M&A Deal Summary

Ardian and Cerea Partners Acquire Solina

On February 1, 2016, private equity firms Ardian and Cerea Partners acquired food company Solina from IK Partners

Acquisition Highlights
  • This is Ardian’s 9th and Cerea Partners’ 13th transaction in the Food sector.
  • This is Ardian’s 129th and Cerea Partners’ 24th transaction in France.
Investment Fate
  • Solina was sold to a consortium of financial buyers in 2021.

M&A Deal Summary

Date 2016-02-01
Target Solina
Sector Food
Buyer(s) Ardian
Cerea Partners
Sellers(s) IK Partners
Deal Type Secondary Buyout

Target

Solina

Bréal-Sous-Monfort, France
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 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) 2

Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 127.0B 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 €1 billion 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 258 of 465
Sector: Food M&A 9 of 17
Type: Secondary Buyout M&A Deals 76 of 155
Country: France M&A 129 of 207
Year: 2016 M&A 4 of 34
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-27 Exolum

Madrid, Spain

Exolum is a provider of transportation and storage for refined oil products. The company handles a variety of refined fuels which are utilized by the land, aviation and marine transport sectors. Exolum was founded in 1927 and is based in Madrid, Spain.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-02 Fitness Boutique

Auvergne-Rhône-Alpes, France

Fitness Boutique is the French operator of an e-commerce website for private individuals and professionals of fitness equipment and food supplements for sport. With more than 350,000 customers in 2011, an Internet presence in France, Spain, Italy, Belgium, Switzerland, and Portugal as well as 17 stores in France and 2 in Spain. Fitness Boutique was founded in 1999 and is based in Auvergne-Rhône-Alpes, France.

Sell -
Buyer

Cerea Partners

Neuilly sur Seine, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 1.5B EUR
Size Large
Type Sector Focused
DESCRIPTION

Cerea Partners is a specialist investment firm focused on investing in and providing finance to agriculture and related sustainable food businesses. Cerea primarily targets companies in Western Europe and looks to invest in companies valued between €20 and €500 million. Prospective transaction situations includes LBOs, LBIs, OBOs, and spin-offs. Cerea Partners was formed in 2004 and is based in Paris, France.


DEAL STATS #
Overall 29 of 72
Sector: Food M&A 13 of 27
Type: Secondary Buyout M&A Deals 9 of 22
Country: France M&A 24 of 59
Year: 2016 M&A 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-10 Signature Foods Belgium

Turnhout, Belgium

Signature Foods Belgium is a producer of chilled spreadable salads and convenience food. Signature Foods Belgium was founded in 2006 and is based in Turnhout, Belgium.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-29 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.

Buy -

Seller(S) 1

SELLER

IK Partners

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 14.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

IK Partners is a private equity firm that targets control investments in lower middle-market to large-sized companies throughout Europe. IK focuses on growth businesses located in the Benelux region, as well as Denmark, Finland, France, Germany, Norway and Sweden. The Firm looks to commit €10 to €300 million of equity capital per transaction and targets companies with strong cash-flows. IK Investment Partners was formerly known as Industry Kapital. IK Partners was formed in 1989 and is based in London, England.


DEAL STATS #
Overall 69 of 122
Sector: Food M&A 7 of 11
Type: Secondary Buyout M&A Deals 23 of 51
Country: France M&A 10 of 27
Year: 2016 M&A 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-14 Visolit

Asker, Norway

Visolit is a technology group with a strong geographic presence and an established partner for cloud services and digital transformation. Visolit has a comprehensive portfolio of cloud-based end-to-end services, as well as consulting, security, and integration services. Visolit was founded in 1997 and is based in Asker, Norway.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-04 Touristry

Stockholm, Sweden

Touristry is a provider of tourism related services. Touristry operator of sightseeing buses and boats in the Nordic capitals as well as provider of tourism related services. Touristry was founded in 2011 and is based in Stockholm, Sweden.

Buy -