M&A Deal Summary

Astorg Partners Acquires Solina

On May 4, 2021, private equity firm Astorg Partners acquired food company Solina from Ardian and Cerea Partenaire

Acquisition Highlights
  • This is Astorg Partners’ 1st transaction in the Food sector.
  • This is Astorg Partners’ 33rd transaction in France.

M&A Deal Summary

Date 2021-05-04
Target Solina
Sector Food
Buyer(s) Astorg Partners
Sellers(s) Ardian
Cerea Partenaire
Deal Type Secondary Buyout

Target

Solina

Bréal-Sous-Monfort, France
website
Solina is a European manufacturer of ingredient and seasoning blends for the food industry. The company serves more than eighteen thousand clients with 2, 250 employees across twenty-seven sites across Europe and Canada. It 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 center of its activities by creating healthier food solutions and more sustainable diets as well as by contributing to the development of meat alternatives. Solina was formed in 1988 and is based in Bréal-Sous-Monfort, France.

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Buyer(S) 1

Buyer

Astorg Partners

Paris, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1998
PE ASSETS 10.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Astorg Partners is a private equity firm that targets small to midcap company investments primarily in France and to a limited extent, Western Europe. Astorg Partners looks for companies valued between €400 million and €2 billion, requiring at least €15 million in equity. Areas of interest include healthcare, retail, distribution, hospitality, and professional services. Prospective transaction situations include leverage build-ups, divestitures, family transitions, and secondary buyouts. Astorg Partners was formed in 1998 and is based in Paris and has additional offices in London and Luxembourg.


DEAL STATS #
Overall 53 of 63
Sector (Food) 1 of 1
Type (Secondary Buyout) 28 of 35
Country (France) 33 of 35
Year (2021) 6 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-20 Corsearch

London, United Kingdom

Corsearch Brand Risk and Performance solutions are revolutionizing how companies commercialize and protect their growth. Corsearch delivers data, analytics, and services that support brands to market their assets and reduce commercial risks. From IP clearance to brand protection and anti-piracy, Corsearch provides a comprehensive program that Press Release 2/2 enables businesses to secure brand value and thrive commercially. Corsearch was founded in 1984 and is based in London.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-18 Fenergo

Dublin, Ireland

Fenergo is a provider of Client Lifecycle Management software solutions for investment banks, capital market firms, and private banks. Fenergo is based in Dublin, Ireland.

Buy -

Seller(S) 2

SELLER

Ardian

Paris, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 194 of 216
Sector (Food) 10 of 10
Type (Secondary Buyout) 71 of 84
Country (France) 99 of 104
Year (2021) 5 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-27 Lagarrigue

Toulouse, France

Lagarrigue is a designer and distributor of prosthetic and orthotic devices. Lagarrigue was established in 1976 and is headquartered in Toulouse, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-26 New Look Vision

Saint-Laurent, Quebec, Canada

New Look Vision is a provider of eye care products and services. The Company has retail sales of optical products which can be grouped into four principal categories: (i) prescription and non-prescription eyewear, (ii) contact lenses, (iii) sunglasses, protective eyewear and reading glasses, and (iv) accessories, such as cleaning products for eyeglasses and contact lenses. New Look Vision was founded in 1986 and is based in Saint-Laurent, Quebec.

Buy -
SELLER

Cerea Partenaire

Neuilly sur Seine, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2004
PE ASSETS 600M EUR
Size Middle-Market
Type Sector Focused
DESCRIPTION

Cerea Partenaire is a specialist investment firm dedicated to buyouts and providing mezzanine financing in agribusiness and related sectors. Céréa Gestion consists of Céréa Capital (private equity practice) and Céréa Mezzanine (mezzanine practice). Céréa primarily targets companies in Western Europe and looks to invest €5 to €15 million in companies with enterprise values of €30 to €500 million. Specific areas in agribusiness include services, distribution, equipment, packaging, logistics, and health services. Prospective transaction situations includes LBOs, LBIs, OBOs, and spin offs. Cerea Partenaire is based in Paris.


DEAL STATS #
Overall 20 of 22
Sector (Food) 10 of 12
Type (Secondary Buyout) 14 of 15
Country (France) 18 of 19
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-26 Omni-Pac

Allaire, France

Omni-Pac is a European spearhead of eco-responsible packaging by offering innovative and sustainable alternatives in molded cellulose (natural, recyclable, and biodegradable material) for various markets. Omni-Pac is was founded in 2012 and is based in Allaire, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-22 Continental Bakeries

Dordrecht, Netherlands

Continental Bakeries is a bakery group that specializes in the production and sale of cookies, biscuits, bread replacement products, and snack bases. Continental Bakeries focuses on private label products and a number of great own brands such as Haust, Gille, Grabower, Bussink, Brinky, and Continental Bakeries. Continental Bakeries was founded in 1593 and is based in Dordrecht, Netherlands.

Sell -