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← DATABASE
07/2021

PANZANI acquired by CVC

FRANCE Food Processing / Food Products EV €500M–1.5bn

Context

Spanish food group Ebro Foods has entered into an agreement to divest its French dry pasta, couscous, semolina, and sauce business, which is consolidated under the Panzani brand, to CVC Capital Partners. This transaction is part of Ebro's strategy to refocus on its core activities, particularly in the fresh pasta and higher-value-added product segments. The sale process, which was managed through a competitive auction led by investment banks, attracted several industrial players and investment funds before CVC was selected as the buyer. The divested business includes the group's key brands (including Panzani and other associated brands), industrial production sites, and operational assets related to these activities. The combined entity forms an integrated agri-food production platform operating primarily in France, with a strong presence in the consumer goods market. The transaction also marks a change in ownership for a business that has historically been part of a large industrial group, with a shift to control by an international investment fund. The expected outcome is to support the development of the brand and accelerate growth initiatives, particularly in product diversification and geographic expansion.

PANZANI, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, representing a premium to the average currently observed in the AgriFood sector (11.0x).

-> Deep-dive in AgriFood market trends

Target

Panzani is a iconic French food brand that specializes in the production and marketing of dried pasta, couscous, semolina, and sauces. With its historic roots in Lyon, the company relies on a portfolio of recognized brands in everyday food, including Panzani, as well as other brands associated with the group's industrial and commercial perimeter. The company boasts integrated industrial capabilities, comprising production facilities and mills, enabling it to cover the entire value chain, from raw material transformation to distribution. Its business is heavily focused on consumer brands and a strong presence in large retail distribution, with significant brand awareness in the French market and international distribution.

Ent. Value

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

10x–18x

EV / EBIT

10x–18x

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2021
€450–900M
€25–50M
€25–50M
2020
€450–900M
€25–50M
€25–50M

Other operations with PANZANI

Other operations with PANZANI

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
10/2026CEREALIS / SOFINAPANZANIFRANCEFood Products

REFERENCES

Valuation range: EV €500M–1.5bn

Revenue range: €450–900M

EBITDA range: €25–50M

EV/Revenue range: below 1.5x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of PANZANI by CVC 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: panzani

Acquirer: cvc