DIANA GROUP
Acquired by
ARDIAN
DIANA GROUP acquired by ARDIAN
Target
DIANA GROUP
Acquirer
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.
This transaction is part of the AgriFood industry, which currently tracks an average EBITDA multiple of 10.1x since the beginning of 2026, 9.8% decrease compared to 2025. This data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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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
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with DIANA GROUP
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 04/2014 | SYMRISE | DIANA GROUP | FRANCE | Ingredients | Symrise AG has acquired Diana Group from private equity firm Ardian (formerly AXA Private Equity) and minority shareholder Motion Equity Partners. This transaction creates a unique platform for natural extracts and functional ingredients, allowing Symrise to diversify its portfolio significantly. A key strategic driver is the entry into the highly attractive and resilient pet food market, where Diana holds a leading position. The deal also strengthens Symrise's backward integration by securing access to natural raw materials. Diana will operate as a distinct "Flavor & Nutrition" division within Symrise. The acquisition concludes a successful holding period for Ardian, which supported Diana's aggressive build-up strategy, including the acquisitions of Confoco International and Givaudan's vegetable extracts business. |
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