YOPLAIT
Acquired by
GENERAL MILLS
YOPLAIT acquired by GENERAL MILLS
Target
YOPLAIT
Acquirer
GENERAL MILLS
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.
YOPLAIT, which reported an EBITDA margin of LOGIN in 2010, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 10.1x average currently observed in the AgriFood sector.
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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
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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)
Other operations with YOPLAIT
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 12/2010 | YOPLAIT | LIBERTE | CANADA | Dairy | Yoplait has acquired the Canadian yogurt manufacturer Liberte from private equity owners Swander Pace Capital and Roynat Capital. This acquisition provides Yoplait with a dominant position in the high-growth "Greek" and "Organic" yogurt segments in North America. The deal guarantees the continuity of operations in Quebec, with no planned job cuts. Strategically, this acquisition bolsters Yoplait's portfolio just months before its shareholders (PAI Partners) initiated the sale of their own stake in Yoplait to General Mills. |
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