Diana Ingredients shifts ownership

Diana Ingredients is based in Vannes, France and a global supplier of natural
ingredients to attractive niche markets within the pet food and food and
beverage industries.

The group produces palatability enhancers for the
pet food industry and natural extracts for the beverage, baby food, savoury and
nutraceutical markets.

Diana Ingredients also provides culinary products
such as sauces and retextured products used in the meat industries as well as
for catering and restaurants.

The group employs over 1,100 people in
several countries, including France, Spain, UK, USA, Brazil, Argentina and
Australia.

Strong growth
Cognetas backed the original
MBO of Diana Ingredients in 2004 in a € 270 million transaction. Since revenues
increased from €146 million in 2003 to €253 million in 2006 through organic
growth and international expansion of the natural extracts and pet food
businesses. These together account for more than 80% of 2006
revenues.

The funds advised by Cognetas continue to believe in the strong
growth potential of Diana Ingredients and have decided to reinvest a significant
amount in the new transaction, alongside Axa Private Equity.

Buyout firms
use a combination of their own funds and debt to pay for takeovers. They then
typically seek to expand those companies or improve performance before selling
them within five years to other funds or to investors through stock
offerings.