The move strengthens Symrise’s pet food activities and expands US footprint
Symrise signed a purchase agreement with the owners of ADF/IDF, a natural nutrition ingredient provider for pet food, regarding the acquisition of their business. ADF/IDF is a pioneer in clean label meat and egg-based taste and nutrition ingredients. With the acquisition, Symrise aims to broaden its activities in the fast growing pet food business and to expand its position in the attractive food nutrition market. The purchase price amounting to $ 900 million will be financed by debt and equity. The acquisition is expected to be fully EPS accretive from the first year after closing. With its approximately 470 employees, ADF/IDF generated sales of $ 220 million and an EBITDA margin of 23%. The transaction is subject to satisfaction of customary closing conditions.
“The strategic acquisition of ADF/IDF perfectly delivers on our strategy to expand in fast growing, high-margin business areas. The complementary offering will further diversify our Diana portfolio in pet food and nutrition. The acquisition of the leading provider of natural pet food nutrition ingredients is a further breakthrough for Symrise into the pet food nutrition market. With our expertise in pet food palatability and competence in nutrition solutions, we will create an integrated partner for our pet food clients,” said Dr. Heinz-Jürgen Bertram, CEO of Symrise AG. “Through this acquisition, we will also broaden our global presence especially in the USA – a strategically important growth market for us – and strengthen our customer base.”