EUROPASTRY acquired by ARES
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.
It is worth noting that the fund Mch Private Equity took control of Europastry through an LBO in 2011.
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 to the average currently observed in the AgriFood sector (10.2x).
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.
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Target
Europastry operates as a manufacturer and distributor of frozen dough solutions for the bakery sector. The company’s business model focuses on supplying frozen bread, viennoiserie, and pastry snacks through a multi-channel commercial structure targeting artisanal bakeries, grocery retailers, and foodservice operators. Operating with an international footprint, the platform generates more than half of its revenue outside its domestic Spanish market, maintaining commercial operations across over 80 countries with a focus on North American distribution. The organization’s operational architecture is backed by an industrial network of 30 production facilities and a product development framework. To maintain catalog agility, the company allocates resources toward continuous R&D cycles, with recent product launches driving over 22% of its total revenue. Additionally, the firm integrates environmental sustainability mandates into its operational model, targeting the transition toward carbon-neutral manufacturing lines and the increased use of renewable energy sources across its facilities.
Ent. Value
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EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
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 |
REFERENCES
Valuation range: EV 1b - 4b EUR
Revenue range: 1b - 3b EUR
EBITDA range: 150M - 250M EUR
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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: europastry
Acquirer: ares