HSBC Private Equity has invested FF 350 million (Euro 53 million) in the management buyout of French frozen food retailer Picard Surgelés. Picard has 441 stores throughout France, and its entire product range of 1,000 items is exclusive to Picard's own distribution network. 

The business was acquired from Carrefour in one of France's largest ever leveraged transactions. The management team is led by CEO Xavier Decelle, who has run the business for more than 15 years.