Swedish organic food firm Midsona has announced its third acquisition this month with a deal agreed to buy French-Spanish organic and plant-based food business Alimentation Santé from Spain’s Ebro Foods.
The deal, for EUR57.5m (US$64.3m) also includes Alimentation Santé’s subsidiaries Celnat in France, plus Vegetalia and Satoki in Spain.
The deal was done through Ebro’s French pasta-making subsidiary Panzani.
Alimentation Santé – which operates across France and Spain – and its subsidiaries achieved net sales of EUR35m and “adjusted EBITDA” of around EUR4.4m in 2018, Midsona said.
Celnat is a processor of organic cereals while Vegetalia and Satoki offer organic vegetarian products and alternatives to plant-based meat.
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All three deals fit in with Midsona’s stated ambition to become one of the main players in organic food in southern Europe.
“After a successful expansion of our leading organic and herbal brands in the Nordic region, we are investing in becoming a leader in Europe. The acquisition of Davert last year provided an important platform in the DACH [Germany, Austria and Switzerland] region, which we recently supplemented with the additional acquisition of Eisblümerl. Alimentation Santé is a platform for further growth in France, Spain and other southern European markets,” Peter Åsberg, Midsona’s CEO, said.
Explaining its decision to sell, Ebro said: “Within the framework of its strategic reflection for the years 2019-2021, Ebro has analysed the strong investment necessary to reach a relevant position in the organic food business.
“In this scenario, and taking into account the great interest shown by one of the global operators, Ebro has decided to negotiate with Midsona the sale of its ‘bio’ business. This divestment would allow Ebro to continue concentrating its resources on strengthening its premium, fresh and convenience businesses.”
The latest deal is expected to be completed on 1 October.