mynth
← DATABASE
02/2026

GREENYARD takes majority stake in GELAGRI BRETAGNE

FRANCE Food Processing / Food Products REV 100M - 200M EUR

Context

This transaction structures a full-function joint venture combining the industrial assets and commercial operations of Gelagri Bretagne and Greenyard Frozen France, creating a consolidated entity under the majority ownership and operational control of the Greenyard group. The combination establishes a leading player in the French frozen vegetable sector with an aggregate pro-forma revenue exceeding 260 million euros, supported by an integrated manufacturing cluster of four production sites in Brittany and an combined workforce of 900 employees. The structural rationale for the transaction is driven by the need for industrial scale and volume consolidation to counter escalating capital expenditure requirements in cold-chain automation and to increase bargaining leverage against consolidating grocery retail purchasing alliances. Prior to this corporate combination, Gelagri Bretagne’s commercial expansion was restricted by its localized cooperative distribution framework, capping its international sales velocity and capacity to absorb industrial overhead during off-peak periods. Immediate post-acquisition priorities will focus on operational integration across the four-site footprint, executing the ongoing co-manufacturing contracts for Eureden’s flagship D'Aucy and Paysan Breton brands to preserve domestic volumes, and routing the newly acquired Breton production capacity directly through Greenyard's global distribution tracks to accelerate international market penetration and maximize plant utilization.

GELAGRI BRETAGNE, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the AgriFood sector (10.8x).

Note that 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.

-> Deep-dive in AgriFood market trends

Target

Gelagri Bretagne is the French frozen vegetable and prepared meal processing company operating three production facilities located in Loudéac, Saint-Caradec, and Landerneau (France) to produce frozen raw vegetables, gratins, purées, and value-added vegetable side dishes. The company’s financial model is built on high-volume, asset-intensive industrial freezing processing lines, requiring tightly scheduled harvest-to-freezing intervals to maintain product quality and optimize seasonal factory capacity utilization rates. Revenue streams are contracted via private label (MDD) manufacturing agreements, co-manufacturing programs for established brands, and programmatic supply tenders with major European grocery retailers, specialized freezer centers, industrial food manufacturers, and commercial foodservice channels. Operational demand is deeply tied to domestic French retail procurement cycles, with export sales accounting for a limited 11 million euros (6.2% of total turnover), leaving the business highly exposed to domestic annual commercial price negotiations where product origin certification and strict cold-chain regulatory compliance serve as the primary commercial barriers to entry.

Ent. Value

LOGIN

Equity Value

LOGIN

Multiples

EV / Revenue

LOGIN

EV / EBITDA

LOGIN

EV / EBIT

LOGIN

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
LOGIN
LOGIN
LOGIN
2024
LOGIN
LOGIN
LOGIN

Similar deals in AgriFood

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
DateAcquirerTargetCountrySectorDeal Context
03/2026DANONEHUELUNITED KINGDOMFood Processing

Danone has acquired 100% of Huel. This represents a significant milestone in the second chapter of the "Renew Danone" strategy, which focuses on accelerating growth through high-added-value acquisitions. This transaction allows the French group to establish a dominant position in the rapidly expanding "nutritiously complete" and functional nutrition category. The strategic rationale for the deal centers on the perfect alignment between Huel’s high-growth, plant-based protein portfolio and Danone’s global leadership in specialized nutrition

03/2026BRIDORPANAMAR BAKERY GROUPSPAINFood Processing

BRIDOR has announced the acquisition of PANAMAR BAKERY GROUP for an enterprise value exceeding €1 billion, making it the largest transaction in the history of the LE DUFF Group. This landmark deal integrates 11 Spanish production sites and 2,600 employees into Bridor’s existing network, creating a global powerhouse with a combined turnover of €2.5 billion in 2026. The strategic rationale for the deal is rooted in the "Premiumization" of the frozen bakery market and the capture of the highly resilient Spanish tourism and retail channels

02/2026NASTA PET FOODFIRSTMATE PET FOODSCANADAFood Processing

Nasta Pet Food acquired 100% of the shares of FirstMate Pet Foods from its founder and partner. This transatlantic consolidation aims to establish the acquirer as a major player in the North American market, the world's largest pet food region. The acquisition was funded through a major EUR118 million unitranche refinancing package provided by an international debt fund. This financing also serves to retire existing bank debt and provides a confirmed, undrawn CAPEX line for future growth. The strategic rationale focuses on combining European veterinary expertise with North American manufacturing capabilities and digital distribution networks

02/2026REFRESCOSUNOPTAUNITED STATESFood Processing

Refresco has entered into a definitive agreement to acquire 100% of SunOpta for $6.50 per share in an all-cash transaction. The strategic rationale for the deal is to significantly bolster Refresco’s position in the fast-growing North American plant-based beverage market, utilizing SunOpta’s specialized aseptic manufacturing footprint as a platform for regional expansion. The acquisition is highly complementary, filling geographic gaps in Refresco’s US operations while adding advanced R&D and formulation capabilities in the plant-based milk and broth categories

01/2026ILLVA SARONNODELITEITALYFood Processing

Illva Saronno Holding, through its subsidiary Disaronno Ingredients, has acquired 100% of Delite S.r.l. The transaction allows Illva to integrate a strong regional distributor in the Emilia-Romagna area into its national network. This deal is part of the strategic project "DIS," which aims to build a unified, capillary distribution organization across Italy by aggregating regional leaders (following the acquisitions of Arbore in Liguria and G&P Center). The sellers include RDM Group and several private individuals

01/2026IDAK FOOD GROUPONOREFRANCEFood Processing

IDAK Food Group entered exclusive negotiations to acquire a majority stake in Onore from Waterland Private Equity and the management team. The transaction creates a diversified European leader in premium frozen food, combining IDAK's strengths in Switzerland and Italy with Onore's leadership in France and the UK. The management of Onore will reinvest in the new structure and continue to lead the division. The deal is expected to close in H1 2026 and represents IDAK's third major acquisition under TowerBrook's ownership

01/2026FRIULIAPINTAUDIITALYFood Processing

Friulia has completed a strategic investment in Pintaudi S.r.l., the premium bakery subsidiary of Polo del Gusto (Riccardo Illy). Following the transaction, Polo del Gusto retains control with 63.4% (diluted from 97.5%), while founder retains a 2.5% minority stake. The capital injection is aimed at supporting production volume growth, meeting increasing market demand, and maintaining the high artisanal standards of the brand.

01/2026KEURIG DR PEPPERJDE PEETSNETHERLANDSFood Processing

Keurig Dr Pepper completed the acquisition of JDE Peet’s in April 2026 through a recommended public cash offer, taking effective control of 96.22% of JDE Peet’s outstanding shares and paving the way to full delisting from Euronext Amsterdam. The transaction is structured as an all‑cash, platform‑building move that creates a global coffee powerhouse by combining JDE Peet’s deeply embedded coffee brands and international footprint with Keurig Dr Pepper’s leading single‑serve coffee platform and North American beverage infrastructure

12/2025NEWPRINCES GROUPPLASMONITALYFood Processing

NewPrinces Group has completed the acquisition of Kraft Heinz's infant food business. The transaction reunites the Plasmon brand with the Ozzano Taro production plant (already owned by Newlat), creating a fully integrated Italian baby food champion. As part of the deal, NewPrinces will continue to manufacture Heinz Baby Food for the UK market under a co-packing agreement at the acquired Latina facility.

12/2025ANHEUSER-BUSCH INBEV (AB INBEV)BEATBOX BEVERAGESUNITED STATESFood Processing

Anheuser-Busch InBev has entered into a definitive agreement to purchase an 85% majority stake in BeatBox Beverages for $490m. This transaction integrates one of the fastest-growing independent RTD brands into AB InBev's "Beyond Beer" portfolio, alongside assets like Cutwater Spirits. The deal structure allows the founders to remain with the company and continue driving its entrepreneurial culture, with a provision for AB InBev to acquire the remaining 15% ownership after five years. The acquisition provides BeatBox with access to AB InBev's unparalleled distribution network to accelerate its US expansion, while AB InBev secures a dominant position in the high-ABV, flavor-forward beverage segment favored by younger legal-drinking-age consumers

REFERENCES

Revenue range: 100M - 200M EUR

EBITDA range: 0M - 5M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of GELAGRI BRETAGNE by GREENYARD are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: gelagri bretagne

Acquirer: greenyard