Symrise looking to acquire Diana Group

Symrise AG, a global supplier of aromatic substances and flavourings, has signed a binding bid to the owners of the France-based Diana Group relating to the acquisition of the company. The Diana Group is a leading supplier of sensory solutions based on natural ingredients and has become a preferred partner of pet food manufacturers among other companies.

According to Symrise, it intends to expand its market position in the flavour and nutrition sector significantly with this intended transaction as well as intensifying reverse integration with regard to raw materials and expanding into the highly attractive market segment for pet food. The investment amounts to around € 1.3 bn and the company says it has already secured suitable bridging finance. The final financing structure is expected to consist of third-party and the company’s own equity instruments.

Symrise assumes that the acquisition will make a positive contribution to the earnings per share from 2015 onwards. In fiscal 2013 Diana had a turnover of around € 425 mio and an EBITDA margin of approximately 21 per cent. The company must consult bodies representing the Diana employees, as this is a stipulated requirement in France, and also obtain approval from the cartel authorities before the transaction goes ahead.
With sales of over € 1.8 bn in fiscal 2013, Symrise AG is one of the top 4 players in the global fragrance and aroma market. It is based in Holzminden and represented in more than 35 countries in Europe, Africa, the Middle East, Asia, the USA and Latin America.