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12/2025

SOLUM PARTNERS takes majority stake in GREENYARD

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

Context

This take-private transaction transitions Greenyard NV from a public listing on Euronext Brussels into a closely held corporate structure, executing a strategic buy-out engineered by Solum Partners alongside the founding Deprez family to reset the company's capital allocation strategy. The shift to private ownership is driven by the structural requirement to fund multi-year, low-yield capital expenditure programs—specifically cold-chain infrastructure automation and digital supply-chain integration—which are fundamentally misaligned with the immediate earnings-per-share visibility demanded by public equity markets. Prior to the buyout, Greenyard successfully demonstrated the scalability of its integrated customer model but faced balance sheet constraints when financing concurrent upstream farm acquisitions across disparate geographic production zones. Post-acquisition priorities will prioritize the immediate balance sheet integration of the group's recently consolidated global farming assets, optimizing total asset turnover across its 21-country logistical footprint, and executing a simplified squeeze-out process to eliminate minority shares, thereby ensuring untethered cash flow redirection toward large-scale infrastructure modernization.

Previously, Greenyard had completed the acquisition of Gigi Gelato in 2023 as part of its consolidation strategy.

GREENYARD, which reported an EBITDA margin of [members only] in 2026, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, a level twice as low as the average currently observed in the AgriFood sector (11.0x).

-> Deep-dive in AgriFood market trends

Target

Greenyard is a Brussels-listed global market leader in the sourcing, processing, and distribution of fruit and vegetable products, operating through its Fresh and Long Fresh (frozen and prepared solutions) business segments. The corporation operates a highly defensible Integrated Customer Relationship (ICR) model, creating dedicated supply chain partnerships with Western Europe’s top-20 grocery retailers, including programmatic supply agreements with market leaders such as Tesco, Rewe, Delhaize, and Aldi Nord. To protect its operating margins against agricultural volatility and shifting market structural dynamics, the group recently optimized its geographic footprint by divesting its low-margin UK fresh produce business while preserving its high-utilization frozen distribution infrastructure in that territory. Greenyard’s industrial footprint is backed by extensive cold-chain logistics assets, large-scale shock-freezing facilities, and long-term grower contract frameworks that insulate the business from localized crop failures and support predictable pass-through pricing mechanisms for labor and energy inflation.

Ent. Value

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

5x–12x

EV / EBIT

10x–18x

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2026
€1–10bn
€100–200M
€50–100M
2025
€1–10bn
€100–200M
€50–100M

Other operations with GREENYARD

Other operations with GREENYARD

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
02/2026GREENYARDGELAGRI BRETAGNEFRANCEFood Products
05/2023GREENYARDGIGI GELATONETHERLANDSFood Products

REFERENCES

Valuation range: EV €500M–1.5bn

Revenue range: €1–10bn

EBITDA range: €100–200M

EV/Revenue range: below 1.5x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of GREENYARD by SOLUM PARTNERS 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: greenyard

Acquirer: solum partners