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04/2022

ADIAL acquired by CREDIT MUTUEL EQUITY

FRANCE Food Processing EV 50M - 150M EUR

Context

Credit Mutuel Equity and Bpifrance invested a joint equity ticket of approximately EUR10 million to acquire a minority stake in Adial. The operation is structured as an Owner Buy-Out (OBO) around the President who took over the company in 2015 and retains the majority stake. The deal is supported by senior debt provided by CIC Nord-Ouest and Bred. The capital injection aims to support the company's hyper-growth (42% CAGR), triple its size within 5 years, and expand its "Gang of Pizzas" franchise. Strategic initiatives include launching a rental model for machines (shifting from Capex to Opex for clients) and diversifying into panini vending machines.

ADIAL, which reported an EBITDA margin of LOGIN in 2022, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the AgriFood sector (10.8x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Adial is the leading French manufacturer of fresh pizza vending machines. Based in Lisieux, the company designs, manufactures, and maintains the machines, while also developing the software (remote management apps). It operates a B2B model (selling machines to bakers/restaurateurs) and a B2B2C franchise model under the brand "Gang of Pizzas". It has an installed base of over 2,000 machines in France, Belgium, Spain, and Canada.

Ent. Value

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Multiples

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EV / EBITDA

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Historical Financials (EUR)

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2021
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REFERENCES

Valuation range: EV 50M - 150M EUR

Revenue range: 25M - 50M EUR

EBITDA range: 5M - 25M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of ADIAL by CREDIT MUTUEL EQUITY are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Acquirer: credit mutuel equity