At what enterprise value was ADIAL acquired in 2022?

During the acquisition of ADIAL by CREDIT MUTUEL EQUITY in 2022, the transaction's Enterprise Value is estimated to be in the range of 50M - 150M EUR.

What was the EV/EBITDA of ADIAL when it was acquired by CREDIT MUTUEL EQUITY?

The estimated EV/EBITDA multiple for ADIAL is in the range of 5x - 12x.

When was ADIAL acquired by CREDIT MUTUEL EQUITY?

ADIAL was acquired by CREDIT MUTUEL EQUITY in 2022.

What was the revenue of ADIAL at the time of the deal?

The revenue of ADIAL at the time of the deal is estimated to be in the range of 25M - 50M EUR.

What was the EBITDA of ADIAL during the acquisition?

ADIAL's EBITDA is estimated to be in the range of 5M - 25M EUR.

How is the data for the ADIAL acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the ADIAL deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://capitalfinance.lesechos.fr/deals/lbo/credit-mutuel-equity-et-bpifrance-misent-sur-les-distributeurs-de-pizzas-dadial-1400226

What is the average EV/EBITDA multiple for the AgriFood sector in 2026?

The average EV/EBITDA multiple for the AgriFood sector in 2026 is 11.0x.

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Home Database AgriFoodADIAL

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 in 2022, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the AgriFood sector (11.0x).

-> Deep-dive in AgriFood market trends

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

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2022

2021

Similar deals in Food Processing

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
07/2022	PREMIER FOODS	THE SPICE TAILOR	UNITED KINGDOM	Food Products
07/2022	WATERLAND	ONORE	FRANCE	Food Products
04/2022	ADVENT INTERNATIONAL	IRCA	ITALY	Ingredients
04/2022	GROUPE ALLIANCE	BERNI	FRANCE	Meat & Cured Meat
03/2022	HILTON FOOD GROUP	DUTCH SEAFOOD COMPANY	NETHERLANDS	Food Products
02/2022	KKR	REFRESCO	NETHERLANDS	Beverages
01/2022	HIGHLAND EUROPE / MANAGEMENT & PRIVATE INVESTORS	HUEL	UNITED KINGDOM	Food Products
01/2022	MONSTER BEVERAGE CORPORATION	CANARCHY CRAFT BREWERY	UNITED STATES	Wines & Spirits
01/2022	BENSON HILL	ZFS CRESTON	UNITED STATES	Ingredients
12/2021	LUCAS BOLS COMPANY	TEQUILA PARTIDA	UNITED STATES	Wines & Spirits

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: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: credit mutuel equity