French private equity firm Ardian has sold food ingredients maker Diana Group to Symrise for €1.3bn.
Diana supplies its products to the food, pet food, nutraceutical, aquaculture and cosmetics industries.
The company has its own manufacturing facilities and operates in 23 countries across Europe, North America, Latin America and Asia, generating more than 50 per cent of its revenues outside of Europe.
Since being acquired by Ardian in 2007 for €710m , Diana has seen its revenues jump to €425m from €254m.
Buyout firms CVC Capital Partners, Eurazeo, Pamplona Capital, Blackstone and BC Partners were previously said to be the interested in acquiring the company.
Head of mid-cap buyout at Ardian Philippe Poletti said, “Ardian is proud to have been able to be alongside Diana in a critical stage of its development. In that time, the company has been able to consolidate its global leadership positions in key markets.
“Ardian and Diana were able to collaborate successfully because our teams share the same entrepreneurial spirit. Now with Symrise, Diana will enter a new stage of development within a strong and dynamic group.”
Another company backed by Ardian, online travel business eDreams Odigeo, has recently priced its IPO to give it a market capitalisation of €1.1bn.
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