AMALTHEA acquired by AUSNUTRIA DAIRY

AS Equity Partners has entered into a binding agreement to acquire Hochdorf Swiss Nutrition (HSN), the core manufacturing subsidiary of the Hochdorf Group. The strategic rationale for the transaction is to preserve HSN’s operational business and its role in the Swiss dairy industry while separating it from the "legacy financial burdens" of its parent holding company, which has entered a debt restructuring moratorium. This carve-out allows HSN to continue its operational turnaround, which achieved positive EBITDA in 2023 for the first time in years, without being constrained by the over-indebtedness of Hochdorf Holding. AS Equity Partners intends to expand the infant nutrition business internationally, leveraging the brand's Swiss quality standards. The existing management team will remain in place to lead the company’s 129-year tradition into a new phase of sustainable profitability and international market penetration.

The acquisition of Vitamin Well by Cinven is a strategic move to capitalize on the growing demand for healthier and more active lifestyles. The deal is driven by the attractive characteristics of the health, wellbeing, and fitness sector, which is underpinned by a structural shift away from less healthy snacks and drinks. Vitamin Well's well-established position in the market, its portfolio of high-quality brands, and its track record of profitable organic growth make it an attractive investment opportunity for Cinven. The firm's experience in investing in the Consumer sector and its knowledge of the Nordic region will be leveraged to support Vitamin Well's management team in delivering their ambitious targets. The deal is expected to drive growth and expansion for Vitamin Well, both in its existing markets and through international expansion. The partnership between Cinven, Bridgepoint, and Vitamin Well's management team is expected to create a strong platform for the company's future success, with a focus on driving innovation, improving operational efficiency, and increasing profitability.

IK Partners (holding 86% of the capital) has agreed to sell Mademoiselle Desserts to the Swiss industrial group Emmi. This transaction marks a remarkable exit for IK, which had acquired the company for EUR330 million in 2018. For Emmi, the goal is strategic: increasing the share of "Desserts" in its total revenue from 9% to 17%. The CEO of the target will take over the leadership of the new combined "Desserts Powerhouse" division within Emmi.

The acquisition of Panificadora Popular represents the fifth strategic transaction strengthening the rapidly expanding food platform of Grupo Mayrit Inversiones Alimentarias (MIA Food). This deal is driven by a “category completion” strategy, combining Panificadora Popular’s recognized technical expertise in pre-cooked and specialty breads with MIA Food’s established capabilities in national distribution and pastry infrastructure. This combination enables MIA Food to equip itself with the technical know-how and industrial capabilities required to effectively meet the growing demand for “ready-to-finish” bakery products within the HORECA (Hotel, Restaurant, Café) segment. The integration of Panificadora Popular’s specialized production lines, located in Getafe, marks a key milestone in MIA Food’s ambition to become a leading, full-spectrum bakery supplier. The transaction also strengthens the group’s financial profile by incorporating a profitable, century-old company that generates immediate logistical synergies within the Madrid metropolitan area. While maintaining its operational autonomy, Panificadora Popular will benefit from MIA Food’s group-wide strengths, particularly in centralized procurement and international expansion capabilities, building on the foundation established through previous acquisitions.

The IDAK Food Group is undergoing a change of ownership, with TowerBrook Capital Partners replacing Invision and Nord Holding as the new majority shareholder. The investment aims to strengthen IDAK's rapidly growing capital base, supporting the company's growth plans and further acquisitions in Europe. The well-established management team around IDAK Food Group CEO Christof Lehmann will retain a broad-based minority stake in the company, ensuring continuity in management and maintaining the company's corporate principles. The deal is subject to regulatory approval and is expected to support IDAK's expansion in the European market, with a focus on establishing the company as the leading pan-European premium frozen food group. The partnership between IDAK and TowerBrook is expected to drive growth and value creation, with TowerBrook's expertise and international business excellence providing a strong foundation for IDAK's next phase of development.

Newlat Food S.p.A. (now NewPrinces) has successfully finalized the acquisition of 100% of the share capital of Princes Limited from Mitsubishi Corporation. This transformative transaction fulfills Newlat's 20-year vision to evolve from a family-owned business into a major multinational player. The integration creates a new European food industry champion—renamed "New Princes Group"—with a combined workforce of approximately 8,800 employees and a diversified portfolio covering ten distinct product categories. Following the closing, a new Board of Directors was appointed to lead the combined entity, with ambitious strategic targets set for 2030, including significant expansion in revenue, profitability, and free cash flow generation.

Idilia Foods has acquired a 50% stake in Grupo Cacaolat from Damm, creating the largest milkshake group in Spain. Under the agreement, Damm and Idilia Foods will jointly manage the company. The deal consolidates the management, marketing, and distribution of Idilia's milkshake brands (ColaCao Energy, ColaCao Shake, Okey) under the Cacaolat structure. Cacaolat will continue to operate independently with its existing production facility in Santa Coloma de Gramenet. The transaction aims to accelerate the growth of the milkshake category nationally and internationally by combining Cacaolat's Horeca strength with Idilia's retail power.

Davide Campari-Milano N.V. completed the acquisition of 100% of Courvoisier S.A.S. from Beam Suntory. This transaction represents the largest acquisition in Campari's history, significantly strengthening its position in the luxury spirits segment. The strategic rationale for the acquisition is the integration of a world-class Cognac brand that complements Campari’s existing "bitters" and "liqueurs" dominance, particularly for the US and Asian markets. The acquisition allows Campari to internalize a high-margin asset with substantial aging inventory, providing long-term visibility for premium product releases and brand elevated positioning.

Strengthening its leadership in the premium European bakery market, Bridor has completed the acquisition of the Dutch group Pandriks. This transaction is a key component of Groupe LE DUFF’s broader strategy to scale its industrial branch, which now nears the €3 billion annual revenue milestone. The strategic rationale for the deal is the immediate integration of specialized organic bread-making capabilities and two highly efficient manufacturing sites in the Netherlands and Germany. As part of the merger, BRIDOR has committed to finalizing a €75 million investment plan initiated by Pandriks to double its production volume over the next five years. This partnership is designed to blend Pandriks’ sourdough expertise with BRIDOR’s high-gastronomy heritage—supported by its long-standing collaboration with Maison Lenôtre and the Meilleurs Ouvriers de France (MOF). By securing this Northern European hub, BRIDOR enhances its ability to serve the "bake-at-home" retail segment and reinforces its commitment to the premiumization of the global frozen food industry.

Glanbia has agreed to acquire Flavor Producers. This acquisition significantly expands Glanbia's Nutritional Solutions (NS) platform by adding scale in the high-growth US "Natural & Organic" flavor market. Flavor Producers brings complementary capabilities in plant-based and organic extracts that align with consumer demand for clean labels. The deal is financed through existing debt facilities and cash, leveraging Glanbia's strong balance sheet (0.5x Net Debt/EBITDA). It is expected to be marginally accretive to EPS in the first full year.