At what enterprise value was HOVIS acquired in 2025?

During the acquisition of HOVIS by ASSOCIATED BRITISH FOODS in 2025, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 50M - 150M GBP. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the AgriFood industry currently tracks an average EBITDA multiple of 10.8x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of HOVIS when it was acquired by ASSOCIATED BRITISH FOODS?

The exact EV/EBITDA multiple for HOVIS is available on mynth capital. For comparison, the AgriFood sector currently shows an average EBITDA multiple of 10.8x. Join our community for free to access full valuation data and industry trends.

When was HOVIS acquired by ASSOCIATED BRITISH FOODS?

HOVIS was acquired by ASSOCIATED BRITISH FOODS in 2025.

What was the revenue of HOVIS at the time of the deal?

The revenue of HOVIS at the time of the deal is estimated to be in the range of 250M - 500M GBP. Register for free to access the full transaction report and exact valuation multiples.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the HOVIS 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 HOVIS 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://www.foodnavigator.com/Article/2025/08/15/abf-to-acquire-hovis-in-75m-deal-forming-uks-largest-bread-brand/

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Home Database AgriFoodHOVIS

09/2025

HOVIS acquired by ASSOCIATED BRITISH FOODS

UNITED KINGDOM Food Processing / Food Products / Bakery / Pastry EV 50M - 150M GBP

Context

Associated British Foods (ABF) has agreed to acquire Hovis Ltd from the private equity firm Endless LLP. This transaction brings together two of the UK's largest bakery brands, Hovis and Kingsmill (owned by ABF's Allied Bakeries), in a strategic move to address long-term structural decline in the pre-packaged bread market. The deal aims to combine production and distribution operations to generate significant efficiencies, with estimated annual cost savings of �50 million. The merger is subject to rigorous scrutiny by the Competition and Markets Authority (CMA) due to the high market concentration it creates.

HOVIS, which reported an EBITDA margin of LOGIN in 2024, 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.

-> Deep-dive in AgriFood market trends

Target

Hovis is an iconic British bakery brand with a heritage spanning over 130 years. Best known for its brown and wholemeal sliced bread, the company also produces white bread, muffins, crumpets, and artisanal loaves. Headquartered in High Wycombe, Hovis operates multiple bakeries and distribution centers across the UK. Despite its strong brand recognition, the company has struggled with profitability due to declining demand for pre-packaged bread and extreme volatility in raw material costs (wheat/energy).

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REFERENCES

Valuation range: EV 50M - 150M GBP

Revenue range: 250M - 500M GBP

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of HOVIS by ASSOCIATED BRITISH FOODS are reserved for mynth community members. Register for free to unlock full data.

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).