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06/2015

CERELIA

Acquired by

IK PARTNERS

FRANCE Food Processing / Food Products / Bakery / Pastry EV 300M - 700M EUR

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.

CERELIA, which reported an EBITDA margin of LOGIN in 2014, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the AgriFood sector (10.6x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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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

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Equity Value

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Multiples

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

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2014
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2013
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Other operations with CERELIA

DateAcquirerTargetCountrySectorDeal Context
CERELIAFRANCEFood Processing

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).

ENGLISH BAY BATTERCANADAFood Processing

Founded in 1983, English Bay Batter is a major North American manufacturer of refrigerated and frozen bake-off products. The company specializes in gourmet cookies, muffins, and brownies, serving both the food service industry and retail channels. At the time of the acquisition, it was ranked as the fourth-largest player in its sector in North America. Its business model focuses on high-quality dough and batter formulations, operating multiple production facilities across Canada and the United States. Strategically, the company provides a strong platform for European food groups looking to enter the North American convenience baking market through established distribution networks and localized production capabilities.

REFERENCES

Valuation range: EV 300M - 700M EUR

Revenue range: 150M - 250M EUR

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: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Acquirer: ik partners