HOVIS has been 100% owned by ASSOCIATED BRITISH FOODS since September 2025.

At what enterprise value was HOVIS acquired in 2025?

During the acquisition of HOVIS by ASSOCIATED BRITISH FOODS in 2025, the transaction's Enterprise Value is estimated to be in the range of 50M - 150M GBP.

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.

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/

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 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 in 2024, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the AgriFood sector (11.0x).

-> 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).

Ent. Value

Equity Value

Multiples

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EV / EBITDA

EV / EBIT

Historical Financials (GBP)

Year

Rev

EBITDA

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2024

2023

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09/2025	ADIA	CASA OPTIMA	ITALY	Ingredients
09/2025	AKSIA	IL FORNAIO DEL CASALE	ITALY	Bakery / Pastry
08/2025	NACTAROME GROUP	CLAREMONT INGREDIENTS	UNITED KINGDOM	Ingredients
08/2025	TOWERBROOK	AMYLU FOODS	UNITED STATES	Bakery / Pastry
08/2025	PREMIER FOODS	MERCHANT GOURMET	UNITED KINGDOM	Food Products

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