, which are distributed to grocery stores and in the foodservice sector.