The Vendée-based agri-food group Fleury Michon is taking full control of All Plants, a British brand of plant-based products sold through major retailers. Completed in October 2026, the transaction gives the Pouzauges-based manufacturer a commercial entry point into the British market, where it intends to develop its own plant-based range. It strengthens an international presence that is already growing strongly.
Analysis by the experts at Auris Finance, M&A and financial engineering advisory firm.
All Plants generates annual revenue of around €5 million, less than 1% of that of its new shareholder, with EBITDA close to breakeven. Fleury Michon now holds its entire share capital.
The scope of the acquisition covers all of the company’s commercial activities, its employees and the rights attached to the brand.
All Plants, a brand established in British retail
All Plants sells a range of plant-based products to major retail chains in the United Kingdom. The brand had been acquired in 2025 by the founders of Deliciously Ella, Ella and Matthew Mills, before being sold to Fleury Michon.
For the acquirer, the appeal of the target lies less in its volume of business than in the commercial access it provides. All Plants is already on the shelves of major British retailers.
A commercial platform for the group’s plant-based range
Fleury Michon presents All Plants as a sales base for its own plant-based products in the United Kingdom. The group justifies this choice by the maturity of the British market, which it considers more advanced than the French market in this category.
The transaction thus follows a distribution rationale. Rather than building its presence in British retail on its own, the manufacturer is relying on a business that already sells its products there.
International, the group’s growth driver
The acquisition is part of sustained international momentum. In 2025, Fleury Michon’s international division grew by 10.2% and now accounts for 13% of consolidated revenue. This business relies very largely on airline catering, which has won major new clients on several continents.
To support this growth, the group’s airline catering subsidiary, MarfoFMA, announced in March 2026 the establishment of its first plant in the United States, in Covington, Kentucky, on the outskirts of Cincinnati. The project represents an investment of more than $37 million and is expected to create 78 jobs. The site will be operational in the second half of 2027.
Growth in the first half of 2026
The latest published results confirm this trajectory. In the first half of 2026, Fleury Michon generated revenue of €420.7 million, up 3.5% year on year. The international division grew by 6.6%, still driven by airline catering, and retail activities by 2.8%.
Profitability improved significantly. Recurring operating income reached €10.8 million, or 2.6% of revenue, compared with 1.5% for the full 2025 financial year. Consolidated net income stood at €7.1 million.
Fleury Michon in figures
Founded in 1905 and based in Pouzauges, in Vendée, Fleury Michon operates in charcuterie, ready meals and surimi. In 2025, the group generated consolidated revenue of €836.4 million, up 3.6% on a like-for-like basis, with recurring operating income of €12.2 million.
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