Astorg has entered exclusive talks to acquire Solina from Ardian. No financial terms were disclosed. Based in France, Solina is a maker of of ingredient and seasoning blends for the food industry.
Paris, 4th May 2021 – Astorg is pleased to announce that it has entered into exclusive negotiations to become the new majority shareholder of Solina, the leading European manufacturer of ingredient and seasoning blends for the food industry, from Ardian. Solina’s management will reinvest a significant part of their proceeds alongside Astorg.
Founded in 1988 and headquartered in France, Solina serves more than eighteen thousand clients with 2, 250 employees across twenty seven sites across Europe and Canada. The company is exposed to resilient food consumption markets and to secular growth trends fuelled by the shift in food consumption towards more premium and natural ingredients. Solina has leading positions in the countries it operates in, resulting from superior customer service and R&D capabilities. Solina puts sustainability at the centre of its activities by creating healthier food solutions and more sustainable diets as well as by contributing to the development of meat-alternatives.
Anthony Francheterre, CEO of Solina, said: “We are delighted that Astorg has agreed to support our next stage of growth. We have a strong cultural fit with Astorg and we will continue this outstanding entrepreneurial adventure with them. Solina’s success is the result of a team effort that has allowed us to offer innovative solutions to our clients that have placed their trust in us for many years. We would like to thank Ardian for their support over the past five years.”
Eric Terré, Chairman of Solina, said: “We are enthusiastic about this opportunity to further grow our business and expand it worldwide. The teams have worked hard these last years to change the group and prepare it for the future, and we can see their passion and will to offer the best to our customers.”
François de Mitry, Managing Partner at Astorg, said: “We are very impressed by Solina’s management team, who has an outstanding track record, and has shown its ability to shape the industry by being at the forefront of innovation especially regarding sustainability and healthy food ingredients. We have been following their journey for many years and witnessed their talent to acquire and welcome companies into the Solina group. We believe that this is the right strategy to bring more value to clients.”
Nicolas Marien, Partner at Astorg, added: “Solina is a fantastic success story and we are thrilled to become part of it. We are fully supportive of the management’s strategy to expand its activity in the US by leveraging its European know-how and expertise. This coincides with Astorg’s development in the US and Solina can count on Astorg’s global resources for their next chapter of growth.”
Bruno Ladrière, Managing Director at Ardian, commented: “We are proud to have been part of the development of this European champion. I would like to thank the management team for their forward thinking and ambitious external growth strategy which has led us to this great success. We wish them all the best for the years to come.”
Daniel Setton, Managing Director at Ardian, commented: “Thanks to the hard work and dedication of the management team and employees of Solina, the Group has transformed into a global leading sustainable and responsible player focused on the development of healthy innovative food-solutions. We are grateful for having been able to accompany Solina these past years and wish them many further successes.”
The terms of this transaction, which require workers’ council consultation and are subject to the approval of regulatory authorities, are not disclosed.
Astorg is a global private equity firm with over €10 billion of assets under management. We work with entrepreneurs and management teams to acquire market leading global companies headquartered in Europe or the US, providing them with the strategic guidance, governance and capital they need to achieve their growth goals. Astorg enjoys a distinct entrepreneurial culture, a long-term shareholder perspective and a lean decision-making body. We have valuable industry expertise in healthcare, software, business-to-business professional services and technology-based industrial companies. Astorg has offices in London, Paris, New York, Frankfurt, Milan and Luxembourg.