Axa Private Equity mulls sale of French ingredient firm Diana for €1bn

France-based Axa Private Equity is evaluating plans to divest French food ingredients manufacturer Diana in a deal estimated to be worth €1bn.

The ingredients firm is likely to attract both strategic and private-equity interest, reports Bloomberg citing sources familiar with the matter.

A final decision on the sale has been not made yet, the sources said.

Diana, established in 1990, specialises in the production and sale of natural ingredients for food, pet food, nutraceuticals, pharmaceutical and cosmetics industries in France and internationally.

It offers culinary solutions for the food industry, with a focus on retextured solutions and functional proteins; colouring solutions for the food industry for products such as beverages, sweets, sauces and pastries; colouring solutions for the pet food industry; and functional solutions based on vegetable and animal natural ingredients.

The company manufactures products such as crispy apricot or strawberry pieces used in cereal bars, carrot liquid and wine extracts for marinades, as well as ingredients for the pharmaceutical and cosmetics industries.

Axa Private Equity acquired Diana Ingredients from private equity firm Cognetas in 2007 in a deal worth €710m.

In November 2012, Diana and Axa Private Equity announced the acquisition of Givaudan’s vegetables, wines and vinegars extracts range.

Diana, based in Vannes, employs more than 1,500 people and operates 17 plants across the world in Europe, the US, Latin America and Australia.

In 2011, the company posted revenues of €392m.

Axa Private Equity is a private equity firm with assets of $28m managed or advised in Europe, North America and Asia.