FRULACT
Acquired by
ARDIAN
FRULACT acquired by ARDIAN
Target
FRULACT
Acquirer
ARDIAN
Context
Ardian has acquired a majority stake in Frulact from the founding Miranda family. The transaction values the company at approximately EUR150 million. The management team, led by CEO Duarte Faria, remains in place to drive the next phase of growth, while the founder retains a role as Non-Executive Chairman. Ardian's strategy is to use Frulact as a consolidation platform to build a global leader in natural food ingredients through acquisitions in adjacent niches.
The transaction values FRULACT at an EV/Revenue multiple of LOGIN.
This transaction is part of the AgriFood industry, which currently tracks an average EBITDA multiple of 10.1x since the beginning of 2026, 9.8% decrease compared to 2025. 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
Founded in 1987 in Portugal, Frulact is a specialized producer of value-added ingredients for the food and beverage industry. It focuses on fruit preparations, plant-based ingredients, and flavorings used in yogurts, dairy desserts, ice creams, and beverages. The company operates 9 production facilities across Europe (Portugal, France), Africa (South Africa, Morocco), and North America (Canada). It sells to major global food groups in over 40 countries.
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 FRULACT
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 11/2025 | NEXTURE | FRULACT | PORTUGAL | Ingredients | Investindustrial, through its ingredient holding company Nexture, has agreed to acquire Frulact from Ardian. Nexture prevailed in a competitive process against finalists including the Jose de Mello Group and IK Partners. This acquisition integrates Frulact into a broader pan-European ingredient platform alongside Italcanditi and CSM Ingredients. The deal marks a successful exit for Ardian, which supported Frulact's transformation from a family business to a global player via organic growth and M&A (IFF acquisition). |
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