CERELIA acquired by ARDIAN
Context
Ardian acquired a majority stake in Cerelia from IK Investment Partners. During IK's tenure, Cerelia doubled its size via acquisitions (Bioderij, BakeAway, English Bay Batter). Ardian's investment thesis is built on stabilizing US margins and continuing the pan-European and transatlantic consolidation of the bakery sector.
In the past, the company underwent an LBO led by Ik Partners in 2015, and continued an active consolidation strategy by notably acquiring English Bay Batter (2017).
CERELIA, which reported an EBITDA margin of [members only] in 2019, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, representing a premium to the average currently observed in the AgriFood sector (11.0x).
-> Deep-dive in AgriFood market trends
Target
Cerelia is a leading transatlantic manufacturer of fresh, ready-to-bake dough and premium bakery products, with a heritage dating back to 1974. The group holds leadership positions in Europe and North America across several categories, including pie crusts, pizza dough, pancakes, crepes, and cookies. Operating a robust Corporate footprint with major facilities in France, Italy, the UK, and North America, Cerelia distributes its products in over 50 countries through both private label partnerships and proprietary brands (such as Croustipate and English Bay Batter).
Ent. Value
€500M–1.5bn
Equity Value
[members only]
Multiples
EV / Revenue
1x–3x
EV / EBITDA
10x–18x
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with CERELIA
Other operations with CERELIA
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 04/2017 | CERELIA | ENGLISH BAY BATTER | CANADA | Food Products |
| 06/2015 | IK PARTNERS | CERELIA | FRANCE | Bakery / Pastry |
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REFERENCES
Valuation range: EV €500M–1.5bn
Revenue range: €250–500M
EBITDA range: €50–100M
EV/Revenue range: 1x - 3x
EV/EBITDA range: 10x - 18x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of CERELIA by ARDIAN 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.
Acquirer: ardian