05/2025100%

Bakkavor Group acquired by Greencore Group

UNITED KINGDOM Food Processing / Food Products EV £1–10bn

Context

Greencore has entered into a definitive agreement to merge with Bakkavor, creating a combined UK national food champion with pro-forma revenues of circa £4 billion. The strategic rationale for the deal is the creation of an unrivalled convenience food platform with enhanced category depth and deeper retail relationships. The combination aims to deliver annual run-rate pre-tax cost synergies of at least £80 million by the end of the third year through manufacturing consolidation and procurement efficiencies. As part of the transaction, Bakkavor's US operations are slated for divestment, either before or after completion, while its China business has already been marked for sale. This merger represents a major consolidation of the UK private-label food sector, allowing the enlarged group to leverage "best-of-both" operational expertise to drive resilience and performance in a highly competitive grocery landscape.

Bakkavor Group, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, standing directly in line with the average observed in the AgriFood sector (12.0x in 2025).

-> Deep-dive in AgriFood market trends

Target

Founded in 1986, Bakkavor is a leading international manufacturer of fresh prepared foods (FPF). The company’s business model focuses on high-frequency, short-shelf-life products across four main categories: meals (ready meals, soups, and pasta), salads (prepared salads and leafy salads), desserts, and pizza & bread. Its value proposition is built on deep strategic partnerships with major UK grocery retailers, providing private-label solutions that drive consumer convenience. Historically, the organization has maintained a significant global footprint with operations in the UK, US, and China, though it has recently initiated a strategy to divest non-core international assets to focus on its market-leading UK position. By operating a complex, just-in-time manufacturing and logistics network, the firm serves as a mission-critical supplier for the daily food requirements of millions of consumers.

Ent. Value

£1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

5x–12x

EV / EBIT

15x–25x

Historical Financials (GBP)

Year

Rev

EBITDA

EBIT

2024

2023

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REFERENCES

Valuation range: EV £1–10bn

Revenue range: £1–10bn

EBITDA range: £100–200M

EV/Revenue range: below 1.5x

EV/EBITDA range: 5x - 12x

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

Target: bakkavor group

Acquirer: greencore group

FAQ

What transaction does this page cover?

This page covers Greencore Group’s acquisition of 100% of Bakkavor Group, a British company specialised in Food Products, in 2025.

How was the acquisition of Bakkavor Group by Greencore Group valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the £1–10bn band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

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

At the time of the transaction, Bakkavor Group generated annual revenue estimated in the £1–10bn range and EBITDA in the £100–200M bracket (FY 2024). Detailed financial figures are available to members.

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

With an estimated multiple range of 5x - 12x, the transaction stands directly in line with historical averages for the AgriFood sector (12.0x in 2025).

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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