At what enterprise value was ALMA acquired in 2026?

You can find the full valuation details of ALMA on mynth capital. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the AgriFood industry currently tracks an average EBITDA multiple of 10.8x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of ALMA when it was acquired by APHEON (EX ERGON)?

The exact EV/EBITDA multiple for ALMA is available on mynth capital. For comparison, the AgriFood sector currently shows an average EBITDA multiple of 10.8x. Join our community for free to access full valuation data and industry trends.

When was ALMA acquired by APHEON (EX ERGON)?

ALMA was acquired by APHEON (EX ERGON) in 2026.

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

The revenue of ALMA at the time of the deal is estimated to be in the range of 25M - 50M EUR. Register for free to access the full transaction report and exact valuation multiples.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the ALMA 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 ALMA 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://www.apheon.com/apheon-news/apheon-to-acquire-alma-a-european-platform-in-premium-frozen-snacks/

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07/2026

APHEON (EX ERGON) takes majority stake in ALMA

FRANCE Food Processing / Food Products REV 25M - 50M EUR

Context

Apheon has agreed to acquire a majority stake in Alma, a newly established French premium frozen snacks platform created through the combination of Foo Seng and Varachaux. As part of the transaction, Apheon will partner with Daniel Coutinho, who will remain the Group's CEO and a significant shareholder to support the business throughout its next phase of development. The transaction includes the refinancing of the recent acquisition of Varachaux as well as the exit of the financial investors that backed Foo Seng following its acquisition in 2023. Structured as a leveraged buyout, the investment is designed to provide Alma with the resources required to pursue its long-term growth strategy. Apheon intends to support the Group in accelerating its organic development, repositioning part of its operations towards higher value-added product segments, and executing a selective buy-and-build strategy across a highly fragmented European market. The investment is fully aligned with Apheon's strategy of backing scalable platforms with strong consolidation potential while partnering closely with management teams to drive sustainable long-term value creation.

ALMA, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with 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.

-> Deep-dive in AgriFood market trends

Target

Alma is a French company operating in the frozen snack segment. Established in early 2026, it originated from the combination of Foo Seng, a producer of Asian‑style frozen snacks, and Varachaux, a manufacturer of frozen food components. The firm is headquartered in Orly, Île‑de‑France, and maintains production facilities that process meat and plant‑based ingredients into ready‑to‑cook snack items. Its product portfolio includes bite‑size Asian‑inspired portions, many of which are certified halal, and a line of intermediate food components supplied to industrial food processors and out‑of‑home catering operators. Distribution is conducted through national wholesale networks, large retail chains, and specialized foodservice distributors, targeting both consumer retail and B2B clients. Revenue generation relies on volume sales of frozen SKUs, with a focus on maintaining short supply chains to preserve product quality. The company leverages a modular production layout that allows rapid adaptation to new flavor profiles and to regulatory requirements across the French market. Alma’s customer base encompasses major supermarket groups, convenience‑store franchises, and foodservice contractors serving hotels, airlines, and institutional catering. The business model emphasizes recurring orders, seasonal product launches, and compliance with halal certification standards to address niche consumer demand.

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2024

Similar deals in AgriFood

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
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06/2026	FRENCH FOOD CAPITAL / BPIFRANCE / BNP PARIBAS DEVELOPPEMENT	FABULOUS FRENCH BRASSEURS	FRANCE	Food Processing	FrenchFood Capital becomes the majority shareholder of Fabulous French Brasseurs, a French brewing group structured around a portfolio of regional brands originating from several integrated craft breweries
06/2026	INGREDION	TATE & LYLE	UNITED KINGDOM	Food Processing	The acquisition of Tate & Lyle by Ingredion represents a strategic move in the food ingredient sector, driven by the potential to generate net cost synergies of approximately $130 million by 2030, following one-time integration costs of $175 million
06/2026	DANONE	THE MADE GROUP	AUSTRALIA	Food Processing	Danone has signed a definitive agreement to acquire MADE Group, a leading Australian functional nutrition specialist, to bolster its presence in the high-growth health and wellness segments in the Asia-Pacific region
06/2026	CVC	IRCA	ITALY	Food Processing	CVC Capital Partners has entered into an agreement to acquire IRCA from Advent International, which has evolved into a global platform for ingredients serving the pastry, bakery, chocolate, and ice cream industries over the past few years
05/2026	CVC	IFF FOOD INGREDIENTS	UNITED STATES	Food Processing	Global specialty chemicals leader International Flavors & Fragrances (IFF) has entered into a definitive agreement to divest its Food Ingredients division to private equity firm CVC Capital Partners. As part of this corporate carve-out, IFF will roll over an approximate 10% minority equity stake in the newly independent business
05/2026	EAT HAPPY GROUP	HANA GROUP EUROPE	FRANCE	Food Processing	The combination of Eat Happy and Hana’s European business establishes a unified pan-Asian convenience platform encompassing approximately 5,800 points of sale across 14 European nations. This transaction represents a complete equity realization for Permira Funds within the European market following an expansion period since 2019
05/2026	ORCHARD FOODS VALLEY	PHOENIX BRANDS	UNITED KINGDOM	Food Processing	Orchard Foods Valley Ltd (backed by Orkla) has consolidated its position within the sweet ingredients category by executing the 100% share acquisition of Phoenix Brands, a specialized UK-based manufacturer of premium biscuits and baked inclusions
04/2026	ONE ROCK CAPITAL PARTNERS	EAT HAPPY GROUP	GERMANY	Food Processing	The transaction is structured as a significant strategic investment by One Rock Capital Partners into Eat Happy Group to simultaneously fund the acquisition of Hana Group's European operations. This corporate combination merges two highly complementary convenience food providers to establish an integrated pan-European fresh food platform
04/2026	ORANGE CAPITAL DEVELOPMENT	EFFEPI	ITALY	Food Processing	Orange Capital Development has finalized the acquisition of an 80% majority stake in Effepi, marking a significant step in the construction of its specialized "Italian Frozen Food Excellence" platform

REFERENCES

Revenue range: 25M - 50M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of ALMA by APHEON (EX ERGON) 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).

Press release: view release

Acquirer: apheon (ex ergon)