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French food manufacturer Diana and its majority shareholder, AXA Private Equity, have acquired Givaudan SA’s vegetables, wines and vinegars extracts range.
AXA Private Equity has also set up a €50 million payment-in-kind tranche to help finance this and other planned future acquisitions.
Diana, which has been completing a string of acquisitions, has consolidated its market position in several product areas and geographies including Asia, the U.S. and Eastern Europe. Diana now generates 50% of its turnover outside Europe and aims to increase this figure to 60%-70% in the near future, to take advantage of opportunities in emerging markets.