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04/2021MajorityLBO

TPG takes majority stake in The Made Group

AUSTRALIA Food Processing / Food Products / Dairy REV AUD 50–100M

Context

TPG Capital has acquired a majority stake in Made Group from its historical shareholders, including The Coca-Cola Company, Coca-Cola Amatil, as well as the company's founders and management team. This transaction marks a new chapter in the growth story of this Australian specialist in premium health and wellness beverages, while allowing the management team to retain a significant equity stake. The primary objective of this acquisition is to accelerate Made Group's international expansion, particularly in Asian markets, by leveraging TPG Capital's financial resources and expertise in the consumer goods sector. The investor also plans to support the company in pursuing an external growth strategy, with the aim of establishing a leading regional platform in functional beverages and wellness products. The transaction is underpinned by Made Group's strong fundamentals, including a portfolio of recognized brands such as Cocobella, Impressed, Rokeby Farms, and Nutrient Water.

The Made Group, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of [members only].

-> Deep-dive in AgriFood market trends

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

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (AUD)

Year
Rev
EBITDA
EBIT
2021
AUD 50–100M
AUD 10–30M
[members only]
2020
AUD 50–100M
AUD 10–30M
[members only]

Other operations with The Made Group

Other operations with The Made Group
DateAcquirerTargetCountrySector
06/2026DANONETHE MADE GROUPAUSTRALIADairy

Other operations with TPG

Other operations with TPG
DateAcquirerTargetCountrySector
01/2026TPGOPTUM UKUNITED KINGDOMHealth Tech
09/2023TPGA-GASUNITED KINGDOMHazardous Waste
07/2022TPGDOC GENERICIITALYGenerics / Labs
11/2014TPGPREZZOUNITED KINGDOMRestaurants / Chains

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03/2021LIFEBRANDS NATURAL FOODREVOLUTION TEAUNITED STATESCoffee & Tea
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REFERENCES

Revenue range: REV AUD 50–100M

EBITDA range: AUD 10–30M

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 TPG 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 the acquisition of a majority stake in The Made Group, an Australian company specialised in Food Products, by TPG in 2021, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with Danone in June 2026 (see the dedicated deal page for details).

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 AUD 50–100M range and EBITDA in the AUD 10–30M bracket (FY 2021). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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