The hotly-anticipated sale of Astorg’s ingredients manufacturer Solina has launched, according to 9fin sources, with investment memorandums sent out this month.
The sponsor is working with BNP Paribas and Goldman Sachs to advise on the sale, marketing the firm off around €300m of EBITDA, sources said.
Astorg acquired a majority stake in Solina in 2021 from Ardian, according to a press release.
Solina’s management reinvested a significant part of their proceeds alongside the private equity firm, the press release noted.
In 2022, a club of lenders including KKR, Park Square, and SMBC provided a €300m senior secured term loan to fund an acquisition, according to 9fin’s private credit database.
In January 2025, Solina — which has both euro and dollar term loan Bs — repriced its syndicated debt down, cutting the margin of its euro loan to Euribor+350bps from E+375bps and its dollar loan to SOFR+325bps from S+375bps, according to 9fin’s database.
Pro forma of the transaction, Solina’s net leverage was expected to be 5.5x, based on an adjusted EBITDA of €289m, 9fin reported at the time.
Astorg has been exploring options since May 2024, Bloomberg reported. A potential sale could value the firm at around €4bn, the report noted.
Founded in 1988 and headquartered in Bretagne, north-western France, Solina has 50 production sites and has a €1.6bn turnover, according to its website.
Most recently, in July 2025, the firm announced it has acquired New Max, marking Solina’s first step into South America, according to a press release.
A month earlier, in June, Solina acquired a majority stake in Bowman Ingredients Thailand, as it looks to expand into the Asian market, a separate press release noted.
The company develops ingredients such as seasonings and coatings for customers in food manufacturing, foodservice, butchery and nutrition markets, its website notes.
Astorg declined to comment. BNP, Goldman Sachs and Solina did not return requests for comment.
