Ares takes majority stake in Europastry
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)
Other operations with Europastry
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 05/2011 | MCH PRIVATE EQUITY | EUROPASTRY | SPAIN | Bakery / Pastry |
Other operations with Ares
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 10/2026 | ARES | INFINITY TRANSPORTATION | UNITED STATES | Industrial Equipment Leasing |
| 06/2025 | ARES | PLENITUDE | ITALY | Renewables |
| 10/2021 | ARES / BPIFRANCE | POINT VISION | FRANCE | Ophthalmology |
Similar deals in Food Processing
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 04/2026 | ONE ROCK CAPITAL PARTNERS | EAT HAPPY GROUP | GERMANY | Food Products |
| 04/2026 | AMBIENTA | THE BRIDGE BIO | ITALY | Soft Drinks |
| 03/2026 | DANONE | HUEL | UNITED KINGDOM | Food Products |
| 03/2026 | VALEO FOODS GROUP | PRESTIGE-96 | BULGARIA | Bakery / Pastry |
| 03/2026 | MORINAGA & CO. | MY MOCHI ICE CREAM | UNITED STATES | Food Products |
| 03/2026 | MCCORMICK & COMPANY | UNILEVER FOOD DIVISION | UNITED KINGDOM | Food Products |
| 03/2026 | BRIDOR | PANAMAR BAKERY GROUP | SPAIN | Bakery / Pastry |
| 03/2026 | ATRIA | COOKIN FOOD SWEDEN | SWEDEN | Food Products |
| 03/2026 | NEXTSTAGE | SOCIÉTÉ DES EAUX MINÉRALES D’ARCACHON (SEMA) | FRANCE | Soft Drinks |
| 03/2026 | ALPHAPET VENTURES | CPRO FOOD | BELGIUM | Petfood |
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?
How was the acquisition of Europastry by Ares valued, and what multiples were paid?
What were Europastry’s revenue and EBITDA at the time of the deal?
What sources support the information on this transaction?
What is mynth?