10 years alongside Diana Group, the global supplier of natural ingredients for the Food and Pet Food industries.
Funds advised by Motion had initially made the acquisition of Diana Ingredients in 2004 from BNP Paribas for an EV of €270m.
The asset was sold in 2007 for an EV of €710m to the French private equity firm Ardian (ex-AXA Private Equity).
Between 2004 and 2007, Funds advised by Motion had successfully helped Diana develop. The strategy implemented consisted in accelerating the development of its Pet Food division as well as the acquaculture segment, reinforcing Diana Food’s growth thanks to significant build-ups and developing Diana Nova through organic and external growth.
Leveraging its success and its knowledge of the market, and convinced that the company had still a significant growth potential, it was decided to reinvest in the business alongside Ardian and thereby renew their commitment to the Management team.
Diana, headquartered in Vannes (France) is the world leader in natural functional solutions for the food, pet food, nutraceuticals, aquaculture and cosmetics industries, and technology leader in plant cell culture, dedicated to the production of active ingredients for food, cosmetics and health. The Group is organized in three independent divisions:
- Diana Pet Food is the leading worldwide producer of palatability enhancers for the pet food industry
- Diana Nova is composed of new activities with high growth potential, such as aquaculture and plant cell culture
- The Food division develops organoleptic and nutritional features to enhance the benefit of its customers from the food industry
With 32 production sites across 23 countries in Europe, North America, South America, Asia, Middle-East and Australia, Diana employs more than 2,000 people worldwide and has posted continuous highly profitable growth for 15 years.
Motion Equity Partners’ value added
During the investment period, the strategy implemented by the Funds advised by Motion has been to pursue Diana’s internationalization to:
- Increase the firm’s exposure to fast-developing countries
- Further secure the sourcing of raw materials, an essential component of the Group’s success
- Enter or reinforce existing positions on new promising markets such as aquaculture and plant cells culture
- Follow its blue chip customers in new markets
- Re-balance the Food division vs. the Pet Food division
This expansion strategy materialized in both greenfield developments, with the creation of new production sites in the US, Canada, Latin America, Russia, South Africa and Thailand, and external growth with no less than 6 successful acquisitions since our initial investment, including Confoco in Ecuador and Pacific Pure Aid in the US.