At what enterprise value was AUTOGRILL acquired in 2022?

During the acquisition of AUTOGRILL by AVOLTA in 2022, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 3b - 100b EUR. 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 Retail & Consumer industry currently tracks an average EBITDA multiple of 11.0x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of AUTOGRILL when it was acquired by AVOLTA?

The estimated EV/EBITDA multiple for AUTOGRILL is in the range of 5x - 12x. For comparison, the Retail & Consumer sector currently shows an average EBITDA multiple of 11.0x. Join our community for free to access full valuation data and industry trends.

When was AUTOGRILL acquired by AVOLTA?

AUTOGRILL was acquired by AVOLTA in 2022.

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

The revenue of AUTOGRILL at the time of the deal is estimated to be in the range of 1b - 3b EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of AUTOGRILL during the acquisition?

AUTOGRILL's EBITDA is estimated to be in the range of 450M - 900M EUR. Join our community for free to access complete and exact deal data.

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 AUTOGRILL 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 AUTOGRILL 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.autogrill.com/en/node/6896

← DATABASE

Home Database Retail & ConsumerAUTOGRILL

07/2022

AUTOGRILL acquired by AVOLTA

ITALY Hospitality & Leisure / Hospitality / Restaurants / Chains EV 3b - 100b EUR

Context

The transaction represents a transformational merger between Dufry, a global leader in travel retail, and Autogrill, a global leader in travel food and beverage services. The combination was designed to create an integrated, diversified global travel experience player with an unparalleled presence across various geographies and service channels. The strategic rationale for the deal centered on redefining the industry's boundaries and creating a new leader with a comprehensive offering for travelers worldwide. For Dufry, the acquisition significantly increases its presence in core markets, particularly the United States, and facilitates a major expansion into the travel food and beverage sector. The deal was also expected to strengthen its balance sheet and generate meaningful synergies. For Autogrill, the merger provides a path for continued growth and development within a larger, more powerful entity. The combination enables a flurry of innovation in offerings, aiming to translate into more enjoyable travel experiences. The deal was structured in two main steps: an initial transfer of the majority controlling stake held by Edizione, the Benetton family's holding company, to Dufry, making Edizione the largest shareholder of the new combined group. This was followed by a mandatory public tender offer for the remaining Autogrill shares to complete the integration.

AUTOGRILL, which reported an EBITDA margin of LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Retail & Consumer sector (11.0x).

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 Retail & Consumer market trends

Target

Autogrill S.p.A. is a prominent global provider of food and beverage services catering primarily to travelers. Headquartered in Milan, Italy, the company has established a vast operational footprint across multiple continents, with a significant presence in airports, along motorways, and within railway stations. Its extensive network includes approximately 800 locations in 30 different countries, where it manages around 3,300 individual points of sale. Autogrill's business model revolves around a diversified portfolio of over 300 brands, which includes a mix of company-owned proprietary concepts and well-known licensed international brands. This strategy allows the company to adapt its offerings to meet the diverse and evolving preferences of a global customer base and the specific requirements of its landlords. The company's operations are supported by a large workforce, with over 34,000 employees dedicated to delivering a consistent service experience. By operating in high-traffic transit hubs, Autogrill serves a captive audience of consumers, positioning itself as a key player in the travel concessions industry.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2021

2020

Similar deals in Retail & Consumer

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
01/2023	MCWIN CAPITAL PARTNERS	L’OSTERIA	GERMANY	Hospitality & Leisure	The McWin Restaurant Fund agrees to acquire a majority stake in L’Osteria. The transaction is structured as a control‑buyout in which founders Klaus Rader and Friedemann Findeis remain significant minority shareholders, alongside CEO Mirko Silz and the existing management team, ensuring continuity of leadership and brand identity
01/2023	FLIGHT CENTRE TRAVEL GROUP	SCOTT DUNN	UNITED KINGDOM	Hospitality & Leisure	Flight Centre Travel Group has agreed to acquire Scott Dunn from private equity firm Inflexion. The acquisition provides Flight Centre with a scalable entry point into the UK and US luxury travel markets
07/2022	DENNY'S	KEKE'S BREAKFAST CAFE	UNITED STATES	Hospitality & Leisure	Denny's Corporation acquired 100% of the assets of Keke's Breakfast Cafe. The transaction was funded through a combination of cash on hand and borrowings from Denny's existing revolving credit facility
07/2022	EUROPEAN CAMPING GROUP (ECG)	VACANCESELECT	FRANCE	Hospitality & Leisure	Less than a year after being acquired by PAI Partners, European Camping Group (Homair, Eurocamp, Roan) absorbed its direct competitor, Vacanceselect. This transaction allowed ECG to double its revenue and become the #3 European leader in the sector
07/2022	COMPAGNIE DES ALPES	MMV	FRANCE	Hospitality & Leisure	The acquisition of an 85% stake in MMV by Compagnie des Alpes represents a strategic growth initiative, enabling the company to bolster its presence in the European leisure and ski resort industry. By acquiring MMV, the second-largest operator of hotels and club residences in the French Alps, Compagnie des Alpes gains control of a portfolio comprising 20 establishments across 16 renowned ski resorts
06/2022	BLUEGEM CAPITAL PARTNERS	FOODBOX	SPAIN	Hospitality & Leisure	BlueGem Capital Partners successfully completed the strategic acquisition of a 100% stake in FoodBox from Nazca Capital and its founding partners in June 2022. This high-profile transaction marks a significant consolidation in the Spanish organized catering market, as BlueGem already holds a majority position in the premium restaurant group Lateral
05/2022	DEA CAPITAL	PIZZERÍAS CARLOS	Spain	Hospitality & Leisure	DeA Capital Alternative Funds, through its specialized food and beverage vehicle Taste of Italy 2, acquired a majority stake in the Spanish fast-casual restaurant chain, Pizzerías Carlos. This strategic investment is designed to provide the capital and support necessary to accelerate the company's ambitious expansion plans across the Iberian Peninsula, specifically targeting growth in Spain and Portugal
03/2022	JACK IN THE BOX	DEL TACO HOLDINGS	UNITED STATES	Hospitality & Leisure	Jack in the Box Inc. finalized its acquisition of Del Taco Restaurants, Inc. via a merger agreement, securing full ownership and delisting Del Taco from NASDAQ. Synergies stem from overlapping guest demographics, menu overlaps in variety-driven comfort foods, and aligned cultures prioritizing innovation and value—enabling shared investments in digital platforms, technology, and franchise development
12/2021	KKR	PUREGYM	UNITED STATES	Hospitality & Leisure	PureGym has secured a £300 million equity investment from KKR, marking a significant milestone in the group’s international expansion and digital development strategy. KKR joins the capital structure as a significant minority investor alongside the majority owner, Leonard Green & Partners (LGP), and the company’s management team
11/2021	RESTAURANT BRANDS	FIREHOUSE SUBS	UNITED STATES	Hospitality & Leisure	Restaurant Brands International Inc. agreed to acquire Firehouse Subs in an all-cash transaction, integrating the sandwich specialist into its QSR powerhouse portfolio. Structure encompasses full ownership of Firehouse Restaurant Group Inc

REFERENCES

Valuation range: EV 3b - 100b EUR

Revenue range: 1b - 3b EUR

EBITDA range: 450M - 900M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of AUTOGRILL by AVOLTA 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

Target: autogrill

Acquirer: avolta