DANONE takes majority stake in MICHEL ET AUGUSTIN
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 in 2018, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the AgriFood sector (11.0x).
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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
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EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with MICHEL ET AUGUSTIN
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 12/2023 | THE FERRERO GROUP | MICHEL ET AUGUSTIN | FRANCE | Food Products |
| 06/2016 | DANONE | MICHEL ET AUGUSTIN | FRANCE | Food Products |
| 07/2013 | ARTÉMIS | MICHEL ET AUGUSTIN | FRANCE | Food Products |
REFERENCES
Valuation range: EV 50M - 150M EUR
Revenue range: 25M - 50M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: michel et augustin
Acquirer: danone