Symrise To Buy ADF/IDF

(RTTNews) - Symrise Thursday said it has agreed to buy ADF/IDF, a natural nutrition ingredient provider for pet food, for $900 million.

ADF/IDF provides 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.

Symrise plans to fund the $900 million by debt and equity. The acquisition is expected to be fully accretive to earnings 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," 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."