Transaction Case StudyAbove SME Range

Blue Buffalo — Acquisition by General Mills

Premium branded pet food business acquired by General Mills, illustrating how brand strength, growth, margins and strategic value can drive multiples significantly above typical SME ranges.

This transaction involved a business above the $1m–$50m SME revenue benchmark. It is included for industry context and is not a direct SME comparison.

Acquirer

General Mills

Year

2018

Enterprise Value

~$8.0bn

Revenue

~$1.275bn

Adjusted EBITDA

~$319m

EBITDA Multiple

~25×

Industry

Pet Food Manufacturing

Transaction

General Mills acquired Blue Buffalo in 2018 for approximately $8.0bn. Blue Buffalo generated approximately $1.275bn revenue and $319m Adjusted EBITDA in 2017.

Why the Premium?

  • Premium branded positioning
  • Strong growth
  • High EBITDA margins
  • Retail and e-commerce distribution
  • Strategic value to the acquirer

SME Takeaway

Blue Buffalo was substantially larger than the SME Multiples $1–$50M benchmark. The transaction nevertheless illustrates how brand strength, growth, margins and strategic buyer interest can materially increase valuation multiples.

View Pet Food Manufacturing Valuation Multiple

Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.