DIANA GROUP acquired by ARDIAN
Context
AXA Private Equity acquired a majority stake in Diana Ingredients from Cognetas (now Motion Equity Partners). The transaction valued the company at an Enterprise Value of EUR710 million. This Secondary Buyout (SBO) was driven by the thesis of consolidating the fragmented natural ingredients market. The deal structure involved investment from two of AXA's funds (Fund III and Fund IV). The seller, Cognetas, having achieved a significant return, reinvested to keep a minority stake.
DIANA GROUP, which reported an EBITDA margin of in 2006, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the AgriFood sector (10.7x).
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Target
Headquartered in Vannes, France, Diana Group is a world leader in natural functional solutions for the food, pet food, nutraceutical, aquaculture, and cosmetic industries. The company specializes in organoleptic solutions based on natural ingredients, with a particular dominance in palatability enhancers for pet food (where it is the global leader). Diana operates production sites and commercial offices in 23 countries across Europe, North and Latin America, and Asia. At the time of the deal, the group employed approximately 2,000 people and generated 50% of its sales outside of France.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with DIANA GROUP
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 04/2014 | SYMRISE | DIANA GROUP | FRANCE | Ingredients |
REFERENCES
Valuation range: EV 500M - 1.5b EUR
EBITDA range: 50M - 100M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Acquirer: ardian