Solina was supported by Ardian, who became majority shareholder in the company a few months ago.
Following the deal, which represented the the first step in Solina’s new international expansion strategy, Rob Whitehead is selling its majority stake, while New Ivory managing director, Adam Jones, and the rest of the management team will stay at the company.
The group aims to reinforce its position in Europe through targeted add-ons in Germany, the UK, and Central and Southern Europe. It will also accelerate its expansion outside of Europe, in particular through acquisitions in the USA.
New Ivory is a producer of innovative culinary sauces in the UK for the meat, fish and poultry industries. Headquartered in Elland, West Yorkshire, it has approximately 180 employees.
Led by Laurent Weber, CEO, Solina Group provides ingredient solutions for the food industry in the areas of fish, meat, nutrition, ready meals and snacks. The company, which operates 11 production facilities, multiple R&D centers and local sales offices, has approximately 1,000 employees and has presence in 17 countries. The Group’s net sales are over €315m in 2015, across 75 countries.