Symrise Among Bidders for Diana Group, Naturex Denies Interest

11 Mar 2014 --- French food ingredient maker, the Diana Group, has reportedly received bids from Germany’s Symrise and Japan’s Ajinomoto. The Diana Group, which is owned by private equity firm Ardian, generated E415m in revenue in 2012, through its businesses which include nutritional ingredients for the food, pet food and aquaculture industries.

Symrise and Ajinomoto declined to comment to FoodIngredientFirst on the status of any bids submitted for the Diana Group. Meanwhile, buy-out firms CVC Capital Partners, Euroazeo and Pamplona are also believed to be in the race for the company. The auction is currently in its second round, with final bids due by April 8, according to reports.

Private equity groups Blackstone and BC Partners are no longer believed to be in the running for Diana, and yesterday Naturex, the global leader in speciality plant-based natural ingredients, denied that it plans to acquire the Group. Naturex said it would continue to pursue its own strategy for external growth by focusing on carefully targeted opportunities offering complementary fit with its businesses, expertise and positioning.

Ajinmoto and Symrise are both strong contenders. Ajinmonto, a Japanese seasonings maker, has already been working to grow its business through acquisitions. At the end of last year it acquired the Turkish food company Kukre Gida for $27m. Meanwhile Symrise has recently increased its stake in the Swedish probiotics company, Probi.

The Diana Group will be of particular interest to both companies because of its history of innovation within its food division. Its food division includes Diana Naturals, which creates functional solutions based on vegetable and animal natural ingredients. It also has Cap Diana, which is described as being a leader in culinary solutions for the food industry, and a specialist in retextured solutions and functional proteins. In addition it has Map Technologies, which offers expertise in coloring solutions for the food industry (specifically beverages, sweets, sauces and pasties) and also for the pet food industry. Its final segment is Confoco, which is a leading company in the manufacturing of flakes, powders and purees from tropical fruits and vegetables.

In addition to these areas within food, the Diana Group also has a number of brands related to the pet food industry and its’ Nova Division, which gathers new activities with high growth potential, such as aquaculture and plant cell culture.

By Sonya Hook