Since September 2021, when it disbursed 75 million euros to purchase the British company Gosh!, Sonae has invested “more than 110 million euros” in the purchase of a handful of companies and startups “dedicated to sustainable and healthy food solutions”, all of international origin (United Kingdom, Germany, Italy and France), which are parked at Sparkfood, the name of the business unit created for this purpose by the group led by Cláudia Azevedo.
Sonae now intends to reinforce Sparkfood’s portfolio with an international purchase which, if carried out, will more than double the investment made so far by the group in this business, and is negotiating the acquisition of a majority stake in the French company Diorren, rated at 152 million euros.
“Sonae informs that its subsidiary Sparkfood has presented an irrevocable offer and is in exclusive negotiations with the aim of acquiring a stake of approximately 89% in Diorren, the company that owns BCF Life Sciences (‘BCF’), for a total value of 152 million euros, on a free cash and debt basis”, reveals the group based in Maia, this Monday, January 5th, in a statement sent to the Securities Market Commission (CMVM).
After the transaction is completed, “BCF will continue to be managed by the current management team”, which will hold the remaining 11%.
The French company, which employs more than 200 people, closed 2023 with a turnover of around 53.5 million euros – registering annual growth of 11% in the last three years -, of which two thirds are generated in exports , and earnings before interest, taxes, depreciation and amortization (EBITDA) of 14.1 million euros, which translates into compound annual growth between 2020 and 2023 of 16%.
Numbers that demonstrate “a consistent path of growth and profitability”, considers the group controlled by the Azevedo family.
With the execution of this agreement still dependent on the usual fulfillment of a series of legal and regulatory conditions, Sonae expects the transaction to be completed in the first half of this year.
French company transforms 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 supported by the principles of the circular economy”, guarantees Sonae.
A BCF transforms food production waste into high added value ingredients (amino acids), which are incorporated into pharmaceutical products, human and animal food, as well as solutions for sustainable agriculture.
“BCF’s production processes are protected by several patents and trade secrets developed internally over the years and perfected by the current management team”, highlights the maiato group, ensuring that the company “maintains stable and long-term relationships with its main customers, namely producers of food for human and animal consumption that incorporate the BCF ingredients in its finished products.”
Furthermore, the group led by Cláudia Azevedo emphasizes that this transaction “is fully aligned with Sonae’s strategy to create, at Sparkfood, a global platform in the ‘food tech’ industry, through the acquisition of companies specialized in innovative ingredients , with strong knowledge, proven experience and relevant positions in the market.”
A transaction that 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”, he concludes.
The deal that Sonae is now closing comes a week after the group’s CFO, in statements to Bloomberg, closed the door on future purchases, in the coming years, of the same size that he is about to conclude in Finland, with the acquisition of the pet products company Musti, in a Public Acquisition Offer (OPA) valued at 868 million euros.