BETJEMAN & BARTON acquired by MANAGEMENT & PRIVATE INVESTORS

In 2018, Huel closed a $20M Series A funding round led by Highland Europe, marking the company's first external institutional investment after three years of bootstrapped growth. At the time of the round, Huel had already reached profitability and established a presence in over 80 countries, driven entirely by organic growth and a direct-to-consumer online model. The funding was designed to accelerate international expansion, with a particular focus on the United States and key European markets, as well as to support new product development beyond its original protein powder range

Arcado finalized its third LBO, allowing MBO Partenaires and Amundi PEF to take a majority stake via an equity investment of nearly EUR30 million. Historical investors (Siparex and Carvest) also reinvest. The goal is to reach EUR100 million in revenue through acquisitions of regional charcuterie SMEs.

BC Partners has agreed to acquire Forno d'Asolo, a leading Italian producer of frozen bakery products, from the private equity firm 21 Partners and its co-investors. The transaction also includes a significant reinvestment from the company's existing management team, led by CEO Alessandro Angelon, who will partner with BC Partners to drive the next phase of growth. The strategic rationale for the acquisition is centered on capitalizing on Forno d'Asolo's strong market position and accelerating its expansion trajectory

IK Investment Partners won a competitive auction process (against PAI Partners and Towerbrook) to acquire a majority stake in Mademoiselle Desserts from Equistone Partners Europe. The transaction marks a successful exit for the sellers, who supported the group's transformation into a pan-European leader despite significant headwinds in the commodities market. The strategic rationale for IK is to continue the international consolidation of the fragmented frozen bakery market. The previous cycle was marked by heavy expansion into the UK

Cinven has acquired Partner in Pet Food (PPF) from Pamplona Capital Management. This Secondary Buyout sees the exit of Pamplona, which had owned the business since 2015. Cinven was attracted by PPF's market-leading position in the fragmented European market and plans to accelerate growth through further acquisitions (Buy-and-Build) and product premiumization. The current management team, led by CEO Attila Balogh, will remain in place to drive the next phase of growth.

General Mills acquired Blue Buffalo for $40.00 per share in an all-cash transaction, representing an Enterprise Value of $8.0 billion. The deal represents a significant portfolio reshape for General Mills, pivoting towards the high-growth "Wholesome Natural" pet food sector. Blue Buffalo will operate as a standalone operating segment led by its management team. The transaction was financed through a combination of debt, cash, and equity. The purchase price represents a premium of 23% to the 60-day VWAP

MEC3, backed by Charterhouse Capital Partners, acquired a controlling stake in Modecor Italiana. The transaction allows MEC3 to diversify its offering beyond gelato ingredients into the complementary pastry decoration market. Modecor retains its operational inependence and brand identity and the CEO is continuing to lead the company. The deal creates significant commercial synergies, as both companies sell to the same customer base (pastry shops and gelato parlors).

Sudzucker AG, through its wholly-owned subsidiary Freiberger USA Inc., has acquired 100% of Richelieu Foods Inc. from the private equity firm Centerview Capital. This acquisition marks Freiberger's strategic entry into the US market, the world's largest pizza market. Richelieu's strong position in US private label pizza complements Freiberger's leadership in the European private label pizza market.

Refresco was acquired by a consortium of PAI Partners and BCI via a public offer of EUR20 per share. The transaction allowed Refresco to delist from the Euronext Amsterdam stock exchange to pursue its ambitious growth strategy as a private entity.

Next World Evergreen, a private‑market investor with a permanent‑capital structure and a focus on retail and consumer‑goods brands, invested EUR 20 million in Orientis Gourmet, the holding company behind the Kusmi Tea and LØv Organic brands. The transaction is structured as a minority stake, with the Orebi family remaining the majority and controlling shareholder, and the capital injection deployed primarily through an equity increase. The investment is part of a broader strategy to accelerate the international rollout of Kusmi Tea, including deeper penetration in the German market, where the brand already enjoys strong margin potential, and the expansion of franchise‑driven boutique networks in Asia, with entries in Korea scheduled for 2018 through a partnership with Blue Bell