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02/2026

GREENYARD takes majority stake in GELAGRI BRETAGNE

FRANCE Food Processing / Food Products REV €100–200M

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 [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the AgriFood sector (11.0x).

-> 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

€100–200M

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
€100–200M
€0–5M
€0–5M
2024
€100–200M
€0–5M
€0–5M

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REFERENCES

Revenue range: €100–200M

EBITDA range: €0–5M

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: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: gelagri bretagne

Acquirer: greenyard