DIANA GROUP acquired by SYMRISE
Context
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.
It is worth noting that the fund Ardian took control of Diana Group through an LBO in 2007.
DIANA GROUP, which reported an EBITDA margin of [members only] in 2013, 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
€1–10bn
Equity Value
[members only]
Multiples
EV / Revenue
2x–6x
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 |
|---|---|---|---|---|
| 06/2007 | ARDIAN | DIANA GROUP | FRANCE | Ingredients |
Similar deals in Food Processing
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 07/2014 | EGERIA | GOODLIFE FOODS | NETHERLANDS | Food Products |
| 06/2014 | PAI PARTNERS | LABEYRIE FINE FOODS | FRANCE | Food Products |
| 04/2014 | 21 INVEST | FORNO D’ASOLO | ITALY | Bakery / Pastry |
| 03/2014 | CHARTERHOUSE | NUOVA CASTELLI | ITALY | Dairy |
| 02/2014 | SOLINA GROUP | SFK FOOD | DENMARK | Ingredients |
| 02/2014 | RIVERSIDE | CASA OPTIMA | ITALY | Ingredients |
| 12/2013 | DANTE BIGI S.R.L. | GRUPPO ALIVAL | ITALY | Dairy |
| 11/2013 | EQUISTONE | MADEMOISELLE DESSERTS | FRANCE | Bakery / Pastry |
| 11/2013 | FRUTAROM | PTI (PROTEIN TECHNOLOGIES INGREDIENTS GROUP) | RUSSIA | Ingredients |
| 09/2013 | EQUISTONE | CHARLES & ALICE | FRANCE | Food Products |
REFERENCES
Valuation range: EV €1–10bn
Revenue range: €250–500M
EBITDA range: €50–100M
EV/Revenue range: 2x - 6x
EV/EBITDA range: 10x - 18x
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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.