ARCUS acquired by ALTIA
Context
Altia Oyj completed a merger‑of‑equals transaction with Arcus ASA on September 1, 2021, resulting in the dissolution of Arcus ASA into Altia and the creation of a new combined entity, Anora Group Plc, headquartered in Helsinki. The deal was structured as a full‑capital‑stock merger: Arcus shareholders received 0.4618 new Altia shares for each existing Arcus share, with Altia issuing approximately 31.4 million new shares, leading to a post‑combination ownership split of 53.5% for former Altia shareholders and 46.5% for former Arcus shareholders. The combined group, Anora, now integrates Altia’s Finnish‑centered wine and spirits activities with Arcus’s Norwegian‑based portfolio and distribution network, creating a cross‑border platform with approximately 1,100 employees and a broad Nordic footprint in regulated alcoholic beverages.
ARCUS, which reported an EBITDA margin of in 2020, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the AgriFood sector (10.7x).
-> Deep-dive in AgriFood market trends
Target
Arcus ASA is a Norwegian company engaged in the production, importation, and distribution of alcoholic beverages, with a strong presence in the Nordic wine and spirits markets. The group operates across several key categories, including wines, spirits, beer, and related retail concepts, serving both wholesale and retail customers as well as large on‑trade outlets. Arcus has built a diversified portfolio of brands and partnerships, combining owned labels with third‑party brands, giving it scale and flexibility in a highly regulated, excise‑intensive environment. The company also runs retail and hospitality‑oriented formats, including chain stores and specialized beverage‑focused outlets, which allow it to capture value at the point of sale and deepen consumer engagement. With a long‑standing track record in the Norwegian market and a growing footprint in neighboring countries, Arcus benefits from established relationships with domestic authorities, distribution partners, and category‑specific retail channels.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (NOK)
Similar deals in Food Processing
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 11/2021 | TA ASSOCIATES | NACTAROME GROUP | ITALY | Ingredients |
| 10/2021 | BISCUIT INTERNATIONAL | CONTINENTAL BAKERIES | NETHERLANDS | Food Products |
| 09/2021 | 3I | EUROPEAN BAKERY GROUP | NETHERLANDS | Bakery / Pastry |
| 09/2021 | FRENCH FOOD CAPITAL / BPIFRANCE / TIKEHAU CAPITAL | MARKAL | FRANCE | Food Products |
| 09/2021 | ARDIAN | FLORIDA FOOD PRODUCTS (FFP) | UNITED STATES | Food Products |
| 09/2021 | ROYAL DSM | FIRST CHOICE INGREDIENTS | UNITED STATES | Ingredients |
| 07/2021 | CVC | PANZANI | FRANCE | Food Products |
| 06/2021 | EQUINOX | GRUPPO SALPA | ITALY | Ingredients |
| 06/2021 | PILGRIM'S PRIDE CORPORATION | KERRY CONSUMER FOODS (MEATS AND MEALS BUSINESS) | UNITED KINGDOM | Meat & Cured Meat |
| 06/2021 | KERRY GROUP | NIACET | UNITED STATES | Ingredients |
REFERENCES
Valuation range: EV 1b - 4b NOK
Revenue range: 1b - 3b NOK
EBITDA range: 250M - 500M NOK
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of ARCUS by ALTIA 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: altia