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09/2021100%

Arcus acquired by Altia

NORWAY Food Processing / Beverages / Wines & Spirits EV NOK 1–10bn

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 [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average observed in the AgriFood sector (12.1x in 2021).

-> 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

NOK 1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (NOK)

Year
Rev
EBITDA
EBIT
2020
NOK 1–10bn
NOK 250–500M
[members only]
2019
NOK 1–10bn
NOK 250–500M
[members only]

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REFERENCES

Valuation range: EV NOK 1–10bn

Revenue range: NOK 1–10bn

EBITDA range: NOK 250–500M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

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

FAQ

What transaction does this page cover?

This page covers Altia’s acquisition of 100% of Arcus, a Norwegian company specialised in Beverages, in 2021.

How was the acquisition of Arcus by Altia valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the NOK 1–10bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Arcus’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Arcus generated annual revenue estimated in the NOK 1–10bn range and EBITDA in the NOK 250–500M bracket (FY 2020). Detailed financial figures are available to members.

How does the valuation of Arcus compare to benchmarks in the AgriFood sector?

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the AgriFood sector (12.1x in 2021).

What sources support the information on this transaction?

Transaction intelligence is supported by independent reporting from specialized financial publications, alongside a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.