mynth
← DATABASE
07/2019

PANZANI ALIMENTATION SANTÉ acquired by MIDSONA

FRANCE B2B Specialized Distribution EV 50M - 150M EUR

Context

Midsona acquired 100% of the share capital of Alimentation Santé from Panzani SAS. The transaction was structured via a definitive share purchase agreement executed on a debt-free and cash-free basis, with the total consideration settled entirely in cash at closing. To finance the acquisition, Midsona secured a short-term bank bridge loan, which was later refinanced through an equity rights issue backed by its majority shareholder, Stena Adactum AB. This acquisition enabled the immediate integration of Alimentation Santé into Midsona's expanding European network as a standalone operating entity. Long-standing Managing Director Marjolaine Cevoz Goyat retained her position at the operational helm to ensure continuity across regional business activities.

PANZANI ALIMENTATION SANTÉ, which reported an EBITDA margin of LOGIN in 2018, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Business Services sector (11.1x).

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 Business Services market trends

Target

Panzani Alimentation Santé is a premier European corporate platform specializing in the development, manufacture, and multi-channel commercialization of premium 100% organic and plant-based food products. Operating through prominent wholly owned operating subsidiaries, notably Celnat in France and Vegetalia and Satoki in Spain, the company controls an extensive and diversified portfolio of high-growth product categories. Its commercial offerings range from pioneer dry grocery staples, breakfast cereals, flaked grains, and organic flour to highly technical fresh plant-based meat alternatives and vegetable proteins, including tofu, seitan, and tempeh. With institutional roots tracing back to 1979, the group runs sophisticated, specialized manufacturing assets across Southern Europe, utilizing a workforce of approximately 150 employees to drive

Ent. Value

LOGIN

Equity Value

LOGIN

Multiples

EV / Revenue

LOGIN

EV / EBITDA

LOGIN

EV / EBIT

LOGIN

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2018
LOGIN
LOGIN
LOGIN
2017
LOGIN
LOGIN
LOGIN

Similar deals in Business Services

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
DateAcquirerTargetCountrySectorDeal Context
10/2019BNP PARIBAS DEVELOPPEMENTUNIPEXFRANCEB2B Specialized Distribution

BNP Paribas Developpement invested EUR8.8 million to acquire a minority stake in Unipex. The management team, retains a two-thirds majority of the capital, while 5% is distributed to key managers. The deal is leveraged with a EUR27 million senior debt package arranged by Societe Generale

09/2019KITWAVE GROUPCENTRAL SUPPLIESUNITED KINGDOMB2B Specialized Distribution

ntegrating Central Supplies into the Kitwave Group infrastructure secures a decisive logistical foothold in the UK chilled food landscape. This strategic maneuver establishes a complementary service offering that sits parallel to the group's industry-leading frozen operations, effectively removing the category friction for independent customers seeking a unified temperature-controlled supply chain

07/2019CAPZAITAL EXPRESSFRANCEB2B Specialized Distribution

The buyout of Ital Express by Capza represents the transition of the commercial vehicle parts platform into its fifth institutional LBO cycle, marking a strict strategic shift toward programmatic cross-border M&A after a four-year holding period under Azulis Capital that focused exclusively on domestic organic expansion

06/2018IMCDE.T. HORNUNITED STATESB2B Specialized Distribution

IMCD signed an agreement to acquire 100% of E.T. HORN Company, purchasing all outstanding shares. The acquisition strengthens IMCD's US operations by adding HORN's established West and Southwest regional presence to its existing national platform, moving IMCD closer to full national US coverage with dedicated segment expertise

07/2017EQUISTONEGROUPE BRUNEAUFRANCEB2B Specialized Distribution

Equistone Partners Europe has acquired a majority stake in Groupe Bruneau from Weinberg Capital Partners. The transaction was structured as a secondary MBO designed to accelerate the group's geographical expansion and European footprint

05/2017KITWAVE GROUPALPINE FINE FOODSUNITED KINGDOMB2B Specialized Distribution

The acquisition of Alpine Fine Foods by Kitwave signifies a major territorial advancement for the group’s Foodservice division. The strategic logic of this transaction hinges on a "geographic-locking" maneuver, merging the target’s technical operational depth in the Humberside region with the acquirer’s established logistics framework and the existing footprint of Miller Food Service in York

12/2016NAXICAP PARTNERSECF GROUPFRANCEB2B Specialized Distribution

The transaction marks the third LBO for ECF Group, with Naxicap Partners acquiring a majority stake from Weinberg Capital Partners (WCP), Initiative & Finance, Salvepar, and Five Arrows. The deal followed a highly competitive auction process involving both financial sponsors (LBO France, Abénex, Florac, Gimv, Caravelle) and strategic bidders like Bunzl

09/2016KITWAVE GROUPH B CLARKUNITED KINGDOMB2B Specialized Distribution

The acquisition of the H B Clark by Kitwave signifies a major categorical advancement for the group’s Northern division. The strategic logic of this transaction hinges on a "sector-diversification" maneuver, merging the target’s technical operational depth in the alcoholic beverage market with the acquirer’s established logistics framework and national scale

08/2016PERRIGO COMPANYGEISS DESTIN & DUNN (GDD)UNITED STATESB2B Specialized Distribution

The acquisition of GDD by Perrigo marks a definitive move toward the professionalization of the organization’s North American distribution framework. The strategic logic for this transaction centers on an "in-housing" maneuver, merging the target’s specialized logistical operational depth in the non-mass retail sector with the acquirer’s vast manufacturing and product portfolio

09/2014AZULIS CAPITALITAL EXPRESSFRANCEB2B Specialized Distribution

The acquisition of Ital Express by Azulis Capital represents a secondary buyout facilitating the exit of LFPI Gestion after a six-year holding period dedicated to stabilizing the asset's core revenue base and broadening its product perimeter into light commercial vehicles

REFERENCES

Valuation range: EV 50M - 150M EUR

Revenue range: 25M - 50M 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 PANZANI ALIMENTATION SANTÉ by MIDSONA are reserved for mynth community members. Register for free to unlock full data.

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

Acquirer: midsona