Ardian set to back Berlys SBO

Amedeo Goria
08 November 2017

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Ardian is understood to be eyeing the acquisition of Spanish private-equity-backed frozen bakery goods producer Berlys.

According to local press reports, Ardian will acquire the business in a deal valued in the €450-500m EV range, equating to a 10x EBITDA multiple. Other private equity houses are reportedly involved in the bidding process, including Cinven and PAI Partners.

The company's shareholders – private equity funds Alantra and Artá Capital – are understood to have mandated PJT Partners to run the sale. The sellers acquired the business for an EV of €300m in October 2010. The management buyout saw Alantra's €550m Mercapital Spanish Buyout Fund III acquire a 55% stake in the company, while Artá – whose €400m vehicle is advised by Mercapital – took a 35% stake.

Formerly known as Panaderias Navarras, Berlys produces bread, pastries, savoury snacks and cakes. Founded in 1994 and headquartered in Pamplona, the business has seven production plants, two logistics centres and distributes under the brands Bertina, Berlys and Korfest across Spain and 20 other countries.

The company posted €224m in revenues in 2015 and employs 1,250 people, according to public documents. According to unquote" sister publication Mergermarket, the business generates EBITDA of around €50m.