Solina Group continues its aggressive external growth strategy by acquiring the "Industrial Flavoring" division of the Finnish Paulig Group. This transaction includes the subsidiaries Lihel Oy (Finland), Nordfalks AS (Estonia), and Nordfalks Industrie AB (Sweden). The acquisition adds approximately EUR54 million in revenue to Solina, pushing its projected turnover to EUR320 million for 2015. Strategically, this deal completes Solina's coverage of Northern Europe (following the 2014 acquisition of SFK Food in Denmark) and opens new markets in Finland, Norway, Sweden, Russia, and the Baltics. The transaction was financed using existing acquisition credit lines secured during Solina's 2014 refinancing.

PAULIG GROUP - Corporate FLAVORING DIVISION, which reported an EBITDA margin of LOGIN in 2014, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the AgriFood sector (10.1x).

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