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03/2026Majority

Ares takes majority stake in Europastry

SPAIN Food Processing / Food Products / Bakery / Pastry EV €1–10bn

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.

In the past, Europastry was acquired by MCH Private Equity in 2011 as part of its expansion strategy.

Europastry, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.

-> Deep-dive in AgriFood market trends

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

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
€1–10bn
€150–250M
[members only]
2023
€1–10bn
€150–250M
[members only]

Other operations with Europastry

Other operations with Europastry
DateAcquirerTargetCountrySector
05/2011MCH PRIVATE EQUITYEUROPASTRYSPAINBakery / Pastry

Other operations with Ares

Other operations with Ares
DateAcquirerTargetCountrySector
10/2026ARESINFINITY TRANSPORTATIONUNITED STATESIndustrial Equipment Leasing
06/2025ARESPLENITUDEITALYRenewables
10/2021ARES / BPIFRANCEPOINT VISIONFRANCEOphthalmology

Similar deals in Food Processing

Similar deals in Food Processing
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03/2026MORINAGA & CO.MY MOCHI ICE CREAMUNITED STATESFood Products
03/2026MCCORMICK & COMPANYUNILEVER FOOD DIVISIONUNITED KINGDOMFood Products
03/2026BRIDORPANAMAR BAKERY GROUPSPAINBakery / Pastry
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REFERENCES

Valuation range: EV €1–10bn

Revenue range: €1–10bn

EBITDA range: €150–250M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 5x - 12x

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

Target: europastry

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Europastry, a Spanish company specialised in Food Products, by Ares in 2026. This followed an earlier holding cycle initiated in May 2011, when the company was acquired by MCH Private Equity.

How was the acquisition of Europastry by Ares valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Europastry’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Europastry generated annual revenue estimated in the €1–10bn range and EBITDA in the €150–250M bracket (FY 2024). Detailed financial figures are available to members.

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.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.