EUROPE SNACKS
Acquired by
ONE ROCK CAPITAL PARTNERS
EUROPE SNACKS acquired by ONE ROCK CAPITAL PARTNERS
Target
EUROPE SNACKS
Acquirer
ONE ROCK CAPITAL PARTNERS
Context
One Rock Capital Partners signed an agreement to acquire a majority stake in Europe Snacks from Seven2 (formerly Apax Partners), which had held the company since 2013. This exit concludes a decade of transformation under Seven2, during which revenue grew from EUR90 million to EUR700 million through three major build-ups. The financing is secured by a banking pool led by Barclays and Goldman Sachs.
EUROPE SNACKS, 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 10.1x average currently observed in the AgriFood sector.
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Target
Headquartered in the Vendee region of France, Europe Snacks is the leading European manufacturer of private label salty snacks. The group has grown significantly through a buy-and-build strategy (acquiring Kolak in the UK, Ibersnacks in Spain, and Burts Snacks). With a portfolio of 1,200 products (including stackable chips, crackers, and extruded snacks), the group forecasts EUR700 million in revenue for 2024, with 75% of sales generated outside France. It also operates a co-manufacturing division for third-party brands (15% of revenue).
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with EUROPE SNACKS
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