LBO France entered into exclusive negotiations to acquire a majority stake in Materne-Montblanc from the private equity firm Activa Capital. This Secondary LBO was negotiated directly between the parties, bypassing a broad industrial auction process because the management team explicitly favored a financial partner to continue their independent adventure. The deal is predicated on two major value creation strategies. First, international expansion: the group aims to transition from exporting products to the US to establishing local manufacturing capabilities (building a factory) to serve the massive American market. Second, brand synergies: the new shareholders plan to revitalize the lagging Montblanc brand by applying Materne's packaging innovation—specifically, launching Montblanc dairy desserts in the successful pouch format.

MATERNE-MONTBLANC (MOM GROUP), which reported an EBITDA margin of LOGIN in 2009, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 10.1x average currently observed in the AgriFood sector.

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