Since September 2021, when it spent €75 million to buy British company Gosh!, Sonae has invested “more than €110 million” in purchasing a handful of companies and startups “dedicated to sustainable and healthy food solutions”, all of them global in origin (UK, Germany, Italy and France), It is parked at Sparkfood, the name of the business unit created by the group led by Claudia Azevedo for this purpose.
Sonae now intends to strengthen its Sparkfood portfolio through an international acquisition which, if implemented, will more than double the investment the group has made to date in this business, and is currently negotiating a majority stake in French company Diorren, rated at €152 million.
“Sonae informs that its subsidiary Sparkfood has made an irrevocable offer and is in exclusive negotiations with a view to acquiring a stake of approximately 89% in Diorren, the company that owns BCF Life Sciences (“BCF”), for a total value of $152 million, at Free cash and debt basis,” the Maya-based group revealed on Monday, January 5, in a statement sent to the Securities Market Commission (CMVM).
After the deal is completed, “BCF will continue to be managed by the existing management team,” which will retain the remaining 11%.
The French company, which employs more than 200 people, ended 2023 with sales of around €53.5 million – recording annual growth of 11% in the past three years – two-thirds of which came from exports and earnings before interest and taxes. , depreciation and amortization (EBITDA) of €14.1 million, which translates into a compound annual growth between 2020 and 2023 of 16%.
Figures showing a “steady path of growth and profitability” are considered to be the group controlled by the Azevedo family.
Although the implementation of this agreement still depends on the usual fulfillment of a series of legal and regulatory conditions, Sonai expects to complete the transaction in the first half of this year.
A French company converts food production waste into amino acids
Founded in 1986 and headquartered in Brittany, France, BCF produces ingredients for the nutrition industry “through an innovative production process underpinned by circular economy principles,” Sonae guarantees.
BCF Converts food production waste into ingredients with high added value (Amino acids), which are used in pharmaceutical products, human and animal food, as well as sustainable agriculture solutions.
“BCF's production operations are Protected by numerous patents and trade secrets “It has been developed internally over the years and improved by the current management team,” highlights Mayato Group, ensuring that the company “maintains stable and long-term relationships with its key customers, i.e. producers of food for human and animal consumption that include BCF ingredients in their final products.” “
Furthermore, the Claudia Azevedo-led group emphasizes that this transaction “is fully consistent with Sonae’s strategy to create a global platform in Sparkfood in the ‘Food Technology’ industry, through the acquisition of companies specialized in innovative ingredients, with strong knowledge, proven experience and relevant positions.” Relevance in the market.
He concluded that this deal also fits “with Sonae’s commitment to a more sustainable future, as it represents an important investment in the circular economy, and contributes to the group’s international expansion.”
The deal concluded by Sonae now comes a week after the group's chief financial officer, in statements to Bloomberg, closed the door to future purchases, in the coming years, of the same size that he is about to conclude in Finland, with the acquisition of Sonae. Musti Pet Products Company, in a €868 million public takeover (OPA) offer.
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