At what enterprise value was GRUPPO SALPA acquired in 2021?

During the acquisition of GRUPPO SALPA by EQUINOX in 2021, the transaction's Enterprise Value is estimated to be in the range of 100M - 350M EUR.

What was the EV/EBITDA of GRUPPO SALPA when it was acquired by EQUINOX?

The estimated EV/EBITDA multiple for GRUPPO SALPA is in the range of 10x - 18x.

When was GRUPPO SALPA acquired by EQUINOX?

GRUPPO SALPA was acquired by EQUINOX in 2021.

What was the revenue of GRUPPO SALPA at the time of the deal?

The revenue of GRUPPO SALPA at the time of the deal is estimated to be in the range of 25M - 50M EUR.

What was the EBITDA of GRUPPO SALPA during the acquisition?

GRUPPO SALPA's EBITDA is estimated to be in the range of 5M - 25M EUR.

How is the data for the GRUPPO SALPA 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 GRUPPO SALPA 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://bebeez.it/private-equity/equinox-al-63-di-salpa-il-big-dei-biscotti-da-gelato-valutato-120-mln-euro/

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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Home Database AgriFoodGRUPPO SALPA

06/2021

GRUPPO SALPA acquired by EQUINOX

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

Context

Equinox acquired a 63% majority stake in Gruppo Salpa. The founding family (Cherubini) sold their shares but reinvested significantly to retain a 35% stake, while the management team holds the remaining 2%. The transaction implies a high valuation multiple. The auction process was highly competitive, attracting interest from major industrial players (Barry Callebaut, Dr. Oetker) and numerous private equity funds (Investindustrial, NB Renaissance, Riverside). The new ownership plans to expand production capabilities and pursue acquisitions in the "Decoration & Covers" segment, with a specific focus on entering the United States.

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

-> Deep-dive in AgriFood market trends

Target

Gruppo Salpa is an Italian Corporate company specializing in the production of high-tech bakery ingredients for the ice cream, yogurt, and confectionery industries. Its core expertise lies in manufacturing cookies for ice cream, as well as edible decorations, toppings, and gluten-free inclusions. Operating three production sites in the Perugia region (covering 90,000 sqm), Salpa serves as a strategic supplier to global multinational giants such as Unilever, Froneri, Nestle, Ferrero, Mars, and Sammontana.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2021

2020

Similar deals in Food Processing

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Date	Acquirer	Target	Country	Sector
09/2021	ROYAL DSM	FIRST CHOICE INGREDIENTS	UNITED STATES	Ingredients
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06/2021	KERRY GROUP	NIACET	UNITED STATES	Ingredients
06/2021	PILGRIM'S PRIDE CORPORATION	KERRY CONSUMER FOODS (MEATS AND MEALS BUSINESS)	UNITED KINGDOM	Meat & Cured Meat
05/2021	OLAM FOOD INGREDIENTS (OFI)	OLDE THOMPSON	UNITED STATES	Ingredients
05/2021	BAIN CAPITAL	VALEO FOODS GROUP	IRELAND	Food Products
05/2021	ASTORG	SOLINA GROUP	FRANCE	Ingredients
04/2021	TPG	THE MADE GROUP	AUSTRALIA	Dairy
04/2021	CREDIT MUTUEL EQUITY	CHARLES & ALICE	FRANCE	Food Products
04/2021	NACTAROME GROUP	TASTECONNECTION	UNITED KINGDOM	Ingredients

REFERENCES

Valuation range: EV 100M - 350M EUR

Revenue range: 25M - 50M EUR

EBITDA range: 5M - 25M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of GRUPPO SALPA by EQUINOX 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: gruppo salpa

Acquirer: equinox