At what enterprise value was SOLINA GROUP acquired in 2021?

During the acquisition of SOLINA GROUP by ASTORG in 2021, the transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR.

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.

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.

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.

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

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.

← DATABASE

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.

Previously, the company had already undergone several LBOs, notably led by Ik Partners in 2011 and Ardian in 2015. This succession of buyouts, combined with an active build-up strategy, highlights the strong attractiveness of the company's business model.

SOLINA GROUP, which reported an EBITDA margin of in 2020, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the AgriFood sector (11.0x).

-> 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.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2020

2019

Other operations with SOLINA GROUP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
10/2015	ARDIAN	SOLINA GROUP	FRANCE	Ingredients
05/2015	SOLINA GROUP	PAULIG GROUP - Corporate FLAVORING DIVISION	FINLAND	Ingredients
02/2014	SOLINA GROUP	SFK FOOD	DENMARK	Ingredients
07/2011	IK PARTNERS	SOLINA GROUP	FRANCE	Ingredients

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: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: astorg