At what enterprise value was MILCAMPS acquired in 2025?

You can find the full valuation details of MILCAMPS 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 AgriFood industry currently tracks an average EBITDA multiple of 10.9x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of MILCAMPS when it was acquired by POPPIES BAKERIES?

The exact EV/EBITDA multiple for MILCAMPS is available on mynth capital. For comparison, the AgriFood sector currently shows an average EBITDA multiple of 10.9x. Join our community for free to access full valuation data and industry trends.

When was MILCAMPS acquired by POPPIES BAKERIES?

MILCAMPS was acquired by POPPIES BAKERIES in 2025.

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

The revenue of MILCAMPS at the time of the deal is estimated to be in the range of 5M - 25M EUR. 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 MILCAMPS 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 MILCAMPS 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.poppiesbakeries.com/en/news-events/poppies-bakeries-strengthens-position-in-the-waffle-market-with-the-acquisition-of

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Home Database AgriFoodMILCAMPS

09/2025

MILCAMPS acquired by POPPIES BAKERIES

BELGIUM Food Processing / Food Products REV 5M - 25M EUR

Context

Poppies Bakeries acquired 100% of Milcamps from Jacquet Brossard (a subsidiary of the French agricultural cooperative Limagrain). This acquisition strengthens Poppies' leadership in the waffle category, complementing its existing portfolio. Milcamps brings EUR16 million in revenue and specialized industrial capabilities in Dour. The deal allows Poppies to expand its footprint in the retail and foodservice channels in Belgium and France.

MILCAMPS, 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 (10.9x).

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

Founded in 1932, Milcamps is a historic Belgian producer specializing in premium waffles. Based in Dour, the company manufactures three main product categories: Liège waffles (sugar pearl), Brussels waffles (light/crispy), and galettes. Its products are sold in both frozen and ambient formats across 15 countries, with strong market share in Belgium and France.

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2023

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08/2025	NACTAROME GROUP	CLAREMONT INGREDIENTS	UNITED KINGDOM	Food Processing	Nactarome Group agreed to acquire Claremont Ingredients Ltd. from THG Nutrition, a subsidiary of THG PLC, in a strategic bolt-on enhancing its United Kingdom operations and sports nutrition foothold. Transaction facts outline a full ownership transfer of the flavour specialist, aligning with Nactarome's aggressive M&A playbook of tuck-in acquisitions to broaden capabilities
07/2025	REFRESCO	TELEMARK KILDEVANN	NORWAY	Food Processing	Refresco has completed the acquisition of Telemark Kildevann Holding AS (TKV), a Norwegian beverage and mineral water producer, following the announcement of the transaction in May 2025. The deal was finalized after obtaining the customary regulatory approvals and satisfying the closing conditions

REFERENCES

Revenue range: 5M - 25M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of MILCAMPS by POPPIES BAKERIES 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).