English Bay Batter acquired by Cerelia

CANADA Food Processing / Food Products REV €50–100M

Context

Cérélia Group has acquired English Bay Batter from the Canadian investment holding Kilmer Van Nostrand. This transaction is a transformative step in Cérélia’s internationalization, shifting its revenue mix from 35% to 65% international (with North America representing a quarter of total sales). The acquisition was financed through a full debt refinancing of the group, covering 100% of the purchase price and allowing for an exceptional dividend payment to IK Investment Partners (representing 25% of the initial equity). Following the deal, the group’s leverage increased from 4.5x to 5.1x EBITDA. Pro-forma for the acquisition, Cérélia’s total turnover exceeds €400 million, solidifying its position as a global multi-specialist in the ready-to-bake and snack sectors.

English Bay Batter, which reported an EBITDA margin of [members only] in 2017, is valued in this transaction at an EV/EBITDA multiple of [members only].

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Target

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.

Ent. Value

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2017

2016

Other operations with Cerelia

Other operations with Cerelia
Date	Acquirer	Target	Country	Sector
12/2019	ARDIAN	CERELIA	FRANCE	Bakery / Pastry
06/2015	IK PARTNERS	CERELIA	FRANCE	Bakery / Pastry

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01/2017	MADEMOISELLE DESSERTS	MINISTRY OF CAKE	UNITED KINGDOM	Bakery / Pastry
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REFERENCES

Revenue range: REV €50–100M

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of English Bay Batter by Cerelia 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 Cerelia’s acquisition of 100% of English Bay Batter, a Canadian company specialised in Food Products, in 2017.

What was English Bay Batter’s revenue at the time of the deal?

At the time of the transaction, English Bay Batter’s annual revenue was estimated within the €50–100M range (FY 2017). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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