BUYER POOL ANALYSIS
Selling a Farming to Strategic / Industry buyers
Industry operators, larger competitors, and corporate buyers acquiring for synergies, geographic expansion, or capability fill. Typically pays a premium for clear strategic fit but discounts for integration cost and overlap.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 8.66x across 3 disclosed deals (P25: —x, P75: —x). Median EV/Revenue 0.81x across 11 deals. Median deal value: $30.46M.
- How many disclosed transactions?
- 11 deals total (11 from 2018+), filtered to Strategic / Industry acquirers of farming businesses.
- Most active buyers
- Kusha, Inc. (1) · Argonautic Ventures (1) · United Farmers of Alberta Co-operative Limited (1) · Avax One Technology Ltd. (1) · The Duckhorn Portfolio, Inc. (:NAPA) (1) · Biobest Group N.V. (1)
Recent disclosed deals
Strategic / Industry acquisitions of farming businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | Golden Star Trading, Inc. | Kusha, Inc. | $15.0M | — | 0.37x |
| 2024 | Benson Hill, Inc. | Argonautic Ventures | $114.0M | — | 0.27x |
| 2024 | Canterra Seeds Holdings Ltd. | United Farmers of Alberta Co-operative Limited | $1.8M | 8.5x | 0.27x |
| 2023 | Berry People LLC | Avax One Technology Ltd. | $20.9M | — | 0.81x |
| 2023 | Sonoma-Cutrer Vineyards, Inc. | The Duckhorn Portfolio, Inc. (:NAPA) | $318.6M | — | 4.66x |
| 2022 | Plant Products Inc. | Biobest Group N.V. | $125.8M | — | 0.96x |
What this buyer pool prices for
Strategic buyers — operators in adjacent geographies, larger competitors, or corporate consolidators — price for synergies and capability fill. They tend to discount integration cost and overlap risk but pay above market when there's clear strategic fit (key customer relationship, license, geography, technician/professional team). Multiples are competitive with PE for fee-viable deals; below PE for sub-scale acquisitions.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to farming businesses acquired by strategic / industry buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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