HOLZMINDEN, GERMANY – Symrise AG has submitted a binding offer and is in discussions with the owners of the Diana Group to acquire the company. The transaction would expand Symrise’s position in the flavors and nutrition market as well as expand Symrise’s activities into the pet food category, Holzminden-based Symrise said April 12.
Diana, based in Vannes France, offers technologies that improve the functional, textural and visual aspects of food and beverage products. Symrise already has secured the required bridge financing for the investment, which amounts to €1.3 billion ($1.8 billion). Debt and equity will comprise the final financing structure.
Diana operates production facilities and sales offices in 23 countries in Europe, North America, Latin America and Asia. The company has 2,000 employees and in 2013 had sales of €425 million. The joint activities of Diana and Symrise would generate pro forma sales of nearly €2.3 billion
“Diana Group is an impressive and highly profitable business with a strong complementary fit to our activities in the flavor and nutrition market,” said Dr. Heinz Jürgen Bertram, chief executive officer of Symrise AG. “With Diana we will be able to significantly diversify our portfolio for natural ingredients, tap into new business segments, strengthen our raw material supply and meet the requests for traceability from our customers.”
Symrise globally supplies flavorings, fragrances, cosmetic active ingredients, raw materials and functional ingredients. The company’s clients are manufacturers of food and beverages, perfumes, cosmetics, pharmaceuticals and nutritional supplements. Symrise had sales of more than €1.8 billion in 2013.