When was ONORE acquired by IDAK FOOD GROUP?

ONORE was acquired by IDAK FOOD GROUP in 2026.

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

The revenue of ONORE at the time of the deal is estimated to be in the range of 150M - 250M EUR.

How is the data for the ONORE 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 ONORE 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://onore.com/wp-content/uploads/2026/01/FR_COMMUNIQUE_PRESSE_ONORE_IDAK.pdf

What is the average EV/EBITDA multiple for the AgriFood sector in 2026?

The average EV/EBITDA multiple for the AgriFood sector in 2026 is 11.0x.

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Home Database AgriFoodONORE

01/2026

ONORE acquired by IDAK FOOD GROUP

FRANCE Food Processing / Food Products REV 150M - 250M EUR

Context

IDAK Food Group entered exclusive negotiations to acquire a majority stake in Onore from Waterland Private Equity and the management team. The transaction creates a diversified European leader in premium frozen food, combining IDAK's strengths in Switzerland and Italy with Onore's leadership in France and the UK. The management of Onore will reinvest in the new structure and continue to lead the division. The deal is expected to close in H1 2026 and represents IDAK's third major acquisition under TowerBrook's ownership.

It is worth noting that the fund Waterland took control of Onore through an LBO in 2022.

ONORE, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the AgriFood sector (11.0x).

-> Deep-dive in AgriFood market trends

Target

Headquartered in Toulouse, Onore is a leading manufacturer of premium frozen bakery, pastry, and snacking products. The group operates 7 production sites (5 in France, 2 in the UK) and serves foodservice chains, independent coffee shops, and retail clients. Onore owns recognized brands such as Boncolac (pastries), Mag M (macarons), Proper Cornish (savory pastries), and Cakesmiths (artisan cakes). In 2025, the group generated over EUR220 million in revenue with a workforce of 1,000 employees.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2025

2024

Other operations with ONORE

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
07/2022	WATERLAND	ONORE	FRANCE	Food Products

REFERENCES

Revenue range: 150M - 250M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of ONORE by IDAK FOOD GROUP 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.

Acquirer: idak food group