Amid near-term weakness, Bunge is positioning itself for long-term success.
Bunge announced it will acquire 70% of IOI Loders Croklaan, a producer of palm and tropical oil ingredients used in food and consumer products, for roughly $950 million in cash. The deal implies a 12.9 times enterprise value/EBITDA multiple, which we think is slightly expensive. Based on PitchBook data, enterprise value/EBITDA multiples of similar transactions have averaged 11.3 times. These acquisitions include Premier Foods, Prabhat Dairy, and Mec3. Having updated our valuation model to reflec...
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