ARCUS
Acquired by
ALTIA
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 LOGIN in 2020, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a level LOGIN the average currently observed in the AgriFood sector (10.3x).
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.
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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
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (NOK)
Other operations with ARCUS
REFERENCES
Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Acquirer: altia