UBS Warburg has picked up the €573m ($520m) debt and mezzanine mandate for the leveraged buy-out of Picard by Candover and is also acting as Candover's lead financial adviser.

Candover's €920m buy-out of Picard, the French frozen food retailer, from Carrefour, the French supermarket chain, is being funded by 40% equity and 60% debt.