Private investment group Ardian makes offer for European food firm Solina
Independent private investment company Ardian has submitted a binding offer and entered into exclusive talks concerning the purchase of European food company Solina.
Ardian was previously Axa Private Equity, before becoming a private firm in 2013. Its portfolio includes investments in food chain Eat, Luton Airport and Wood Mackenzie.
Solina, based in Brittany, France, provides ingredient mixes and “culinary solutions” for the entire food industry. It is currently owned by IK Investment Partners.
The group's management team, led by founder and chief executive Eric Terre, will reinvest in the company as part of the deal.
“Ardian will provide us with human and financial resources to fully capitalise on our growth potential in emerging markets, to strengthen our leading position in Europe and to accelerate our export strategy in Asia and the US,” said Terre.
Ardian's Philippe Poletti said: “We are impressed by the growth story of the company and the strength of the management team.
"Working in partnership with them, we will draw upon our international network and expertise in the food ingredients sector to develop the company by pursuing an ambitious organic growth strategy as well as targeting acquisitions in this fragmented market.”