At what enterprise value was FRULACT acquired in 2020?

During the acquisition of FRULACT by ARDIAN in 2020, the transaction's Enterprise Value is estimated to be in the range of 100M - 350M EUR.

When was FRULACT acquired by ARDIAN?

FRULACT was acquired by ARDIAN in 2020.

What was the revenue of FRULACT at the time of the deal?

The revenue of FRULACT at the time of the deal is estimated to be in the range of 100M - 200M EUR.

How is the data for the FRULACT acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the FRULACT deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.unquote.com/southern-europe/official-record/3017888/ardian-buys-natural-ingredients-specialist-frulact

What is the average EV/EBITDA multiple for the AgriFood sector in 2026?

The average EV/EBITDA multiple for the AgriFood sector in 2026 is 11.0x.

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01/2020

FRULACT acquired by ARDIAN

PORTUGAL Food Processing / Ingredients EV 100M - 350M EUR

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.

FRULACT, which reported an EBITDA margin of in 2021, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the AgriFood sector (11.0x).

-> Deep-dive in AgriFood market trends

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

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2021

2020

Other operations with FRULACT

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
11/2025	NEXTURE	FRULACT	PORTUGAL	Ingredients

REFERENCES

Valuation range: EV 100M - 350M EUR

Revenue range: 100M - 200M EUR

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

Acquirer: ardian