LONDON/FRANKFURT, March 10 French food
ingredient maker Diana Group has attracted bids worth more than
1.2 billion euros ($1.7 billion) including debt from Germany's
Symrise and Japan's Ajinomoto, sources
familiar with the matter said on Monday.
Buy-out firms CVC Capital Partners, Euroazeo and
Pamplona are also in the race for the company, which is owned by
private equity firm Ardian, the sources said, declining to be
named as the matter is private.
Spokespeople for Symrise and Ajinomoto, a seasonings maker,
declined to comment, though Symrise's chief executive told
reporters it was too early to make a final offer for the
Eurazeo also declined to comment and officials for Pamplona,
CVC and Ardian, formerly AXA Private Equity, were not
immediately available for comment.
The auction is in the second round, and final bids are due
by April 8, said one of the sources.
Ajinomoto has sought growth through deals, taking a 50
percent stake in Turkish food company Kukre Gida for about 60
million Turkish lira ($27 million) in November.
Symrise, for its part, has recently raised its stake in
Swedish probiotics specialist Probi.
The news was first reported by the Financial Times, which
said private equity groups Blackstone and BC Partners
were no longer contenders for Diana.
France's Diana generated 415 million euros in revenue in
2012, making nutritional ingredients for the food, pet food and
Bankers prepared debt packages to finance the potential sale
of Diana, banking sources told RLPC last month.