06/2023Minority

Mitsui & Co invests in Euricom

ITALY Food Processing / Food Products EV €500M–1.5bn

Context

Mitsui & Co. has acquired a minority stake in Euricom S.p.A., marking the first time the group's founding families have accepted external capital. The strategic rationale for the transaction is to transform Euricom into a more institutionalized global platform for growth, leveraging Mitsui's procurement networks (such as its ETG pulses platform) and global reach. As part of the deal, Mitsui swapped its existing minority stake in Euricom’s Polish subsidiary, Rol-Ryż, for new shares in the parent group. This investment is aimed at accelerating Euricom's expansion into adjacent categories like pulses and strengthening its relationships with European retailers. Bruno Sempio remains Chairman and retains sole control over the group’s management, ensuring industrial continuity while benefiting from Mitsui's long-term strategic support.

Euricom, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average observed in the AgriFood sector (12.2x in 2023).

-> Deep-dive in AgriFood market trends

Target

Euricom is a leading Italian industrial group and one of the world’s major players in the rice sector. The company’s business model is vertically integrated, covering the sourcing, processing, and distribution of rice and pulses to retail, foodservice, and B2B industrial clients. Its value proposition is built on an extensive global supply chain, sourcing grains from Southern Europe, South America, India, and Southeast Asia. Strategically, the firm focuses on international expansion and product diversification into healthy categories like pulses. Managed by the Nervi and Sempio families since its inception, the group operates as a "global platform" for rice products, leveraging a multi-regional manufacturing footprint to serve major European retailers and international markets.

Ent. Value

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

[members only]

EV / EBIT

10x–18x

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2022

2021

Other operations with Mitsui & Co

Other operations with Mitsui & Co
Date	Acquirer	Target	Country	Sector
06/2023	MITSUI & CO	NUTRINOVA NETHERLANDS	NETHERLANDS	Ingredients

Similar deals in Food Processing

Similar deals in Food Processing
Date	Acquirer	Target	Country	Sector
07/2023	MALTERIES SOUFFLET	UNITED MALT GROUP	AUSTRALIA	Food Processing
07/2023	MARS	KEVIN'S NATURAL FOODS	UNITED STATES	Food Products
06/2023	RIELLO INVESTIMENTI PARTNERS	IL FORNAIO DEL CASALE	ITALY	Bakery / Pastry
06/2023	PERNOD RICARD	ACE BEVERAGE GROUP	CANADA	Wines & Spirits
06/2023	MITSUI & CO	NUTRINOVA NETHERLANDS	NETHERLANDS	Ingredients
06/2023	3I	PANELTO FOODS	IRELAND	Bakery / Pastry
06/2023	HEINEKEN	OEDIPUS	NETHERLANDS	Wines & Spirits
06/2023	IK PARTNERS	GOODLIFE FOODS	NETHERLANDS	Food Products
05/2023	GREENYARD	GIGI GELATO	NETHERLANDS	Food Products
05/2023	MADEMOISELLE DESSERTS	GALANA (PASTRY & ICE CREAM)	BELGIUM	Bakery / Pastry

REFERENCES

Valuation range: EV €500M–1.5bn

Revenue range: €450–900M

EV/Revenue range: below 1.5x

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

Press release: view release

Target: euricom

Acquirer: mitsui & co

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Euricom, an Italian company specialised in Food Products, by Mitsui & Co in 2023.

How was the acquisition of Euricom by Mitsui & Co valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €500M–1.5bn band and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

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

At the time of the transaction, Euricom’s annual revenue was estimated within the €450–900M range (FY 2022). Detailed financial figures are available to members.

How does the valuation of Euricom compare to benchmarks in the AgriFood sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. Nevertheless, transactions tracked by mynth in this sector reveal an average benchmark multiple of 12.2x EBITDA during 2023.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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