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 [members only] in 2006, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, representing a premium to the average currently observed in the AgriFood sector (11.0x).
-> Deep-dive in AgriFood market trends
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
€500M–1.5bn
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
10x–18x
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with DIANA GROUP
Other operations with DIANA GROUP
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 04/2014 | SYMRISE | DIANA GROUP | FRANCE | Ingredients |
Similar deals in Food Processing
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 08/2013 | INVESTCORP | TYRRELLS | UNITED KINGDOM | Food Products |
| 07/2013 | ARTÉMIS | MICHEL ET AUGUSTIN | FRANCE | Food Products |
| 07/2011 | IK PARTNERS | SOLINA GROUP | FRANCE | Ingredients |
| 05/2011 | GENERAL MILLS | YOPLAIT | FRANCE | Dairy |
| 05/2011 | MCH PRIVATE EQUITY | EUROPASTRY | SPAIN | Bakery / Pastry |
| 03/2011 | ADVENT INTERNATIONAL | PARTNER IN PET FOOD (PPF) | HUNGARY | Petfood |
| 12/2010 | YOPLAIT | LIBERTE | CANADA | Dairy |
| 10/2010 | LBO FRANCE | MATERNE-MONTBLANC (MOM GROUP) | FRANCE | Food Products |
| 07/2009 | DEAN FOODS | ALPRO | BELGIUM | Dairy |
| 05/2007 | COCA-COLA | GLACEAU | UNITED STATES | Soft Drinks |
Other operations with ARDIAN
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 07/2026 | ARDIAN / EURAZEO / UBS | HR PATH | FRANCE | ERP, HR & Finance |
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| 01/2026 | ARDIAN | IVB Wellness Lab | SPAIN | Nutrition & Dietary Supplements |
| 12/2025 | ARDIAN | Fermax | SPAIN | Safety & Security |
| 07/2025 | ARDIAN | Dovida | SWITZERLAND | Outpatient Care |
| 05/2025 | ARDIAN | MasterGrid | FRANCE | Electrical |
| 03/2025 | ARDIAN | DIOT-SIACI | FRANCE | Brokerage |
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REFERENCES
Valuation range: EV €500M–1.5bn
EBITDA range: €50–100M
EV/EBITDA range: 10x - 18x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of DIANA GROUP by ARDIAN are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Acquirer: ardian