At what enterprise value was SOLINA GROUP acquired in 2021?

During the acquisition of SOLINA GROUP by ASTORG in 2021, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR. 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 10.5x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of SOLINA GROUP when it was acquired by ASTORG?

The estimated EV/EBITDA multiple for SOLINA GROUP is in the range of 15x - 25x. For comparison, the AgriFood sector currently shows an average EBITDA multiple of 10.5x. Join our community for free to access full valuation data and industry trends.

When was SOLINA GROUP acquired by ASTORG?

SOLINA GROUP was acquired by ASTORG in 2021.

What was the revenue of SOLINA GROUP at the time of the deal?

The revenue of SOLINA GROUP at the time of the deal is estimated to be in the range of 450M - 900M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of SOLINA GROUP during the acquisition?

SOLINA GROUP's EBITDA is estimated to be in the range of 100M - 200M EUR. Join our community for free to access complete and exact deal data.

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 SOLINA 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 SOLINA 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://capitalfinance.lesechos.fr/deals/lbo/solina-salliera-avec-astorg-pour-son-sixieme-lbo-1312618

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Home Database AgriFoodSOLINA GROUP

05/2021

SOLINA GROUP acquired by ASTORG

FRANCE Food Processing / Ingredients EV 1b - 4b EUR

Context

Astorg has entered into exclusive negotiations to acquire a majority stake in Solina from Ardian in a transaction valuing the company at approximately EUR1.7 billion. This deal marks Solina's sixth LBO, highlighting its consistent growth trajectory under private equity ownership. Astorg secured the deal through a pre-emptive offer, beating out other interested funds and industrial players. Under Ardian's ownership (since 2015), Solina nearly doubled its size through organic growth and nine build-up acquisitions, expanding beyond its core markets (France, Benelux, Scandinavia) into the UK, Spain, and Canada. The management team reinvests alongside Astorg to drive the next phase of growth.

As a reminder, the company has already undergone several LBOs, notably with Ik Partners in 2011 and Ardian in 2015. This succession of buyouts, coupled with an active build-up strategy, highlights the high attractiveness of the company's business model.

SOLINA GROUP, which reported an EBITDA margin of LOGIN in 2020, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the AgriFood sector (10.5x).

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 Brittany, France, Solina is a leading European producer of savory ingredients for the food industry. The group designs and manufactures customized ingredient solutions (seasonings, marinades, coatings, sauces) for clients ranging from local butchers and food service providers to major multinational food manufacturers (e.g., PepsiCo). At the time of the deal, Solina operated 25 production sites and R&D centers across Europe and Canada, employed 2,250 people, and served over 18,000 customers. The company is known for its "culinary" approach to Corporate ingredients.

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List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
10/2015	ARDIAN	SOLINA GROUP	FRANCE	Food Processing	Ardian has entered into exclusive negotiations to acquire a majority stake in Solina Group from IK Investment Partners. This transaction marks the fifth Leveraged Buyout (LBO) in the company's history, highlighting its consistent cash flow generation and attractiveness to financial sponsors. Under the proposed structure, the management team will reinvest to retain approximately 15% of the capital (down from 27%). The acquisition is driven by a 4-5 year strategic plan focused on international expansion, specifically targeting new production facilities in Turkey and Russia to localize manufacturing and bypass geopolitical trade barriers.
05/2015	SOLINA GROUP	PAULIG GROUP - Corporate FLAVORING DIVISION	FINLAND	Food Processing	Solina Group continues its aggressive external growth strategy by acquiring the "Industrial Flavoring" division of the Finnish Paulig Group. This transaction includes the subsidiaries Lihel Oy (Finland), Nordfalks AS (Estonia), and Nordfalks Industrie AB (Sweden). The acquisition adds approximately EUR54 million in revenue to Solina, pushing its projected turnover to EUR320 million for 2015. Strategically, this deal completes Solina's coverage of Northern Europe (following the 2014 acquisition of SFK Food in Denmark) and opens new markets in Finland, Norway, Sweden, Russia, and the Baltics. The transaction was financed using existing acquisition credit lines secured during Solina's 2014 refinancing.
02/2014	SOLINA GROUP	SFK FOOD	DENMARK	Food Processing	Solina Group has acquired the Danish company SFK Food from the private equity fund Odin Equity. This strategic acquisition significantly strengthens Solina's footprint in Northern Europe (Scandinavia), complementing its existing leadership in France and the Benelux. Concurrently, Solina completed a major refinancing of its debt, securing a new package of EUR166 million arranged by CA CIB and BNP Paribas. This financing was used to fund the acquisition of SFK Food and to repay shareholder loans, effectively allowing IK Investment Partners to realize a partial exit (Dividend Recap) while retaining majority ownership.
07/2011	IK PARTNERS	SOLINA GROUP	FRANCE	Food Processing	IK Investment Partners has agreed to acquire a majority stake in Savena from French private equity funds Cerea Capital and Azulis Capital. This transaction marks the beginning of a major consolidation phase for the company (which would later merge with SFK to become Solina). The management team reinvests in the transaction (having previously held 22.5%). The deal is driven by an ambitious growth strategy to double the company's size by 2016 through international external growth. Financing is provided to support acquisitions in Europe and emerging markets like Russia and China.

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 450M - 900M EUR

EBITDA range: 100M - 200M EUR

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