At what enterprise value was AVANDIS acquired in 2023?

During the acquisition of AVANDIS by REFRESCO in 2023, the transaction's Enterprise Value is estimated to be in the range of 10M - 30M EUR.

When was AVANDIS acquired by REFRESCO?

AVANDIS was acquired by REFRESCO in 2023.

How is the data for the AVANDIS 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 AVANDIS 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.refresco.com/en/press-releases/2581467/

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Home Database AgriFoodAVANDIS

01/2023

AVANDIS acquired by REFRESCO

NETHERLANDS Food Processing / Contract Bottling & Packaging EV 10M - 30M EUR

Context

Refresco has completed the acquisition of Avandis, a Dutch manufacturer of alcoholic beverages, from Lucas Bols and De Kuyper Royal Distillers, two leading players in the spirits and cocktail industry. The transaction was finalized in January 2023, following the signing of the initial agreement in October 2022 and the receipt of regulatory approvals. Avandis is a contract manufacturer specializing in the production of alcoholic beverages, headquartered in Zoetermeer, Netherlands. The company provides manufacturing solutions for spirits and cocktail brands, with a strong expertise in complex products and private-label productions. It operates an integrated industrial site within a European network of beverage production facilities. This acquisition enables Refresco to expand its presence in the alcoholic beverages segment, complementing its historical activities in non-alcoholic beverages. It also strengthens Refresco's multi-category industrial platform model and is in line with its "Buy & Build" external growth strategy, aimed at consolidating subcontracted production capabilities in the global beverage industry.

AVANDIS, which reported an EBITDA margin of in 2023, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the AgriFood sector (10.7x).

-> Deep-dive in AgriFood market trends

Target

Avandis is a Dutch manufacturer of alcoholic beverages specializing in private label production for major spirits industry players. Headquartered in Zoetermeer, Netherlands, the company provides production solutions for a range of alcoholic beverage categories, including spirits, liqueurs, and ready-to-drink cocktails. Avandis operates as an integrated B2B industrial partner, serving prominent international brands such as Lucas Bols and De Kuyper, as well as other clients in the alcoholic beverages sector. Its business model is built on strong expertise in outsourced production, combined with flexible industrial capabilities that enable the management of large volumes and complex formulations. The company operates a production site certified to international quality and food safety standards, making it a key partner for brands seeking to outsource all or part of their production. Avandis is positioned in the industrial subcontracting market for alcoholic beverages, benefiting from a strategic role in the spirits value chain in Europe. Its positioning is driven by a growing trend of production outsourcing by major brands, which are seeking to optimize their costs, industrial flexibility, and product innovation capabilities.

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2023

2022

Similar deals in Food Processing

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
02/2023	PAI PARTNERS	LA COMPAGNIE DES DESSERTS	FRANCE	Bakery / Pastry
02/2023	LUCAS BOLS COMPANY	FLUÈRE	NETHERLANDS	Wines & Spirits
01/2023	BROWN-FORMAN CORPORATION	DIPLOMÁTICO RUM	VENEZUELA	Wines & Spirits
01/2023	IRCA / ADVENT INTERNATIONAL	KERRY SWEET INGREDIENTS	IRELAND	Ingredients
01/2023	NEWPRINCES GROUP	EM FOODS	FRANCE	Food Products
12/2022	ITALIAN WINE BRANDS	BARBANERA VINI	ITALY	Wines & Spirits
10/2022	CAMPARI GROUP	WILDERNESS TRAIL DISTILLERY	UNITED STATES	Wines & Spirits
10/2022	ORKLA	DENALI INGREDIENTS	UNITED STATES	Ingredients
09/2022	JDE PEETS	LES 2 MARMOTTES	FRANCE	Coffee & Tea
07/2022	PREMIER FOODS	THE SPICE TAILOR	UNITED KINGDOM	Food Products

REFERENCES

Valuation range: EV 10M - 30M 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: refresco