Symrise secures finance for Diana acquisition with €500 million bond

By Lucy Whitehouse

- Last updated on GMT

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Symrise secures finance for Diana acquisition with €500 million bond
German scents and flavours group Symrise is now all set to buy France's Diana Group, having successfully issued a bond, whose €500 million value as part of a ‘comprehensive financing concept’ means the company’s finances are now in shape for the acquisition.

Diana is one of the leading suppliers of sensory solutions based on natural ingredients, and is a desirable acquisition for Symrise, as the group has become a preferred fragrance and flavours partner to manufacturers.

The acquisition has been set at an agreed €1.3 billion ($1.8 billion), and participates in an expansion plan with which Symrise reportedly hopes to narrow the gap on top rival, Givaudan.

With the planned acquisition, Symrise will substantially expand its market position particularly in natural flavours, [and] intensify backward integration for raw materials​,” the brand confirmed.

Growth ahead

The acquisition should start adding to earnings per share from 2015 onward, Symrise has said, and follows healthy growth for the company.

Group sales increased by 8% in local currencies to reach €470m at the close of the last quarter, which has placed the company in a strong position for its intended acquisition and general growth ahead.

Last year, the company made a similar move for expansion through acquisition, purchasing US fragrance business Belmay in order to extend its business footprint into the North America market, and strengthen its position in the fine fragrances sector.

Brend Hirsch, CFO, confirmed that the brand intends the Diana acquisition to contribute to further growth ahead.

“Symrise will accelerate its profitable growth even more with the successful integration of Diana,” ​he stated.

€500 million bond

The issuing of the bond has placed the company in a comfortable position to now carry out the acquisition, which is set to be completed in the near future.

The trust of the investors underlines the convincing logic of the transaction and a confirmation of our strategy and our financial power,​” Hirsch noted of the bond’s success.

Its financing has a term of five years, and a coupon of 1.75%: it will be listed for trading on the official list of the Luxembourg Stock Exchange, the company states. 

Related topics Business & Financial Fragrance

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