At what enterprise value was Innovad Group acquired in 2025?

You can find the full valuation details of Innovad Group on mynth capital. 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 Healthcare & Pharma industry currently tracks an average EBITDA multiple of 14.8x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of Innovad Group when it was acquired by PAI PARTNERS?

The exact EV/EBITDA multiple for Innovad Group is available on mynth capital. For comparison, the Healthcare & Pharma sector currently shows an average EBITDA multiple of 14.8x. Join our community for free to access full valuation data and industry trends.

When was Innovad Group acquired by PAI PARTNERS?

Innovad Group was acquired by PAI PARTNERS in 2025.

What was the revenue of Innovad Group at the time of the deal?

The revenue of Innovad Group at the time of the deal is estimated to be in the range of 100M - 200M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of Innovad Group during the acquisition?

Innovad Group's EBITDA is estimated to be in the range of 25M - 50M EUR. Join our community for free to access complete and exact deal data.

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 Innovad Group 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 Innovad Group 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://ikpartners.com/press-releases/pai-partners-acquires-innovad-group-from-ik-partners/

← DATABASE

Home Database Healthcare & PharmaInnovad Group

08/2025

Innovad Group acquired by PAI PARTNERS

BELGIUM Life Sciences / Animal Health REV 100M - 200M EUR

Context

A control buyout transaction has been agreed by private equity firm PAI Partners to acquire Innovad Group from IK Partners, initiating the next strategic expansion cycle for the specialty animal feed additives business. The transaction provides a full monetization event for the seller's IK IX Fund, which held its equity position since 2021. In conjunction with the buyout, the incumbent leadership team headed by Chief Executive Officer Ben Letor is reinvesting alongside the incoming financial sponsor to ensure management continuity and execute the long-term roadmap. Under the prior holding period, the platform delivered consistent double-digit revenue growth, commercialized the proprietary Myco-Marker biomonitoring diagnostic tool, and successfully integrated three strategic add-on acquisitions that broadened its phytogenic capabilities. At the time of the deal, the Belgium-headquartered company operates six production facilities, combining three proprietary manufacturing sites in Belgium, Brazil, and Italy with specialized tolling partners in Switzerland and Italy, serving 900 customers across 75 countries. The value creation plan established by PAI Partners leverages its domain expertise in food, ingredients, and animal nutrition to accelerate organic commercial momentum, increase scientific development capabilities, and execute selective cross-border add-ons. Closing of the deal is targeted for the first quarter of 2026, subject to customary closing conditions.

In the past, the company underwent an LBO led by Ik Partners in 2021, and continued an active consolidation strategy by notably acquiring Herbonis (2023).

Innovad Group, which reported an EBITDA margin of LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Healthcare & Pharma sector (14.8x).

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 Healthcare & Pharma market trends

Target

Innovad Group is a globally operating supplier of specialty additives for animal feed, concentrating on poultry, ruminant and swine species. Its portfolio comprises high‑value solutions that support gut health, mycotoxin mitigation and immune function, with a pronounced emphasis on phytogenic and biomonitoring technologies. Headquartered in Antwerp, Belgium, the company serves roughly 900 customers across 75 markets. Production capacity is vertically integrated through three owned facilities in Belgium, Brazil and Italy, complemented by toll‑manufacturing partnerships in Switzerland and Italy. Innovad’s R&D platform drives the development of novel nutraceutical ingredients and a proprietary mycotoxin biomonitoring tool. The firm pursues organic expansion, strategic acquisitions and continuous enhancement of its development platform to reinforce its position as a leading specialist in animal nutrition additives.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2023

2022

Other operations with Innovad Group

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
04/2023	Innovad Group	Herbonis	SWITZERLAND	Life Sciences	Strengthening its strategic focus on natural specialty feed ingredients, Belgium-based Innovad, backed by its financial sponsor IK Partners through the IK IX Fund, has completed the acquisition of 100% of the share capital of Swiss company Herbonis along with its affiliates, including UK-based Wyreside. This targeted build-up transaction aligns with Innovad's investment thesis to expand into primary botanical ingredients and establish a global center of excellence in phytogenics and animal biomonitoring
02/2021	IK PARTNERS	Innovad Group	BELGIUM	Life Sciences	A leadership succession between founder Jamal Al-Saifi and fellow co-founder Ben Letor anchors the ownership transition under which IK Investment Partners entered exclusive discussions to acquire a majority stake in Innovad Group. Executed through the IK IX Fund, the buyout marks the retirement of the founder and outgoing CEO, while Ben Letor assumes the Chief Executive Officer role and reinvests substantially alongside the incumbent management team and the incoming private equity sponsor. The perimeter of the transaction encompasses the concurrent acquisition of Add-Co Nutrition, an Italian feed additives producer specialized in natural pigments and concentrates, which becomes a wholly owned subsidiary of the Innovad Group

REFERENCES

Revenue range: 100M - 200M EUR

EBITDA range: 25M - 50M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Innovad Group by PAI PARTNERS 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).

Target: innovad group

Acquirer: pai partners