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.

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.