Midsona to acquire major French-Spanish organic food producer
Midsona AB has announced that it intends to acquire a 100% stake in Alimentation Santé SAS, a major plant and organic food producer in Spain and France, from Panzani SAS, a subsidiary of Ebro Foods, S.A.
The acquisition provides an important platform in Midsona’s continued expansion in southern Europe and strengthens Midsona’s presence in organic and plant-based food and provides new and unique capabilities in attractive segments including plant-based meat alternatives.
The total purchase price is €57.5-million, on a debt-free/cash-free basis.
In 2019 Alimentation Santé is expected to achieve sales of €40-million and adjusted EBITDA of €5-million. Synergies are expected to have an annual impact of €2-million by 2021.
Alimentation Santé’s premium brands and product portfolio, including the pioneering brands Celnat and Vegetalia as well as the newer, award winning Happy Bio brand, are highly complementary to Midsona’s existing organic and plant-based brands. In addition, Alimentation Santé provides new production capabilities in attractive and high growth segments such as flaked organic cereals and plant-based meat alternatives, such as veggie burgers.
“Following the successful expansion of our leading organic and plant-based brands throughout the Nordic region, we are now aiming to become a leader in Europe. The acquisition of Davert last year provided us with an important platform in the DACH region, which we recently complemented by the addition of Eisblümerl. Alimentation Santé is an important platform for further growth in France, Spain and other southern European markets,” says Peter Åsberg, CEO of Midsona.
Alimentation Santé will operate as a separate entity, under the leadership of its current strong management led by Managing Director Marjolaine Cevoz Goyat.
“As we refocus on our core business, we are pleased that Alimentation Santé will be joining Midsona, which we see as an ideal future owner of the Company,” says Xavier Reischer, President of Panzani.
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