AMALTHEA acquired by AUSNUTRIA DAIRY
Context
Ausnutria Dairy has finalized the acquisition of the remaining 50% stake of Amalthea, an operation designed to fundamentally reinforce its control over the global goat dairy supply chain. The strategic rationale for this transaction centers on a "vertical-securing" play, merging the target's industry-leading technical operational depth in microfiltration with the group’s dominant global distribution network for infant formula. This structural alignment provides the organization with the scientific talent and technological hardware required to optimize the production of high-value goat whey, a mission-critical ingredient that was previously subject to joint-venture supply dynamics. This operation allows the group to execute a definitive structural expansion into the specialty cheese market while simultaneously lowering the cost-basis for its formula business.
AMALTHEA, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average currently observed in the AgriFood sector (11.0x).
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Target
Amalthea is a Netherlands company specialized in Goat Dairy & Specialty Cheese. The company has carved out a distinct space in the European dairy market by focusing on the "miracles of milk," specifically transforming high-quality goat and organic cow milk into premium semi-hard and soft cheeses. Instead of competing on commodity volume, they thrive on a philosophy of technical innovation, utilizing a patented microfiltration process known as CleardMilk® to fully valorize every component of the milk flow. What makes them a go-to partner is their ability to balance a traditional cooperative sourcing model with state-of-the-art processing, ensuring that specialized dairy components are optimized for both the consumer cheese market and industrial applications.
Ent. Value
€20–50M
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
5x–12x
EV / EBIT
[members only]
Historical Financials (EUR)
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| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 09/2024 | VALEO FOODS GROUP | I.D.C. HOLDING | SLOVAKIA | Food Products |
| 08/2024 | CINVEN | VITAMIN WELL | SWEDEN | Soft Drinks |
| 07/2024 | NEWPRINCES GROUP | PRINCES | UNITED KINGDOM | Food Products |
| 07/2024 | TOWERBROOK | IDAK FOOD GROUP | SWITZERLAND | Food Products |
| 07/2024 | GRUPO MAYRIT INVERSIONES ALIMENTARIAS | PANIFICADORA POPULAR | SPAIN | Bakery / Pastry |
| 07/2024 | EMMI GROUP | MADEMOISELLE DESSERTS | FRANCE | Bakery / Pastry |
| 06/2024 | IDILIA FOODS | GRUPO CACAOLAT | SPAIN | Soft Drinks |
| 04/2024 | BRIDOR | PANDRIKS | NETHERLANDS | Bakery / Pastry |
| 04/2024 | CAMPARI GROUP | COURVOISIER | FRANCE | Wines & Spirits |
| 04/2024 | GLANDIA NUTRITIONALS | FLAVOR PRODUCERS | UNITED STATES | Ingredients |
REFERENCES
Valuation range: EV €20–50M
EBITDA range: €0–5M
EV/EBITDA range: 5x - 12x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of AMALTHEA by AUSNUTRIA DAIRY 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.