LONDON - Symrise has offered to buy Diana Group, a maker of food ingredients, from the private equity firm Ardian for 1.3 billion euros, or about $1.8 billion.
Symrise, a German maker of flavors and scents, said Monday that it had made a binding offer and entered into exclusive discussions to acquire Diana, which is based in Vannes, France.
The deal is expected to expand Symrise’s offerings, including in the pet food market. The transaction is expected to close in the third quarter.
“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,†Heinz Jürgen Bertram, the Symrise chief executive, said in a statement. “The planned integration of Diana will create an unparalleled set-up, which will offer us new opportunities for profitable growth beyond our current market and establish an excellent position to generate value in the future.â€
The transaction is subject to regulatory approval.
Diana posted revenue of €415 million in 2012 and employs more than 1,640 people in 23 countries.
“Symrise is an ideal owner for Diana to continue developing and growing its business,†Philippe Poletti, a senior managing director at Ardian, said in a statement.
Ardian, which was spun off from the French insurer AXA Group last year and was formerly known as AXA private equity, acquired Diana in 2007. Ardian has about $46 billion in assets under management.
Symrise, based in Holzminden, Germany, operates in 35 countries and posted sales of €1.8 billion in 2013.
Stamford Partners advised Symrise, and Lazard advised Ardian.
