At what enterprise value was EUROPASTRY acquired in 2026?

During the acquisition of EUROPASTRY by ARES in 2026, 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 1b - 4b 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 10.1x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of EUROPASTRY when it was acquired by ARES?

The estimated EV/EBITDA multiple for EUROPASTRY is in the range of 5x - 12x. For comparison, the AgriFood sector currently shows an average EBITDA multiple of 10.1x. Join our community for free to access full valuation data and industry trends.

When was EUROPASTRY acquired by ARES?

EUROPASTRY was acquired by ARES in 2026.

What was the revenue of EUROPASTRY at the time of the deal?

The revenue of EUROPASTRY at the time of the deal is estimated to be in the range of 1b - 3b EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of EUROPASTRY during the acquisition?

EUROPASTRY's EBITDA is estimated to be in the range of 150M - 250M EUR. Join our community for free to access complete and exact deal data.

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 EUROPASTRY 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 EUROPASTRY 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://pe-insights.com/ares-drives-e300m-continuation-fund-for-europastry-after-ipo-halt/

← DATABASE

Home Database AgriFoodEUROPASTRY

03/2026

EUROPASTRY

Acquired by

ARES

SPAIN Food Processing / Food Products / Bakery / Pastry EV 1b - 4b EUR

EUROPASTRY acquired by ARES

SPAIN Food Processing / Food Products / Bakery / Pastry EV 1b - 4b EUR

Context

Ares Management has led a €300 million ($346 million) single-asset continuation fund to extend the ownership of Europastry, currently held by MCH Private Equity (who originally invested in 2011). The transaction includes participation from the Asset Management Umbrella Fund (advised by the EIF) and Newbury Bridgepoint. This strategic move follows Europastry’s decision to cancel its IPO in 2024 due to unfavorable market conditions. The structure provides liquidity to MCH's older fund investors while allowing MCH and the Gallés family to maintain their stakes and support the company’s "solid growth prospects." The capital will be used to further Europastry's internationalization strategy, particularly in the US and Portugal, and to fund its intensive €124M+ annual R&D and technology investment program.

EUROPASTRY, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the average currently observed in the AgriFood sector (10.1x).

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

Europastry is a global leader in the frozen bakery dough sector. Its business model focuses on high-tech production and distribution of frozen bread, pastries, and snacks across three main channels: artisan bakery, retail, and foodservice. The company’s value proposition centers on "innovation-led tradition," utilizing 30 production facilities to serve over 80 countries. Strategically, Europastry is heavily invested in R&D, with over 22% of sales coming from products launched in the last three years. The group manages a complex international supply chain, with 56% of revenues generated outside Spain, notably in the United States. Its operations are increasingly focused on sustainability, aiming for carbon-neutral production lines and high renewable energy usage.

Ent. Value

Equity Value

Multiples Analysis

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2024

2023

Other operations with EUROPASTRY

Date	Acquirer	Target	Country	Sector	Deal Context
05/2011	MCH PRIVATE EQUITY	EUROPASTRY	SPAIN	Food Processing	MCH Private Equity acquired 18% stake in Europastry in a transaction that allowed for the exit of the historical shareholder Vall Companys (which previously held 24%). Concurrently, the founding Gallés family increased their majority stake to 80%, reaffirming their long-term commitment. The deal was supported by a €200 million syndicated loan to restructure the company's debt and provide the "dry powder" necessary for its global buy-and-build strategy. This investment marked the beginning of a 15-year partnership that saw Europastry's revenue grow five-fold, transforming it from a national champion into one of the top five global players in the frozen bakery market.

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 1b - 3b EUR

EBITDA range: 150M - 250M EUR

Note: Detailed and exact financial metrics (Enterprise Value, Revenue, EBITDA, and precise Multiples) 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).

Target: europastry

Acquirer: ares