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Ardian nears billion-dollar exit for Diana as buyout bidders line up

10 Mar 2014

French private equity firm Ardian has received bids of around €1.2bn for France-based natural ingredient-maker Diana, the Financial Times has reported.

Buyout firms CVC Capital Partners, Eurazeo and Pamplona Capital are said to be the interested in acquiring the company, with Blackstone and BC Partners thought to have left the race. The company also attracted strategic interest from Japanese seasoning maker Ajinomoto, the report said. Diana recorded revenues of €415m in 2012.

Ardian was first reported to be seeking an exit for the company last year. It originally acquired Diana in 2007, paying €710m to European mid-market buyout firm Cognetas.

In February of this year private equity firms including CVC Capital Partners, Carlyle Group and PAI Partners were said to be mulling offers for a majority stake in Spanish food company Deoleo.

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