Solina Group (“Solina”), one of the leading European providers of food ingredient solutions, with the support of Ardian who became majority shareholder a few months ago, has agreed to acquire New Ivory, a producer of innovative culinary sauces, from Rob Whitehead. Rob Whitehead is selling his majority stake, while New Ivory Managing Director, Adam Jones, and the rest of the management team will stay at the company.
The deal is the first step in Solina’s new international expansion strategy. The Group aims to reinforce its position in Europe through targeted bolt-ons in Germany, the UK, and Central and Southern Europe. It will also accelerate its expansion outside of Europe, in particular through acquisitions in the USA. The ambition of Solina is to double its revenues over the next five years and establish itself as a world-class leader in its market.
New Ivory is a leading producer of innovative culinary sauces in the UK for the meat, fish and poultry industries. It has long-standing relationships with retail and industry customers based on a deep knowledge and understanding of the UK’s taste and food concepts. New Ivory has approximately 180 employees and is headquartered in Elland, West Yorkshire.
Eric Terré, Chairman of Solina Group, said: “This is an excellent growth opportunity for Solina. Because of the attractiveness of the specific business model of our sector, we are seeing an increasing number of new players looking at acquisitions in our market. But this deal highlights our capacity to grasp the best opportunities. Our knowledge of the sector, combined with our financial flexibility and our track record of successful acquisitions, allows us to offer the best solutions for sellers and partners. We are now actively looking for additional build-up opportunities not only in the UK, Germany and other European countries but also in the USA.”
Laurent Weber, CEO of Solina Group, added: “New Ivory is widely recognized for its proactivity and service level in both the retail and industry markets. This deal enables Solina Group to offer a complete range of savoury R&D services in the UK, which is the most innovative European market.”
Mr Weber continued: “Solina is further expanding across Europe, with a build-up strategy in all major markets. We are rolling out a smooth and efficient integration programme for all new teams joining the group. Our business relies on local operations and we intend to keep it that way. New teams will join Solina knowing that their business remains in their hands and that the group adds value. We want to remain a highly innovative, service-orientated, fast and agile company. In addition, our size provides the group with the opportunity to secure synergies in our procurement as well as unique opportunities to grow for our preferred suppliers.”
The transaction completed on 20 September 2016. The transaction terms were not disclosed.
Oghma Partners LLP acted as exclusive financial advisors to Solina.
For the full press release please click here.
For further information please contact:
Tim Owen
Partner
Oghma Partners LLP
tim.owen@oghmapartners.com
Mark Lynch
Partner
Oghma Partner LLP
mark@oghmapartners.com
Oghma Partners Advises Ma’abarot Products on Investment in Algaia and Simultaneous Acquisition of Cargill’s Alginate Business
9 January 2017
Oghma Partners Advises Ma’abarot Products on Investment in Algaia and Simultaneous Acquisition of Cargill’s Alginate Business
Oghma Partners LLP (“Oghma Partners”) is pleased to announce its role as exclusive financial adviser to Ma’abarot Products Limited (“Ma’abarot”), one of the largest consumer products companies listed in Israel, on its investment in Algaia, the French natural products and extracts company, and the simultaneous acquisition of Cargill Inc.’s (“Cargill’s”) alginate business and manufacturing plant in France. The transaction completed on 9 January 2017. The transaction terms were not disclosed.
Algaia is an innovative privately-owned company backed by three well-established French venture capital funds alongside Ma’abarot. Algaia started as a white biotech company in 2010 but broadened its activity in the field of seaweed and other natural extracts in 2014. Since 2015, the company has been focused on marine ingredients and more specifically seaweed extracts. The Cargill alginate acquisition complements the recent acquisition of Alganact SA, a start-up company specialised in seaweed biomass valorisation, the opening of a greenfield R&D centre in Saint Lo, France, and the recruitment of a team of business and technical experts.
Cargill’s Alginate business has a manufacturing plant located in Lannilis (Brittany, France) processing thickening and gelling alginates. It is strategically positioned next to a large brown seaweed site collecting over 60,000 tons of fresh biomass annually a sustainable and regulated manner.
Ma’abarot, a well-established company listed on the Tel Aviv Stock Exchange with a 500-person global footprint based in Israel, markets a comprehensive range of products in the health and nutrition segments. “This investment into Algaia as it simultaneously acquires Cargill’s alginate business corresponds perfectly with our ongoing strategic intent,” said Eyal Shalmon, Chairman of Ma’abarot.
“We have high ambitions in the field of specialty marine ingredients and natural ingredients such as seaweed extracts. Our aim is to maintain and potentially increase employment at Lannilis while deploying its activity further more. As a matter of fact, two additional million euros will be invested to upgrade the plant already after the closing. Furthermore, with the help of Cargill and the Brittany region, all will be done to ensure a smooth transition at customers and to preserve local direct and indirect employment” said Fabrice Bohin, CEO of Algaia.
To view the full press release please click here.
Tim Owen
Partner
Oghma Partners LLP
tim.owen@oghmapartners.com
Mark Lynch
Partner
Oghma Partner LLP
mark@oghmapartners.com