06/2026100%

The Made Group acquired by Danone

AUSTRALIA Food Processing / Food Products / Dairy EV €1–10bn

Context

Danone has signed a definitive agreement to acquire MADE Group, a leading Australian functional nutrition specialist, to bolster its presence in the high-growth health and wellness segments in the Asia-Pacific region. This transaction is part of Danone's Renew strategy, which combines organic development of its historic brands with targeted acquisitions in complementary categories. Through this acquisition, Danone is enhancing its portfolio with several brands that specialize in protein-based beverages, gut health products, and coconut-based foods. The deal also enables Danone to strengthen its fresh dairy and functional nutrition business in a region where demand for premium nutritional products continues to rise. The integration of MADE is expected to create industrial, commercial, and research & development synergies, leveraging Danone's global capabilities in innovation, manufacturing, and distribution. Specifically, the company plans to accelerate the regional development of MADE's brands and gradually expand their presence into other Asian markets. The completion of this transaction remains subject to customary regulatory approvals and is expected to occur in the second half of 2026. This acquisition demonstrates Danone's commitment to increasing its exposure to functional nutrition categories and consolidating its growth platform in the Asia-Pacific region.

In the past, The Made Group was acquired by TPG in 2021 as part of its expansion strategy.

The Made Group, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 15x–25x.

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Target

Headquartered in Melbourne, Australia, MADE Group is a leading food and beverage company specializing in functional nutrition products. The company develops, manufactures, and markets a portfolio of brands that cater to the growing demand for digestive health, protein, and functional beverages, combining nutritional benefits with everyday consumption. Its portfolio includes ready-to-drink protein beverages, gut health-focused enriched yogurts, and coconut-based products, all marketed under several well-known brands in the Australian market. These categories target health-conscious consumers, athletes, and individuals seeking high-protein products. The group operates an integrated business model that combines product development, industrial capabilities, marketing, and distribution, enabling it to launch new products quickly while controlling its supply chain and go-to-market strategy. MADE Group distributes its products through major retailers, specialty channels, and multiple sales platforms across the Asia-Pacific region. With a historical presence in Australia, the company has expanded its footprint to New Zealand and Southeast Asia, where the demand for functional nutrition products is experiencing sustained growth.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2025

2024

Other operations with The Made Group

Other operations with The Made Group
Date	Acquirer	Target	Country	Sector
04/2021	TPG	THE MADE GROUP	AUSTRALIA	Dairy

Other operations with Danone

Other operations with Danone
Date	Acquirer	Target	Country	Sector
03/2026	DANONE	HUEL	UNITED KINGDOM	Food Products
04/2019	DANONE	MICHEL ET AUGUSTIN	FRANCE	Food Products
07/2016	DANONE	WHITEWAVE	UNITED STATES	Dairy
06/2016	DANONE	MICHEL ET AUGUSTIN	FRANCE	Food Products

Similar deals in Food Processing

Similar deals in Food Processing
Date	Acquirer	Target	Country	Sector
07/2026	SCANDI STANDARD	GLENHAVEN FOODS	IRELAND	Meat & Cured Meat
07/2026	VITA COCO	COPRA	UNITED STATES	Soft Drinks
06/2026	FRENCH FOOD CAPITAL / BPIFRANCE / BNP PARIBAS DEVELOPPEMENT	FABULOUS FRENCH BRASSEURS	FRANCE	Wines & Spirits
06/2026	LACTALIS	PROTEIN WORKS	UNITED KINGDOM	Food Products
06/2026	CVC	IRCA	ITALY	Ingredients
06/2026	AMBIENTA	GFF	ITALY	Ingredients
06/2026	ACON INVESTMENTS	YUMEARTH	UNITED STATES	Food Products
06/2026	NESTLE	YFOOD LABS	GERMANY	Food Products
06/2026	INGREDION	TATE & LYLE	UNITED KINGDOM	Ingredients
05/2026	EAT HAPPY GROUP	HANA GROUP EUROPE	FRANCE	Food Products

REFERENCES

Valuation range: EV €1–10bn

Revenue range: €250–500M

EBITDA range: €50–100M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of The Made Group by Danone 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.

Target: the made group

FAQ

What transaction does this page cover?

This page covers Danone’s acquisition of 100% of The Made Group, an Australian company specialised in Food Products, in 2026. This followed an earlier holding cycle initiated in April 2021, when the company was acquired by TPG.

How was the acquisition of The Made Group by Danone valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were The Made Group’s revenue and EBITDA at the time of the deal?

At the time of the transaction, The Made Group generated annual revenue estimated in the €250–500M range and EBITDA in the €50–100M bracket (FY 2025). Detailed financial figures are available to members.

What sources support the information on this transaction?

Information on this transaction is sourced from the official corporate announcement published by the parties, corroborated by a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

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