Migros sold its French subsidiary Idhéa to GYMA

Migros Group is a major Swiss retail company and one of the largest supermarket chains in Switzerland. Founded in 1925 and structured as a cooperative, Migros operates supermarkets, convenience stores, and wholesale businesses, as well as non-food retail and service activities. In 2025, Migros Group generated sales of approximately EUR 35 billion.

Elsa Group, part of Migros Industrie, is one of the leading industrial groups in the Swiss dairy industry and an important pillar of Migros’ vertically integrated food production platform.
Based in Alsace, France, Idhéa manufactures cold sauces and spices for foodservice professionals, industrial clients, and mass retail, primarily serving the Swiss and European markets. Founded in 2014, Idhéa generates approximately EUR 45 million in revenue and employs 150 people.

Gyma, founded in 1992, is the French leader in cold sauces for the catering and foodservice industry with three industrial sites in France and Germany and a strong culinary and customer service culture.

The disposal formed part of Migros’ historic repositioning strategy announced in early 2024, under which the Group refocused on its core activities in retail, financial services, and healthcare. Within this broader review of selected non-core assets, Elsa Group divested Idhéa to concentrate on its core dairy and cheese portfolio in Switzerland.
The transaction enabled Idhéa to pursue further growth under new ownership while preserving its commercial relationship with Migros retail. The combination with Gyma enables Idhéa to accelerate development, strengthen expertise in recipe formulation and packaging, and benefit from industrial and commercial synergies within a larger European sauces platform.

Clairfield International acted as exclusive financial advisor to Migros Group.

A joint Swiss and French team coordinated execution through to closing. The transaction required careful handling due to its crossborder nature and operational interdependencies. Ensuring continuity of Idhéa products to Migros retail outlets was central to the transaction. Appropriate long-term commercial and supply agreements were structured, alongside clearly defined transitional arrangements.

Clairfield ran a competitive sale process involving French and international strategic buyers and coordinated crossborder workstreams between Switzerland and France. The team advised on valuation, deal structuring, carve-out considerations, supply agreements and TSAs, and negotiated the legal documentation while managing social aspects in compliance with French regulatory requirements. Ultimately all employees retained their jobs in a very successful transaction.