mynth
← DATABASE
10/2015

SOLINA GROUP acquired by ARDIAN

FRANCE Food Processing / Ingredients EV €500M–1.5bn

Context

Ardian has entered into exclusive negotiations to acquire a majority stake in Solina Group from IK Investment Partners. This transaction marks the fifth Leveraged Buyout (LBO) in the company's history, highlighting its consistent cash flow generation and attractiveness to financial sponsors. Under the proposed structure, the management team will reinvest to retain approximately 15% of the capital (down from 27%). The acquisition is driven by a 4-5 year strategic plan focused on international expansion, specifically targeting new production facilities in Turkey and Russia to localize manufacturing and bypass geopolitical trade barriers.

In the past, the company underwent an LBO led by Ik Partners in 2011, and continued an active consolidation strategy by notably acquiring Sfk Food (2014).

SOLINA GROUP, which reported an EBITDA margin of [members only] in 2014, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the AgriFood sector (11.0x).

-> Deep-dive in AgriFood market trends

Target

Headquartered in Brittany, France, Solina is a leading European producer of savory ingredients for the food industry. The group designs and manufactures customized ingredient solutions (seasonings, marinades, coatings, sauces) for clients ranging from local butchers and food service providers to major multinational food manufacturers (e.g., PepsiCo). At the time of the deal, Solina operated 25 production sites and R&D centers across Europe and Canada, employed 2,250 people, and served over 18,000 customers. The company is known for its "culinary" approach to Corporate ingredients.

Ent. Value

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2014
€250–500M
[members only]
[members only]
2013
€250–500M
[members only]
[members only]

Other operations with SOLINA GROUP

Other operations with SOLINA GROUP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
05/2021ASTORGSOLINA GROUPFRANCEIngredients
05/2015SOLINA GROUPPAULIG GROUP - Corporate FLAVORING DIVISIONFINLANDIngredients
02/2014SOLINA GROUPSFK FOODDENMARKIngredients
07/2011IK PARTNERSSOLINA GROUPFRANCEIngredients

REFERENCES

Valuation range: EV €500M–1.5bn

Revenue range: €250–500M

EV/Revenue range: 1x - 3x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of SOLINA 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