06/2015MajorityLBO

IK Partners takes majority stake in Cerelia

FRANCE Food Processing / Food Products / Bakery / Pastry EV €300–700M

Context

IK Investment Partners acquired a majority stake in Cérélia Group, succeeding a consortium of investors led by Sagard, Capzanine, Cerea Capital, and BNP Développement. The transaction was structured as a preemptive bid, valuing the group at approximately €300 million. The strategic rationale centers on accelerating the company's transition from a regional leader into a global champion of chilled dough and ready-to-bake products. Under the leadership of CEO Guillaume Réveilhac, who remains a significant minority shareholder, the partnership aims to leverage IK's financial backing to execute large-scale add-on acquisitions. This acquisition follows a successful integration phase under Sagard's tenure, which saw the company's revenue reach €212 million by 2014.

The acquisition of Cerelia is part of the growth strategy of IK Partners, which already has several external growth operations under its belt, notably Solina Group in 2011.

Cerelia, which reported an EBITDA margin of [members only] in 2014, is valued in this transaction at an EV/EBITDA multiple of [members only].

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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

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2014

2013

Other operations with Cerelia

Other operations with Cerelia
Date	Acquirer	Target	Country	Sector
12/2019	ARDIAN	CERELIA	FRANCE	Bakery / Pastry
04/2017	CERELIA	ENGLISH BAY BATTER	CANADA	Food Products

Other operations with IK Partners

Other operations with IK Partners
Date	Acquirer	Target	Country	Sector
02/2018	IK PARTNERS	QUESTEL GROUP	FRANCE	Industry-Specific Software
10/2017	IK PARTNERS	LINXIS GROUP	FRANCE	Food & Beverage Lines
06/2016	IK PARTNERS / FIVE ARROWS	IAD	FRANCE	E-commerce & Marketplaces
05/2016	IK PARTNERS	MARLE GROUP	FRANCE	Implants & Prosthetics
12/2015	IK PARTNERS	SALAD SIGNATURE	NETHERLANDS	Food Products
07/2015	IK PARTNERS	AUXIGA	FRANCE	Factoring
07/2011	IK PARTNERS	SOLINA GROUP	FRANCE	Ingredients
07/2011	IK PARTNERS	TRIGO	FRANCE	TIC (Testing, Inspection, Certification)
11/2010	IK PARTNERS	OPTIMIZELY (EX EPISERVER)	UNITED STATES	MarTech
11/2004	IK PARTNERS	IDEX	FRANCE	District Heating

Similar deals in Food Processing

Similar deals in Food Processing
Date	Acquirer	Target	Country	Sector
07/2015	ARDIAN	IRCA	ITALY	Ingredients
07/2015	GRUPO BIMBO	PANRICO	SPAIN	Food Products
06/2015	TA ASSOCIATES	HANA GROUP	FRANCE	Food Products
05/2015	HORMEL FOODS	APPLEGATE	UNITED STATES	Meat & Cured Meat
05/2015	SOLINA GROUP	PAULIG GROUP - CORPORATE FLAVORING DIVISION	FINLAND	Ingredients
04/2015	PAMPLONA CAPITAL MANAGEMENT	PARTNER IN PET FOOD (PPF)	HUNGARY	Petfood
03/2015	THE J.M. SMUCKER COMPANY	BIG HEART PET BRANDS	UNITED STATES	Petfood
02/2015	SAGARD	DELICE DES 7 VALLEES	FRANCE	Bakery / Pastry
02/2015	A.G. BARR	FUNKIN	UNITED KINGDOM	Soft Drinks
12/2014	OLAM INTERNATIONAL	MCCLESKEY MILLS	UNITED STATES	Ingredients

REFERENCES

Valuation range: EV €300–700M

Revenue range: €150–250M

EV/Revenue range: 1x - 3x

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

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Cerelia, a French company specialised in Food Products, by IK Partners in 2015, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with Ardian in December 2019 (see the dedicated deal page for details).

How was the acquisition of Cerelia by IK Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €300–700M band and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What was Cerelia’s revenue at the time of the deal?

At the time of the transaction, Cerelia’s annual revenue was estimated within the €150–250M range (FY 2014). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction intelligence is supported by independent reporting from specialized financial publications, alongside a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

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