At what enterprise value was MICHEL ET AUGUSTIN acquired in 2019?

During the acquisition of MICHEL ET AUGUSTIN by DANONE in 2019, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 50M - 150M EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the AgriFood industry currently tracks an average EBITDA multiple of 10.7x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of MICHEL ET AUGUSTIN when it was acquired by DANONE?

The exact EV/EBITDA multiple for MICHEL ET AUGUSTIN is available on mynth capital. For comparison, the AgriFood sector currently shows an average EBITDA multiple of 10.7x. Join our community for free to access full valuation data and industry trends.

When was MICHEL ET AUGUSTIN acquired by DANONE?

MICHEL ET AUGUSTIN was acquired by DANONE in 2019.

What was the revenue of MICHEL ET AUGUSTIN at the time of the deal?

The revenue of MICHEL ET AUGUSTIN at the time of the deal is estimated to be in the range of 25M - 50M EUR. Register for free to access the full transaction report and exact valuation multiples.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the MICHEL ET AUGUSTIN acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the MICHEL ET AUGUSTIN deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.lesechos.fr/industrie-services/conso-distribution/danone-desormais-proprietaire-de-michel-et-augustin-1012526

← DATABASE

Home Database AgriFoodMICHEL ET AUGUSTIN

04/2019

DANONE takes majority stake in MICHEL ET AUGUSTIN

FRANCE Food Processing / Food Products EV 50M - 150M EUR

Context

Danone has completed the acquisition of a majority stake in Michel & Augustin, increasing its ownership to 95% through its Danone Manifesto Ventures entity. This transaction follows an initial investment in 2016, which represented a 40% stake, and subsequent gradual increases in ownership over the years. As a result, Danone will fully consolidate Michel & Augustin into its financial statements as of April 1, 2019. Following the transaction, the founders will retain approximately 5% of the capital and remain involved in the brand's governance. This investment is part of a strategy initiated in 2016, aimed at supporting high-growth potential food brands through a phased approach combining minority stake acquisitions, operational support, and gradual integration into the Danone group. Danone's strategic objective is to integrate Michel & Augustin into its portfolio of mass-market brands to support its development and accelerate its expansion, particularly internationally. This integration will also enable the sharing of certain industrial, commercial, and distribution functions within the group. For Michel & Augustin, the transaction marks a milestone in its capital consolidation after several years of autonomous growth. The company remains focused on its historical categories (biscuits, dairy products, and beverages), with a key challenge of structuring its growth and deploying its international presence.

By taking control of Michel Et Augustin, Danone continues its expansion strategy. Previously, the group had completed 2 acquisitions, including Whitewave in 2016.

MICHEL ET AUGUSTIN, which reported an EBITDA margin of LOGIN in 2018, 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 (10.7x).

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.

-> Deep-dive in AgriFood market trends

Target

Michel & Augustin is a French food company founded in 2004 by Michel de Rovira and Augustin Paluel-Marmont. The brand has developed a range of mass-market food products, focusing on biscuits, yogurts, desserts, and beverages, with a strong brand identity and distinctive marketing tone. Initially, the company concentrated on bakery and biscuit products (cookies, shortbread, and savory biscuits), before gradually expanding its portfolio to include dairy products (drinking yogurts and desserts) and beverages. One of its iconic products is the "drinking cow" yogurt, which has contributed significantly to the brand's reputation. Michel & Augustin operates on a business model that prioritizes mass-market consumption, combining in-house product development with a robust branding strategy. The company has primarily built its distribution network through large retail channels, with a growing international presence, particularly in the United States, where it has sought to establish itself through distribution partnerships. The brand has distinguished itself through a highly differentiated marketing approach, relying on storytelling, humor, and a strong connection with consumers, which has contributed to its visibility despite limited advertising budgets compared to major industry players.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2018

2017

Other operations with MICHEL ET AUGUSTIN

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
12/2023	THE FERRERO GROUP	MICHEL ET AUGUSTIN	FRANCE	Food Processing	n 2023, Danone entered into exclusive negotiations with CTH Invest, an affiliate of the Ferrero group, to divest Michel & Augustin, in which it held a 100% stake following a gradual acquisition process initiated in 2016
06/2016	DANONE	MICHEL ET AUGUSTIN	FRANCE	Food Processing	Danone has acquired a 40% stake in Michel & Augustin through its Danone Manifesto Ventures arm, as part of a structured transaction that enables a gradual increase in the French group's capital. This deal was completed through the purchase of shares from the founders and the Artemis holding company, owned by the Pinault family
07/2013	ARTÉMIS	MICHEL ET AUGUSTIN	FRANCE	Food Processing	In July 2013, the Artémis group, the holding company of the Pinault family, which had already been a minority shareholder since 2008, significantly strengthened its stake in Michel & Augustin. Following the transaction, Artémis gained control of the company by increasing its ownership to approximately 70% through a combination of share buybacks from existing shareholders and a capital increase

REFERENCES

Valuation range: EV 50M - 150M EUR

Revenue range: 25M - 50M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of MICHEL ET AUGUSTIN by DANONE are reserved for mynth community members. Register for free to unlock full data.

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

Target: michel et augustin

Acquirer: danone