At what enterprise value was MILLBO BIONATURALS GROUP acquired in 2020?

During the acquisition of MILLBO BIONATURALS GROUP by APHEON (EX ERGON) in 2020, the transaction's Enterprise Value is estimated to be in the range of 100M - 350M EUR.

What was the EV/EBITDA of MILLBO BIONATURALS GROUP when it was acquired by APHEON (EX ERGON)?

The estimated EV/EBITDA multiple for MILLBO BIONATURALS GROUP is in the range of Above 20x.

When was MILLBO BIONATURALS GROUP acquired by APHEON (EX ERGON)?

MILLBO BIONATURALS GROUP was acquired by APHEON (EX ERGON) in 2020.

What was the revenue of MILLBO BIONATURALS GROUP at the time of the deal?

The revenue of MILLBO BIONATURALS GROUP at the time of the deal is estimated to be in the range of 10M - 30M EUR.

What was the EBITDA of MILLBO BIONATURALS GROUP during the acquisition?

MILLBO BIONATURALS GROUP's EBITDA is estimated to be in the range of 0M - 5M EUR.

How is the data for the MILLBO BIONATURALS 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 MILLBO BIONATURALS 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://www.apheon.com/apheon-news/ergon-invests-in-millbo-and-bionaturals-a-leading-natural-ingredients-group-offering-clean-label-solutions-to-industrial-bakeries-worldwide/

← DATABASE

Home Database AgriFoodMILLBO BIONATURALS GROUP

12/2020

MILLBO BIONATURALS GROUP acquired by APHEON (EX ERGON)

ITALY Food Processing / Ingredients EV 100M - 350M EUR

Context

Ergon Capital, a mid-market private equity firm, has acquired a majority stake in the Millbo-BioNaturals Group. This deal represents a strategic play within the high-growth natural food ingredients sector, aimed at transforming a family-owned technical leader into a global institutional platform. The strategic rationale for the investment centers on leveraging Ergon’s international network and financial resources to accelerate the group's geographic expansion and to pursue a consolidation strategy in a highly fragmented market. The structure ensures strong management continuity, with the CEO and former controlling shareholder, Alessandro Boggiani, reinvesting in the business to drive the next phase of development. This transaction follows the buyer's existing sector expertise, notably its previous investment in the bakery segment.

MILLBO BIONATURALS GROUP, which reported an EBITDA margin of in 2019, is valued in this transaction at an EV/EBITDA multiple of , a level than the average currently observed in the AgriFood sector (10.7x).

-> Deep-dive in AgriFood market trends

Target

Millbo-BioNaturals is a premier manufacturer of high-quality natural ingredients and innovative clean-label solutions for the global baking and milling industries. Headquartered in Trecate, the group operates a sophisticated industrial platform with a strong commercial presence across Europe, the United States, and the Asia-Pacific region. The company specializes in the research and production of enzymes, natural sourdoughs, and advanced bakery improvers designed to enhance the nutritional profile and shelf-life of food products without the use of chemical additives. Its business model is heavily anchored in R&D and technical innovation, serving a diverse client base ranging from artisanal bakeries to large-scale industrial food producers. By focusing on the "clean label" trend, the firm addresses the increasing consumer demand for healthy, sustainable, and transparent food supplies.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2019

2018

Similar deals in Food Processing

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
03/2021	LIFEBRANDS NATURAL FOOD	REVOLUTION TEA	UNITED STATES	Coffee & Tea
02/2021	LANXESS	EMERALD KALAMA CHEMICAL	UNITED STATES	Ingredients
12/2020	CRONOS CAPITAL PARTNERS	EVERTON	ITALY	Coffee & Tea
11/2020	PLATINUM EQUITY	BISCUIT INTERNATIONAL	FRANCE	Food Products
11/2020	AMSTERDAM COMMODITIES	SUNOPTA - GLOBAL INGREDIENTS BUSINESS	NETHERLANDS	Ingredients
11/2020	RHONE CAPITAL	ILLYCAFFÈ	ITALY	Beverages
10/2020	HAUDECOEUR	PALAIS IMPÉRIAL	FRANCE	Coffee & Tea
08/2020	GLANDIA NUTRITIONALS	FOODAROM	CANADA	Ingredients
06/2020	ROYAL DSM	ERBER GROUP	AUSTRIA	Petfood
01/2020	BC PARTNERS	PASTICCERIA BINDI	ITALY	Food Products

REFERENCES

Valuation range: EV 100M - 350M EUR

Revenue range: 10M - 30M EUR

EBITDA range: 0M - 5M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of MILLBO BIONATURALS GROUP by APHEON (EX ERGON) 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.

Press release: view release

Target: millbo bionaturals group

Acquirer: apheon (ex ergon)