Paris, 13 September 2019 – Jeantet has advised Midsona AB listed on Nasdaq Stockholm on its submission of a binding offer for the acquisition of Alimentation Santé from Panzani SAS an Ebro Foods group company.
Alimentation Santé is a leader in organic and plant-based food in France and Spain and its products are 100% organic and include a broad portfolio highlighted by leading positions in categories such as cereals, breakfast products, flour and plant-based meat alternatives.
Midsona has made a binding offer for the acquisition of the entire share capital of Alimentation Santé as well as its French subsidiary (Celnat) and Spanish subsidiaries (Vegetalia and Satoki) to Panzani SAS. The employee representative bodies will be consulted on the contemplated transaction and the parties agreed an exclusivity during this process. The transaction is expected to be completed during the last quarter 2019.
Midsona develops and markets strong brands in health and well-being, with products that help people to a healthier and more sustainable life and achieved sales of MSEK 2,852 (approximatively EUR 270 million) in 2018. The company is led by CEO Peter Åsberg.
The acquisition of Alimentation Santé and its subsidiaries will enable Midsona to strengthens its presence in organic and plant-based food and develop new and unique capabilities in attractive segments including plant-based meat alternatives.
The total purchase price of the transaction amounts to EUR 57,5 million on a debt-free/ cash-free basis to be paid on Closing.
In 2019 Alimentation Santé is expected to achieve sales of approximatively EUR 40 million and an adjusted EBITDA of approximatively EUR 5 million. Synergies are expected to have an annual impact of approximatively EUR 2 million by 2021.
Jeantet’s team included: Partner Karl Hepp de Sevelinges, Counsel Michael Samol,
Associates Ruben Koslar and Nicolas Martin (all Corporate/M&A), Partner Catherine Saint Geniest (Real Estate), Partner Frédéric Sardain (IP/ IT– Data Protection), Counsel Laetitia Ternisien (Employment Law) and Associates Perrine Fuchs (Commercial), Silvia Rumanescu (Employment law), Kevin Elbaz (Real Estate) and Sophie Boinnot (IP/ IT – Data Protection).
Jeantet has been assisted by the Spanish law firm Pérez-Llorca which carried out the legal due diligence of the Spanish entities.