Weekly M&A Debrief (30/03-05/04/2026)

By Dimitris Machairas and George Moschovis

Thrace Group Acquires Australian Packaging Specialist BHA Holdings

Thrace Group announced that its wholly owned subsidiary, Synthetic Holdings Ltd, completed on 30 March the signing and closing of a binding definitive agreement for the acquisition of 100% of the share capital and voting rights of BHA Holdings Pty Ltd, for total consideration of AUD 23.2 million (c. €14 million). The acquisition financed through external borrowing aiming to strengthen the Group’s global footprint in the trading of FIBCs.

Implied Enterprise Value: AUD 23.3m (c. €14m)

EV/EBITDA - 2025*: 5.67x

EV/Sales - 2025*: 0.62x

*Values for the financial year ended 30 June 2025

The Target

BHA Holdings, through its wholly owned subsidiaries Bulk Handling Australia and Bulk Handling New Zealand, has been operating for over forty years across Australia and New Zealand in the packaging sector, offering integrated solutions that primarily include trading of Flexible Intermediate Bulk Containers (FIBCs), bag unloading equipment, storage systems and material handling equipment. The company supports sectors such as

agriculture, mining, chemicals and the food industry.

Revenue – 2025*: AUD 37.6m (c. €22.8m)

EBITDA – 2025*: AUD 4.1m (c. €2.5m)

EBT – 2025*: AUD 3.3m (c. €2.0m) 

*Values for the financial year ended 30 June 2025

The Buyer

Thrace Group is a Greek international industrial group operating across the packaging and technical fabric sectors, with established FIBC market positions in Scandinavia, Ireland, and Greece. It distributes polypropylene-based products to customers in over 80 markets worldwide.

Revenue – LTM Q3-25: €388.5m

EBITDA – LTM Q3-25: €43.7m

Net Income – LTM Q3-25: €12.8m

Net Debt – LTM Q3-25: €65.6m

Leverage – LTM Q3-25: 1.50x 

Holcim Completes Acquisition of Majority Stake in Cementos Pacasmayo

Holcim, the parent company of Greek cement group Heracles, has completed the acquisition of a majority stake in Cementos Pacasmayo, a Peruvian building materials producer, in line with the Swiss group's Latin America expansion strategy. The transaction is consistent with Holcim's NextGen Growth 2030 strategy and is anticipated to be EPS and free cash flow accretive in year one, with ROIC accretion expected by year three. Holcim has additionally announced its intention to launch a mandatory public tender offer for additional shares in Cementos Pacasmayo.

The Target

Cementos Pacasmayo is a Peru-based producer of building materials, founded 68 years ago, operating three cement plants with a combined annual capacity of approximately 5 million tons, alongside 28 ready-mix and precast concrete plants. The company distributes through a network of over 300 retail stores, complementing Holcim's Disensa franchise network across Latin America, and has developed proprietary AI platforms to drive customer-facing services and administrative productivity.

Revenue – 2025: S/ 2,116.9m (c. €529.5m)

EBITDA – 2025: S/ 506.6m (c. €126.5m)

Net Income – 2025: S/ 154.2m (c. €28.5m)

Net Debt – 2025: S/ 1,418.5m (c. €421.1m)

Leverage – 2025: 2.80x 

The Buyer

Holcim is a global leader in sustainable construction materials and solutions, headquartered in Zug, Switzerland, with a workforce of over 45,000 employees across 43 markets spanning Europe, Latin America, and Asia, Middle East & Africa. In Greece, the group operates through its subsidiary Heracles, one of the country's largest cement and building materials producers.

Revenue – 2025: CHF 15.7bn (c. €17bn)

EBITDA – 2025: CHF 4.0bn (c. €4.3bn)

Net Income – 2025: CHF 1.8bn (c. €1.9bn)

Net Debt – 2025: CHF 3.8bn (c. €4.1bn)

Leverage – 2025: 0.94x 

Delta Foods Returns €40.9m to CVC in Move That Signals Exit Preparation

Delta Foods, wholly owned by Vivartia, itself controlled by CVC Capital Partners, has returned €40.9m to its shareholder via a capital increase through the capitalization of share premium reserves followed by an immediate share cancellation. The move is consistent with active pre-exit liquidity extraction rather than routine housekeeping and comes alongside CVC sounding out buyer interest in Delta Foods. The move adds to a broader pattern, with a €125m capital reduction at Vivartia group level resolved a fortnight earlier reinforcing the picture of CVC systematically monetizing its Greek portfolio ahead of potential exit.