BARBANERA VINI acquired by ITALIAN WINE BRANDS

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.

Refresco has completed the acquisition of Avandis, a Dutch manufacturer of alcoholic beverages, from Lucas Bols and De Kuyper Royal Distillers, two leading players in the spirits and cocktail industry. The transaction was finalized in January 2023, following the signing of the initial agreement in October 2022 and the receipt of regulatory approvals. Avandis is a contract manufacturer specializing in the production of alcoholic beverages, headquartered in Zoetermeer, Netherlands. The company provides manufacturing solutions for spirits and cocktail brands, with a strong expertise in complex products and private-label productions. It operates an integrated industrial site within a European network of beverage production facilities. This acquisition enables Refresco to expand its presence in the alcoholic beverages segment, complementing its historical activities in non-alcoholic beverages. It also strengthens Refresco's multi-category industrial platform model and is in line with its "Buy & Build" external growth strategy, aimed at consolidating subcontracted production capabilities in the global beverage industry.

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.

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.

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.

Groupe Chevrillon acquired a majority stake in Arcado, taking control of the French charcuterie group from its previous financial sponsors, including MBO & Co and Amundi PEF, while the founding Paget family retained a minority interest. The transaction was structured as a change of control in the mass‑market, IGP‑labelled sausage business, with managers reinvesting a portion of their proceeds to maintain alignment. The strategic rationale is anchored in Arcado’s position as a leading producer of premium IGP Charcuterie in the Franche‑Comté region, with a large share of the Morteau and Montbéliard sausage markets and a strong presence in large‑format retail. For Chevrillon, the platform offers a branded, label‑driven consumer‑facing asset in a resilient food category, with optionality for further external growth through bolt‑on acquisitions of other regional charcutiers or delicatessen producers holding IGP or other quality labels. The previous owners had already consolidated several regional players, including Clavière and Chambade, creating a consolidated, geographically coherent product portfolio that can serve as a basis for additional value creation. The strategic rationale is anchored in Arcado’s position as a leading producer of premium IGP Charcuterie in the Franche‑Comté region, with a large share of the Morteau and Montbéliard sausage markets and a strong presence in large‑format retail. For Chevrillon, the platform offers a branded, label‑driven consumer‑facing asset in a resilient food category, with optionality for further external growth through bolt‑on acquisitions of other regional charcutiers or delicatessen producers holding IGP or other quality labels. 

The acquisition of Boncolac and Mag'M by Waterland is a strategic move to create a leading player in the French frozen pastry market. The deal brings together two complementary companies, Boncolac and Mag'M, which will operate under a new holding company - renamed later ONORE. The combined entity will benefit from synergies in production, distribution, and marketing, enabling it to increase its market share and expand its product offerings. The acquisition is also expected to facilitate Boncolac's international expansion plans, particularly in Asia, Europe, and the United States, where Mag'M has an established client base. Waterland's investment will provide the necessary financial support to drive growth and expansion, while the firm's expertise in the food sector will help the combined entity navigate the challenges of the market. The deal is also supported by a banking syndicate, including Arkéa, Crédit Agricole, and LCL, which will provide the necessary debt financing to complete the transaction.

Credit Mutuel Equity and Bpifrance invested a joint equity ticket of approximately EUR10 million to acquire a minority stake in Adial. The operation is structured as an Owner Buy-Out (OBO) around the President who took over the company in 2015 and retains the majority stake. The deal is supported by senior debt provided by CIC Nord-Ouest and Bred. The capital injection aims to support the company's hyper-growth (42% CAGR), triple its size within 5 years, and expand its "Gang of Pizzas" franchise. Strategic initiatives include launching a rental model for machines (shifting from Capex to Opex for clients) and diversifying into panini vending machines.

Advent International has acquired IRCA in a secondary buyout from The Carlyle Group, marking a significant transaction in the European food ingredients sector. Carlyle, which acquired a majority stake in 2017 and later increased its ownership, successfully executed a value creation strategy focused on internationalization and strategic acquisitions. During its ownership, Carlyle transformed IRCA from a primarily domestic Italian player into a leading European manufacturer with a growing presence in the United States. This was achieved through organic growth, investment in product innovation, and the key acquisition of Dobla, which expanded IRCA's product portfolio and global footprint. The transaction demonstrates the continued appetite of private equity for high-quality, resilient assets with strong market positions. Advent identified IRCA as a leader in a structurally growing and fragmented market. Advent's investment thesis is centered on continuing this growth trajectory by leveraging IRCA as a platform for further consolidation through meaningful acquisitions. The firm plans to partner with IRCA's existing management team to scale the business globally, expand into adjacent high-value product categories, and further penetrate key international markets. This deal underscores investor confidence in the B2B food ingredients space, which benefits from strong pricing power and consistent demand from professional end-markets.