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German flavor and fragrance firm Symrise has agreed to buy Diana Group, a maker of natural food ingredients, from the private equity firm Ardian for $1.8 billion. Diana’s products are used in human, pet, and infant foods and include color, texture, flavor, and nutraceutical ingredients. The acquisition will give Symrise a jump-start in the fast-growing business of pet food. In 2013, Diana had sales of $588 million and an operating profit margin of 21%. The company employs more than 2,000 people and has expertise in sensory and nutrition science, natural ingredient extraction, and plant cell culture.
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