Astorg buys Solina from Ardian

According to French financial press agency Agefi, the deal values the company at around €1.7bn.

Following the deal, Solina's management team will reinvest a significant part of the proceeds alongside Astorg.

The sale ends a five-year holding period for Ardian, which acquired Solina from IK Investment Partners. Crédit Agricole and Natixis provided debt to finance the transaction. The deal valued the company at around €650m, according to press reports published at the time.

Under Ardian's ownership, Solina doubled its size via organic growth and add-on acquisitions, including the bolt-on of Produits Alimentaires Berthelet, a Canadian manufacturer of dehydrated food products acquired in February 2020, and Bowman Ingredients, a British food ingredients specialist bought in October 2020.

Previous funding
Solina was created via the merger of French business Savena and Belgian food producer Sfinc.

Azulis and Céréa acquired food business Savena from Quartus in October 2007, in a deal believed to have been valued in the €70-90m range.

IK bought Savena from Azulis and Céréa in 2011. Equity for the transaction was provided by IK's €1.7bn IK2007 Fund, while Crédit Agricole and BNP Paribas provided senior debt, and Alcentra, Céréa Mezzanine and LFPI supported the transaction with mezzanine financing.

Ardian (at the time known as Axa Private Equity) acquired a majority stake in Belgian food company Sfinc from Gimv in 2008, alongside company management and Axxess Partners. ING and KCB supplied leverage to support the deal.

Savena and Sfinc merged in 2012, leaving IK as majority shareholder of the enlarged Solina group. Crédit Agricole and BNP Paribas arranged a debt package to fund the merger, while mezzanine financing was provided by Alcentra, LFPI and Céréa Gestion.

Company
Headquartered in Rennes, Solina is a manufacturer of ingredients and seasoning blends for the food industry.

The company employs 2,050 staff across 27 sites located in Europe and Canada and serves 18,000 clients. It generated consolidated turnover of €560m in 2020, a source close to the situation told Unquote.

People
Astorg – François de Mitry (managing partner); Nicolas Marien (partner).
Ardian – Bruno Ladrière, Daniel Setton (managing directors).
Solina – Anthony Francheterre (CEO); Eric Terré (chair).

Advisers
Acquirer – Latham & Watkins (legal); Bain & Company (corporate finance); EY (financial due diligence).
Vendor – BNP Paribas (M&A); Willkie Farr & Gallagher (legal).
Company – Jeausserand Audouard (legal).

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• Topics
• Buyouts
• France
• Consumer
• Ardian (formerly Axa PE)
• Astorg Partners
• France
• Latham & Watkins
• EY (Ernst & Young)
• BNP Paribas
• Willkie Farr & Gallagher