Swedish organic food company Midsona has agreed to acquire the entire share capital of Alimentation Santé from Panzani, a subsidiary of Spanish food processor Ebro Foods.

Valued at €57.5m ($64.3m), the transaction will be carried out on a debt-free/cash-free basis.

The deal includes Alimentation Santé’s subsidiaries Celnat in France, as well as Vegetalia and Satoki in Spain.

The acquired company provides Midsona with new production capabilities in growth segments such as flaked organic cereals and plant-based meat alternatives.

In addition, the acquisition is expected to expand Midsona’s footprint in southern Europe and strengthen its presence in organic and plant-based food.

Commenting on the deal, Midsona CEO Peter Åsberg said: “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.”

Following the acquisition, Alimentation Santé will operate as a separate entity under the supervision of the managing director Marjolaine Cevoz Goyat.

Panzani president Xavier Reischer said: “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.”

Alimentation Santé is expected to achieve sales of €40m this year and adjusted EBITDA of around €5m.

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