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09/2024

HOCHDORF SWISS NUTRITION (HSN) acquired by AS EQUITY PARTNERS

SWITZERLAND Food Processing / Food Products / Dairy EV 50M - 150M CHF

Context

AS Equity Partners has entered into a binding agreement to acquire Hochdorf Swiss Nutrition (HSN), the core manufacturing subsidiary of the Hochdorf Group. The strategic rationale for the transaction is to preserve HSN’s operational business and its role in the Swiss dairy industry while separating it from the "legacy financial burdens" of its parent holding company, which has entered a debt restructuring moratorium. This carve-out allows HSN to continue its operational turnaround, which achieved positive EBITDA in 2023 for the first time in years, without being constrained by the over-indebtedness of Hochdorf Holding. AS Equity Partners intends to expand the infant nutrition business internationally, leveraging the brand's Swiss quality standards. The existing management team will remain in place to lead the company’s 129-year tradition into a new phase of sustainable profitability and international market penetration.

HOCHDORF SWISS NUTRITION (HSN), which reported an EBITDA margin of in 2023, is valued in this transaction at an EV/EBITDA multiple of , representing a level the average currently observed in the AgriFood sector (10.7x).

-> Deep-dive in AgriFood market trends

Target

Hochdorf Swiss Nutrition (HSN) is the primary operating subsidiary of the Hochdorf Group, specializing in the development, production, and marketing of high-quality nutrition products derived from Swiss milk and whey. The company’s business model is divided into two main pillars: Infant Nutrition, which provides infant formula and baby food under brands such as Bimbosan, Babina, and Primalac, and Food Solutions, which supplies milk powders, cream, and dairy-based semi-finished products to the global food industry. Its value proposition is built on "Swissness" quality features and technological expertise in milk protein refinement and powder drying. Strategically, HSN serves as a critical partner for the Swiss dairy industry, processing significant milk volumes into value-added nutritional solutions for both industrial B2B clients and direct consumer markets worldwide.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (CHF)

Year
Rev
EBITDA
EBIT
2023
2022

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REFERENCES

Valuation range: EV 50M - 150M CHF

Revenue range: 250M - 500M CHF

EBITDA range: 5M - 25M CHF

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of HOCHDORF SWISS NUTRITION (HSN) by AS EQUITY PARTNERS 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.

Press release: view release

Acquirer: as equity partners