Axa Private Equity Considering Sale of DIANA Food Business

23 May 2013 --- Axa Private Equity is considering a sale of Diana Group, according to a report. The valuation of the company is more than EUR1 billion. Spokespersons Caroline Avier at Diana Group and Stéphanie Grace at Axa Private Equity declined to comment when asked by FoodIngredientsFirst this morning about the possible sale of the French food ingredient company.

Bloomberg reported people close to the matter as believing that Diana will probably attract both strategic and private-equity interest. No final decision has been made on the sale, said the people, who asked not to be identified, because talks are private.

DIANA is a world leader in natural functional solutions for the food, pet food, nutraceuticals, aquaculture and cosmetics industries, and technology leader in plant cell culture, dedicated to the production of active ingredients for food, cosmetics and health.

Of its 1,500 employees, almost 15% are dedicated to R&D. Present in 22 countries, the Group is developing R&D platforms on all continents, so as to best meet its customers’ requirements and local specificities. In 2011, the group reported turnover of €392 million, three-quarters of which in exports.

Axa Private Equity bought Diana Food from European buyout firm Cognetas LLP for EUR710 million in 2007.