At what enterprise value was ONORE acquired in 2022?

You can find the full valuation details of ONORE 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 10.6x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of ONORE when it was acquired by WATERLAND?

The exact EV/EBITDA multiple for ONORE is available on mynth capital. For comparison, the AgriFood sector currently shows an average EBITDA multiple of 10.6x. Join our community for free to access full valuation data and industry trends.

When was ONORE acquired by WATERLAND?

ONORE was acquired by WATERLAND in 2022.

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 50M - 100M 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 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://capitalfinance.lesechos.fr/deals/lbo/waterland-met-la-main-a-la-pate-avec-boncolac-et-magm-1774996

← DATABASE

Home Database AgriFoodONORE

07/2022

ONORE

Acquired by

WATERLAND

FRANCE Food Processing / Food Products REV 50M - 100M EUR

ONORE acquired by WATERLAND

FRANCE Food Processing / Food Products REV 50M - 100M EUR

Context

The acquisition of Boncolac and Mag'M by Waterland is a strategic move to create a leading player in the French frozen pastry market. The deal brings together two complementary companies, Boncolac and Mag'M, which will operate under a new holding company - renamed later ONORE. The combined entity will benefit from synergies in production, distribution, and marketing, enabling it to increase its market share and expand its product offerings. The acquisition is also expected to facilitate Boncolac's international expansion plans, particularly in Asia, Europe, and the United States, where Mag'M has an established client base. Waterland's investment will provide the necessary financial support to drive growth and expansion, while the firm's expertise in the food sector will help the combined entity navigate the challenges of the market. The deal is also supported by a banking syndicate, including Arkéa, Crédit Agricole, and LCL, which will provide the necessary debt financing to complete the transaction.

ONORE, which reported an EBITDA margin of LOGIN in 2022, 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 (10.6x).

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

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

2022

2021

Other operations with ONORE

Date	Acquirer	Target	Country	Sector	Deal Context
01/2026	IDAK FOOD GROUP	ONORE	FRANCE	Food Processing	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.

REFERENCES

Revenue range: 50M - 100M 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 WATERLAND are reserved for mynth community members. Register for free to unlock full data.

Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Acquirer: waterland