Symrise strengthens Pet Food and expands US footprint with acquisition of ADF/IDF
Symrise strengthens Pet Food and expands US footprint with acquisition of ADF/IDF
Symrise(Mother company of Diana Petfood) has signed a purchase agreement with the owners of ADF/IDF, a leading 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 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.”
ADF/IDF (American Dehydrated Foods/International Dehydrated Foods) was founded in 1978 and is a specialized producer of sustainable meat and egg-based nutrition ingredients. Headquartered in Springfield, MO, the Company is a partner of choice for clients in the pet food, food and nutrition industries, offering a wide range of natural and clean label product solutions. In pet food applications, the Company has become a leading natural ingredient provider, offering taste and nutrition solutions as well as functional ingredients. With its highly recognized customer orientation, ADF/IDF has established a diverse client base consisting of many long-term, close relationships with global and regional pet food and food companies.
The combination of ADF/IDF and the Symrise Nutrition division Diana will create a leading global player in meat and egg-based protein specialties with focus on all natural and sustainable solutions.