M&A
MILCAMPS
Acquired by
POPPIES BAKERIES
BELGIUM Food Processing REV [1m EUR - 100m EUR] 09/2025
MILCAMPS acquired by POPPIES BAKERIES
BELGIUM Food Processing REV [1m EUR - 100m EUR] 09/2025
Target
MILCAMPS
Acquirer
POPPIES BAKERIES
Context
Poppies Bakeries acquired 100% of Milcamps from Jacquet Brossard (a subsidiary of the French agricultural cooperative Limagrain). This acquisition strengthens Poppies' leadership in the waffle category, complementing its existing portfolio. Milcamps brings EUR16 million in revenue and specialized industrial capabilities in Dour. The deal allows Poppies to expand its footprint in the retail and foodservice channels in Belgium and France.
Target
Founded in 1932, Milcamps is a historic Belgian producer specializing in premium waffles. Based in Dour, the company manufactures three main product categories: Liège waffles (sugar pearl), Brussels waffles (light/crispy), and galettes. Its products are sold in both frozen and ambient formats across 15 countries, with strong market share in Belgium and France.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Year
Rev
EBITDA
EBIT
2024
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2023
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