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Oghma Partners advises Sparkfood on acquisition of Diorren for €152 mn
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Saturday, 17 February, 2024, 08 : 00 AM [IST]
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London, UK
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Oghma Partners, the corporate finance house to the consumer industries, has announced that it acted as the Lead Financial Advisor to Sonae SGPS, via its subsidiary Sparkfood, on their irrevocable offer to enter into exclusive negotiations for the planned acquisition of a 89% stake in Diorren SAS, the holding company of BCF Life Sciences, for a total consideration of 152.0 million euros, on a cash-free-debt-free basis. This deal is the latest in its portfolio of successful cross-border ingredients transactions.
This transaction is fully aligned with Sonae’s strategy to create, in Sparkfood, a global platform in the food tech industry, through the acquisition of companies specialised in innovative ingredients, with strong know-how, proven experience and relevant market positions. This transaction also has a strong fit with Sonae’s commitment to a more sustainable future, as it represents an important investment in the circular economy, while contributing to the expansion of the Group’s international footprint.
Founded in 1986, and based in Britany, France, BCF produces ingredients for the nutrition industry through an innovative production process supported by circular economy principles. BCF transforms food production waste into high value-added ingredients (amino-acids) which are incorporated into pharmaceuticals, human food, and animal feed, as well as into bio-stimulants for sustainable agriculture. BCF production processes are protected by several IP patents and trade secrets which were internally developed throughout the years and fine-tuned by the current management team. BCF has stable and long-term relationships established with its main customers, notably human and animal food producers that incorporate BCF ingredients in their finished products.
BCF holds a consistent track record of growth and profitability, closing 2023 with a turnover of c. 53.5 million euros (CAGR20-23E of +11%), and an EBITDA of c. 14.1 million euros (CAGR20-23E of +16%). After the transaction is executed, BCF will continue to be managed by its current management team.
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