APHEON (EX ERGON) takes majority stake in ALMA
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 in 2025, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the AgriFood sector (11.0x).
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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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REFERENCES
Revenue range: 25M - 50M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Acquirer: apheon (ex ergon)