AVANDIS acquired by REFRESCO

Lucas Bols completed the acquisition of 100% of Fluère to strategically enter the rapidly growing non-alcoholic spirits market. This "bolt-on" acquisition allows Lucas Bols to capitalize on the "mindful drinking" trend, providing a sophisticated alcohol-free alternative to its global client base of professional bartenders and distributors. The transaction was structured to facilitate a seamless transition and integration, finalized by April 2023. By bringing Fluère into its portfolio, Lucas Bols can leverage its existing global distribution power and century-old expertise in flavor distillation to scale the brand internationally. This deal reflects the broader industry trend of major spirits companies acquiring "No-and-Low" (NoLo) alcohol brands to meet changing social habits and diversify their revenue streams beyond traditional alcoholic categories. The integration allows Fluère to benefit from the institutional marketing resources and market authority of a historic global spirits leader while providing Lucas Bols with a turnkey solution for the alcohol-free cocktail segment.

PAI Partners' investment in La Compagnie des Desserts, a specialist in frozen pastries and ice cream for professionals, is part of a broader strategy to expand geographically and diversify operations. With a workforce of 700 employees, the company aims to achieve revenues of 180 million euros by 2027, up from 117 million euros in 2022, driven by approximately 20 annual hires. This growth will be fueled by the development of new market segments, such as leisure, take-out sales, and dark kitchens, as well as entry into new geographic markets, including Scandinavia, Italy, Germany, and Austria, potentially through targeted acquisitions, thereby increasing its global footprint and broadening its customer base, with the ultimate goal of enhancing its financial performance and competitiveness in the industry.

Kerry Group entered into exclusive negotiations to divest its Sweet Ingredients Portfolio to IRCA, a portfolio company of the global private equity firm Advent International. This transaction represents a strategic move for Kerry Group to refine and enhance its core Taste & Nutrition business. By divesting the sweet ingredients assets, Kerry aims to sharpen its focus on higher-value and more strategic areas of its portfolio, aligning its resources with segments where it can generate the most significant value. The proceeds from the sale are intended for general corporate purposes and to fund the continued strategic development of its primary business divisions. For the acquirer, IRCA, the deal is a transformative step in its growth strategy under Advent International's ownership. The acquisition is highly complementary, adding a differentiated set of technologies and expanding IRCA's product capabilities. It significantly strengthens IRCA’s footprint, particularly in the United States, and accelerates its goal of becoming a truly global leader in the semi-finished food ingredients market. This transaction is part of a broader buy-and-build strategy orchestrated by Advent to create a dominant player in the sector, marking the third major acquisition for IRCA since Advent's initial investment.

Newlat Food has completed the acquisition of EM Foods and its manufacturing facility in Ludres from the German food company Dr. Oetker. This transaction marks Newlat's strategic entry into the baking mixes and dessert category, further diversifying its product offering. Crucially, the deal is underpinned by a significant long-term co-packing agreement with Unilever. Under this partnership, Newlat will become the exclusive supplier for a range of baking mixes under Unilever's iconic brands such as Carte d'Or, Mondamin, and Maizena. While Dr. Oetker retains ownership of the Alsa brand (transferring its production elsewhere), Newlat will utilize the remaining capacity at the Ludres plant to launch its own brand, Minuto, and expand its private label manufacturing for retailers across Europe.

Brown‑Forman Corporation has completed the acquisition of the Diplomático Rum brand and its associated corporate assets from Destillers United Group S.L.. The transaction structure transfers full brand ownership alongside a dedicated aging, bottling, and shipping production facility located in Panama. As part of the closing integration, the purchasing group integrates more than 100 employees into its global corporate workforce. Under the terms of the agreement, Destillers United Group S.L. will retain manufacturing operations, continuing to produce and age the rum line at its original distillery located at the foot of the Andes mountains. The transaction secures the buying group's entry into the fast-growing super-premium and ultra-premium rum categories, adding an established global market leader to its core spirits portfolio. The post-closing commercial strategy leverages a mature brand asset that maintains active distribution networks across more than 100 countries, with primary market penetration established throughout France, Germany, and the United States. The growth roadmap focuses on scaling international distribution channels to expand global market share, utilizing Brown-Forman’s corporate infrastructure to accelerate volume growth across the brand's three core product segments, which include its traditional, prestige, and limited-run distillery collections.

Italian Wine Brands has completed the acquisition of 100% of Barbanera S.r.l. and Fossalto S.r.l. from the Barbanera family. This transaction marks a significant milestone in the buyer's consolidation strategy in the Italian wine market. The deal substantially strengthens Italian Wine Brands' portfolio of brands and its presence in the Tuscan and premium wine segments. By integrating Barbanera, the group gains a complementary commercial platform, an established international customer base, and recognized expertise in developing high-value-added wines. The acquisition also enhances the group's sourcing and production capabilities, while bolstering its position in several export markets. Beyond the expected commercial synergies, the acquisition enables Italian Wine Brands to improve its operational scale and expand its offering to international distributors and retailers. The Barbanera family remains committed to the industrial project by reinvesting a portion of the sale proceeds in Italian Wine Brands and continuing their collaboration with the group in sourcing wine raw materials. This continuity facilitates the integration of the business while preserving the historical relationships developed by Barbanera with its partners and suppliers.

Orkla Food Ingredients (OFI) has agreed to acquire 84% of Denali Ingredients from the founding family. The deal includes a potential earn-out ("top-up payment") based on future growth. The seller and CEO will retain a combined ~16% stake. This acquisition increases OFI's "Sweet Ingredients" vertical by 45% and provides a strategic foothold in the US market.

Campari Group has entered into an agreement to acquire a 70% stake in Wilderness Trail Distillery, with a mechanism in place to acquire the remaining 30% in 2031 through a cross-option arrangement between the parties. Beyond the transaction's structure, this acquisition is a strategic move by Campari to establish bourbon as its second growth driver, alongside its historic business in apéritifs. The group aims to strengthen its presence in a high-growth category in the US, driven by premiumization and the rise of high-end and super-premium bourbons. In this context, Wilderness Trail Distillery is a particularly strategic asset, combining a developing brand with a modern industrial platform. The acquisition enables Campari to expand its portfolio of premium spirits while securing essential production and aging capabilities for the future development of its whiskey brands. In addition to the commercial benefits, the transaction also provides an evolving industrial base, capable of supporting innovation and growth across several of the group's brands in the American whiskey segment. The founders will remain involved in the project, ensuring operational continuity and preserving the technical expertise that has driven the distillery's development. Ultimately, this acquisition strengthens Campari's presence in the US market, its largest and most profitable market, while accelerating its premiumization and diversification strategy for its spirits portfolio.

JDE Peet’s, a Netherlands‑based global coffee and beverage group listed on Euronext Amsterdam, acquired Les 2 Marmottes from FrenchFood Capital I in an all‑equity transaction structured as a 100% asset purchase. The deal represents JDE Peet’s first direct entry into the French herbal infusion market and complements its already extensive tea and coffee portfolio, which includes brands such as L’Or, Senseo, Tassimo, Jacques Vabre, and Grand’Mère. The acquisition is strictly accretive to the group’s strategic agenda of diversifying its beverage mix beyond coffee, a category that represents about 85% of JDE Peet’s revenues, while tea and infusions still account for a low single‑digit share of sales. Les 2 Marmottes brought to the group a proven track record of double‑digit growth, a national supermarket footprint, and a strongly differentiated brand rooted in natural ingredients and regional Alps identity. The transaction allows JDE Peet’s to rapidly scale its presence in the herbal tea segment, where Les 2 Marmottes has become the leading contributor to category growth in large‑scale distribution and the third‑largest brand by market share.

Premier Foods agreed to acquire 100% of The Spice Tailor shares on a cash-free, debt-free basis, marking a strategic bolt-on to its ethnic foods portfolio. Transaction facts highlight a full ownership transfer, funded via cash and committed facilities, with completion pending merger control clearance and structured earn-outs over three years tied to future sales performance. The strategic rationale resonates deeply with Premier Foods' growth playbook, leveraging its established branded growth model to amplify The Spice Tailor's momentum. Sector alignment is evident in the premium meal kits' synergy with Sharwood's and Loyd Grossman, both rooted in authentic accompaniments, while consumer shifts toward home cooking, premiumisation, and ethnic authenticity provide ideal timing. Post-deal objectives center on distribution expansion via Premier's retailer networks across the UK, Australia, Canada, and Ireland—particularly bolstering the acquirer's Australian footprint—and elevating marketing investment for heightened penetration.