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Nicolas Mulle
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Nicolas Mulle

Investment Manager

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At a glance

Full Name
Nicolas Mulle
Title
Directeur de Participations / Investment Director
Firm
Unigrains
Firm Type
Sector-specialist private equity / development-capital investor (agri-food), not an angel investor
Investment Stage
Development capital (capital développement) and buyout/transmission (capital transmission); growth and family-succession situations rather than seed
Check Size
Unigrains invests €1M–€100M per operation in equity and quasi-equity (roughly €100–150M deployed per year firm-wide)
Target Company Profile
Established, often family-owned agri-food and agro-industrial companies seeking growth capital, minority partners, or ownership transition
Sector Focus
Agri-food / food processing and the broader agro-industrial value chain
Geographic Focus
France and Europe (notably Iberia and Italy)
Location
Paris, France

Background

Nicolas Mulle is an Investment Director (Directeur de Participations) at Unigrains, which he joined in June 2018. Unigrains is a Paris-based, sector-specialist investor founded in 1963 and created and majority-owned by French cereal growers (via the AGPB and AGPM producer associations), with minority stakes held by banks including Crédit Agricole, BNP Paribas and Société Générale. The firm positions itself as "the investor-partner of agri-food companies," backing established players across the food and agro-industrial value chain with a long-term, partnership-oriented approach.

He brings roughly two decades of private-equity and investment experience. Before Unigrains, he spent about eleven years at Audacia (2007–2018), where he served as Director of Risk and Participations (Directeur des Risques et des Participations). Earlier in his career he worked as an investment officer (chargé d'affaires) at Bpifrance (2005–2007) and at regional development-capital firm IRDI SORIDEC Gestion (2004–2005), giving him a background spanning both national and regional French investment institutions.

On his education, Nicolas Mulle graduated from NEOMA Business School (2002), having completed preparatory classes (classe préparatoire aux grandes écoles de commerce) at Saint-Jean de Passy in Paris, following a baccalauréat at Le Likès in Quimper, Brittany. He is based in Paris.

Note: the stub data describing him as an "Angel Investor" writing "Seed Round" checks appears to be inaccurate. Unigrains is an institutional development-capital and buyout investor, and Mulle's work centers on established mid-market agri-food companies rather than early-stage seed deals.

Investment Thesis & Focus

  • Invests exclusively along the agri-food and agro-industrial value chain — food processing, distribution and related businesses — reflecting Unigrains' single-sector specialism since 1963.
  • Backs established, frequently family-owned companies, typically in growth (capital développement) or ownership-transition (capital transmission) situations, rather than start-ups.
  • Ticket flexibility of €1M to €100M per operation in equity and quasi-equity, allowing both minority and majority positions.
  • Long-term, partner-oriented capital: Unigrains emphasizes durable partnership over quick exits — Mulle described continuing Unigrains' support of Demarne as a company it had backed since 2011, saying the firm was "pleased to continue our support to this dynamic family-owned company operating at the heart of the seafood industry."
  • Often invests alongside other institutional partners (e.g., Bpifrance, BNP Paribas Développement) and can support minority stakes tied to family-succession planning.

Notable Investments

  • Demarne — Leading French seafood distributor (founded 1929, ~160 employees, €160M+ sales, Rungis/Boulogne-sur-Mer). Unigrains reinvested in June 2024 to support a family-succession reorganization, with 4th-generation Romain Demarne becoming the largest shareholder; Unigrains had backed the company since 2011. Mulle was the quoted Unigrains representative.
  • Restoria — Regional collective/contract catering operator based in Angers. Unigrains took a minority stake in a strategic partnership announced May 2022, with Mulle acting as Unigrains' deal representative.
  • L'Angélys — Artisan maker of premium ice creams and sorbets (Charente-Maritime; ~€10M turnover, ~40 employees). Opened its capital to Unigrains and Bpifrance around December 2020 to fund growth; Mulle was involved as Unigrains' representative.
  • Savel Group — French poultry business into which Unigrains invested (firm-level deal in the poultry/agri-food sector).

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