Temasek / Unigrains / Tereos invest in Boortmalt
Context
Axéréal has completed a €150 million capital increase for its subsidiary Boortmalt. The funding was provided by an international consortium including Singaporean sovereign wealth fund Temasek, agri-food specialist Unigrains, and the cooperative group Tereos. While Axéréal remains the majority shareholder through its cooperative members, this fresh capital is earmarked for international development beyond its European stronghold. The primary strategic goal is to establish production zones in Africa and Asia to follow the global growth of the brewing industry. This transaction highlights the attractiveness of the malting industry, characterized by high barriers to entry and strong demand from emerging markets.
Boortmalt, which reported an EBITDA margin of [members only] in 2016, is valued in this transaction at an EV/EBITDA multiple of [members only].
-> Deep-dive in AgriFood market trends
Target
Boortmalt is a world-leading malting company and a key subsidiary of the French agricultural cooperative Axéréal. It produces approximately 1.1 million tonnes of malt annually, supplying global breweries and distilleries—the equivalent of 28 million liters of beer produced daily. Ranked 5th globally at the time of the deal, Boortmalt operates 10 malting plants across Europe (France, Belgium, Croatia, Hungary, UK, and Ireland). Its strategic hub in Antwerp facilitates the export of 50% of its production to emerging markets.
Ent. Value
[members only]
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with Temasek / Unigrains / Tereos
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 11/2024 | UNEXO / UNIGRAINS | SAVEL | FRANCE | Meat & Cured Meat |
| 07/2024 | FLORAC / CEREA PARTNERS / UNIGRAINS | LABELYS | FRANCE | Labels & Adhesives |
| 01/2022 | TEMASEK | ELEMENT MATERIALS TECHNOLOGY | UNITED KINGDOM | TIC (Testing, Inspection, Certification) |
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|---|---|---|---|---|
| 10/2017 | NEXT WORLD EVERGREEN | ORIENTIS GOURMET | FRANCE | Coffee & Tea |
| 09/2017 | NESTLE | SWEET EARTH | UNITED STATES | Food Products |
| 07/2017 | COMPAGNIE NATIONALE A PORTEFEUILLE | CAFFITALY | ITALY | Coffee & Tea |
| 06/2017 | THE CARLYLE GROUP | IRCA | ITALY | Ingredients |
| 05/2017 | EURAZEO | GROUPE CPK (CARAMBAR POULAIN KREMA) | FRANCE | Food Products |
| 04/2017 | CERELIA | ENGLISH BAY BATTER | CANADA | Food Products |
| 01/2017 | MADEMOISELLE DESSERTS | MINISTRY OF CAKE | UNITED KINGDOM | Bakery / Pastry |
| 11/2016 | CHARTERHOUSE | CASA OPTIMA | ITALY | Ingredients |
| 11/2016 | BRIDGEPOINT | VITAMIN WELL | SWEDEN | Soft Drinks |
| 10/2016 | ANHEUSER-BUSCH INBEV (AB INBEV) | SABMILLER | UNITED KINGDOM | Wines & Spirits |
REFERENCES
Revenue range: REV €250–500M
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Boortmalt by Temasek / Unigrains / Tereos 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.
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