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Deal Detail
Eastern Condiments Private Limited to Orkla (MTR Foods Private Limited)
EV / LTM EBITDA
18.2x
EV / LTM Sales
2.2x
Enterprise Value
$273M
Primary Source
Press Release
Comparable Transactions
Packaged Foods transactions announced in the five years to September 2020. 37 with a disclosed multiple.
| Date | Target | Acquiror | Enterprise Value | EV/Sales | EV/EBITDA | Type |
|---|---|---|---|---|---|---|
| Aug 2020 | Birch Benders, LLC | Sovos Brands, Inc. | $146M | 2.5x | - | Strategic |
| Jun 2020 | Utz Brands | Collier Creek Holdings | $1.6B | - | 13.0x | Financial |
| Dec 2019 | Whole Earth Brands (Merisant Co. and MAFCO Worldwide) | Act II Global Acquisition Corp. | $575M | - | 9.1x | Financial |
| Nov 2019 | National Beef Packing Company, LLC | Marfrig Global Foods S.A. | - | - | 4.4x | Strategic |
| Aug 2019 | Tilda | EBRO FOODS S.A. | $342M | 1.7x | 13.5x | Strategic |
| Apr 2019 | Keebler and certain other brands | Ferrero Group | $1.3B | - | 9.0x | Strategic |
| Oct 2018 | Greencore Group's US Business | Hearthside Food Solutions LLC | - | - | 14.2x | Strategic |
| Sep 2018 | Pirate Brands | Hershey | $420M | 4.6x | - | Strategic |
| Aug 2018 | Keystone Foods LLC | Tyson Foods, Inc. | $2.2B | - | 10.2x | Strategic |
| Jun 2018 | Pinnacle Foods Inc. | Conagra Brands, Inc. | $10.9B | 3.4x | 16.1x | Strategic |
| Apr 2018 | National Beef Packing Company, LLC | Marfrig S.A. | $2.3B | - | 4.4x | Strategic |
| Apr 2018 | Ainsworth Pet Nutrition, LLC | The J. M. Smucker Company | - | - | 20.0x | Strategic |
| Feb 2018 | Blue Buffalo Pet Products, Inc. | General Mills, Inc. | $8.0B | 6.3x | 25.5x | Strategic |
| Jan 2018 | Nestlé's US confectionary business | Ferrero Group | - | - | 16.0x | Strategic |
| Dec 2017 | Snyder's-Lance, Inc. | Campbell Soup Company | $6.1B | 2.7x | 20.9x | Strategic |
| Dec 2017 | Amplify Snack Brands, Inc. | The Hershey Co. | - | - | 18.8x | Strategic |
| Dec 2017 | Unilever Spreads Business | KKR | $8.0B | - | 10.0x | Financial |
| Sep 2017 | Moy Park Holdings (Europe) Ltd. | Pilgrim's Pride Corporation | $1.3B | 0.7x | 9.7x | Strategic |
| Sep 2017 | Bob Evans Farms, Inc. | Post Holdings, Inc. | - | - | 16.5x | Strategic |
| Aug 2017 | Fontanini Italian Meats & Sausages | Hormel Foods Corporation | - | - | 12.0x | Strategic |
| Jul 2017 | Reckitt Benckiser Foods Division (privately owned by Reckitt Benckiser Group plc) | McCormick & Company, Incorporated | - | - | 20.0x | Strategic |
| Jul 2017 | East Balt Bakeries Company | Grupo Bimbo S.A.B. de C.V. | - | - | 9.3x | Strategic |
| Jul 2017 | Frank's RedHot | McCormick & Company Inc. | - | - | 20.0x | Strategic |
| May 2017 | Rubicon Resources, LLC | High Liner Foods Incorporated | $107M | 0.5x | 6.7x | Strategic |
| Apr 2017 | Weetabix Food Co. | Post Holdings, Inc. | - | - | 11.0x | Strategic |
| Apr 2017 | AdvancePierre Foods Holdings, Inc. | Tyson Foods, Inc. | - | - | 13.9x | Strategic |
| Feb 2017 | Mead Johnson Nutrition Company | Reckitt Benckiser Group plc | $17.9B | - | 17.4x | Strategic |
| Dec 2016 | Biogran S.L. | Koninklijke Wessanen N.V. | - | - | 12.3x | Strategic |
| Dec 2016 | Fyffes plc | Sumitomo Corporation | - | - | 10.8x | Strategic |
| Nov 2016 | Bellisio Parent LLC | Charoen Pokphand Foods pcl | - | - | 13.1x | Strategic |
| Nov 2016 | Peacock Foods, LLC | Greencore Group plc | - | - | 10.4x | Strategic |
| Jul 2016 | The WhiteWave Foods Company | DANONE S.A. | $12.4B | 3.1x | 23.4x | Strategic |
| Jul 2016 | Hostess Brands | Gores Group Holdingds, The Gores Group | $2.3B | - | 12.1x | Strategic |
| Nov 2015 | Boulder Brands, Inc. | Pinnacle Foods Inc. | $975M | 1.9x | 14.6x | Strategic |
| Nov 2015 | Ralcorp Holdings, Inc. (privately owned by Conagra Foods, Inc.) | Treehouse Foods, Inc. | - | - | 9.0x | Strategic |
| Nov 2015 | ConAgra Foods' Private Brands (Ralcorp) | TreeHouse Foods, Inc. | - | - | 9.0x | Strategic |
| Oct 2015 | Diamond Foods, Inc. | Snyder's-Lance, Inc. | - | - | 15.8x | Strategic |
| Mean | 2.7x | 13.5x | ||||
| Median | 2.6x | 13.0x |
All Observations
Source-specific multiples and notes for this transaction.
| Comp | Primary? | Source Type | Source | Source Advisor | Source Year | EV (USD) | EV/Sales | EV/EBITDA | EV/Fwd EBITDA | Note | Citation |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Primary | press release | Press Release | - | 2020 | $273M | 2.2x | 18.2x | - | EV of INR 20bn for 100% on a cash and debt free basis; 67.8% stake acquired. Multiples derived on LTM to 30 June 2020 turnover and normalized EBITDA. USD:INR FX 73.20; Meeran Family keep 9.99% | Open |