...October 3, 2023 Solina Group Holding (Solina) posted positive revenue and EBITDA growth in the first quarter of 2023 and continues its track record of above-market performance over the past three years. Over 2019-2022, the group has expanded its core segments by high single digits. Core segments include Home Meal Replacement, which accounted for 23.0% of sales in 2022 and had a compound annual growth rate (CAGR) of 9.0% (compared with a market CAGR of 7.0%, according to Euromonitor), and Quick Service Restaurant, which contributed 28.0% to 2022 sales and had a CAGR of 15.0% (versus a 3.9% market CAGR). Solina is able to respond quickly to changing client needs and adapt recipes when necessary, especially compared with peers such as Givaudan or Firmenich. This is because of the group's recent acquisitions, the successful expansion in North America, and the decentralized business model. We believe, this is a competitive advantage versus larger but less focused peers who posted low- to mid-single-digit...
