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09/2024MajorityLBO

AS Equity Partners takes majority stake in Hochdorf Swiss Nutrition

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

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, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average observed in the AgriFood sector (11.9x in 2024).

-> 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

CHF 50–150M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (CHF)

Year
Rev
EBITDA
EBIT
2023
CHF 250–500M
CHF 5–25M
[members only]
2022
CHF 250–500M
CHF 5–25M
[members only]

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REFERENCES

Valuation range: EV CHF 50–150M

Revenue range: CHF 250–500M

EBITDA range: CHF 5–25M

EV/Revenue range: below 1.5x

EV/EBITDA range: 10x - 18x

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 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

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Hochdorf Swiss Nutrition, a Swiss company specialised in Food Products, by AS Equity Partners in 2024, structured as a leveraged buyout (LBO).

How was the acquisition of Hochdorf Swiss Nutrition by AS Equity Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the CHF 50–150M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What were Hochdorf Swiss Nutrition’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Hochdorf Swiss Nutrition generated annual revenue estimated in the CHF 250–500M range and EBITDA in the CHF 5–25M bracket (FY 2023). Detailed financial figures are available to members.

How does the valuation of Hochdorf Swiss Nutrition compare to benchmarks in the AgriFood sector?

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the AgriFood sector (11.9x in 2024).

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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