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05/2011

YOPLAIT acquired by GENERAL MILLS

FRANCE Food Processing / Food Products / Dairy EV 1b - 4b EUR

Context

General Mills has signed definitive agreements to acquire a 51% controlling interest in Yoplait S.A.S. and a 50% interest in the entity holding the worldwide brand rights. The stake was acquired from private equity firm PAI Partners and the French dairy cooperative Sodiaal. Sodiaal will retain the remaining 49% stake, effectively forming a global joint venture. This transaction resolves a long-standing arbitration between General Mills and Yoplait regarding the US licensing rights.

Previously, Yoplait had completed the acquisition of Liberte in 2010 as part of its consolidation strategy.

YOPLAIT, which reported an EBITDA margin of in 2010, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the AgriFood sector (11.0x).

-> Deep-dive in AgriFood market trends

Target

Headquartered in France, Yoplait is the second-largest brand in the global yogurt market. It operates directly in France, the UK, and Canada, and manages a network of 26 franchisees worldwide (including General Mills in the USA).

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2010
2009

Other operations with YOPLAIT

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
12/2010YOPLAITLIBERTECANADADairy

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 450M - 900M EUR

EBITDA range: 100M - 200M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of YOPLAIT by GENERAL MILLS 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: yoplait