THE MADE GROUP acquired by DANONE
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.
It is worth noting that the fund Tpg took control of The Made Group through an LBO in 2021.
THE MADE GROUP, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the AgriFood sector (10.5x).
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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
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with THE MADE GROUP
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 04/2021 | TPG | THE MADE GROUP | AUSTRALIA | Dairy |
REFERENCES
Valuation range: EV 1b - 4b EUR
Revenue range: 250M - 500M EUR
EBITDA range: 50M - 100M EUR
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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: the made group
Acquirer: danone