GREENYARD takes majority stake in GELAGRI BRETAGNE
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.
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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
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Historical Financials (EUR)
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REFERENCES
Revenue range: 100M - 200M EUR
EBITDA range: 0M - 5M EUR
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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