MILCAMPS
Acquired by
POPPIES BAKERIES
MILCAMPS acquired by POPPIES BAKERIES
Target
MILCAMPS
Acquirer
POPPIES BAKERIES
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.
This transaction is part of the AgriFood industry, which currently tracks an average EBITDA multiple of 10.1x since the beginning of 2026, 9.8% decrease compared to 2025. 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.
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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.
Ent. Value
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Equity Value
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Multiples Analysis
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with MILCAMPS
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