BLUE BUFFALO PET PRODUCTS acquired by GENERAL MILLS

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. BC Partners was attracted to the company's consistent growth, its reputation for quality Italian products, and its extensive distribution network covering the fragmented Italian food service market. The new ownership structure aims to provide the necessary financial and strategic resources to pursue an ambitious growth plan. This plan involves both organic initiatives, such as expanding the product portfolio, and inorganic growth through a targeted buy-and-build strategy to further consolidate the market. By leveraging its sector expertise and international network, BC Partners intends to support Forno d'Asolo's management in transforming the company from a national champion into a more significant international player, building upon the foundation established under its previous ownership.

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.

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.

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).

Egeria acquires a majority stake in Dutch Bakery, the Netherlands market leader in bake-off bread and bread-based snacks. This transaction will enable Dutch Bakery to benefit from Egeria's experience and international network, as well as its financial firepower to support further growth. Dutch Bakery expects that the knowledge, experience, and extensive network of the new shareholder will help boost international development, to deepen the product portfolio, and to reinforce category management. The management of Dutch Bakery will continue as shareholders; Rob Verhoef, Boele de Jong, and Ron Muijen will continue to operate as the executives of the company after the transaction as well.

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. Orientis Gourmet plans to allocate around EUR 6 million over three years to modernize its blending, flavoring, and packaging lines at the Saint‑Vigor‑d’Ymonville site, including the introduction of automated sachet‑filling equipment, which allows the group to bring previously outsourced pouch‑making activities back to France while maintaining cost equivalence.

Axéréal has completed a €150 million capital increase for its subsidiary Boortmalt. The funding was provided by an international consortium including Singaporean sovereign wealth fund Temasek, agri-food specialist Unigrains, and the cooperative group Tereos. While Axéréal remains the majority shareholder through its cooperative members, this fresh capital is earmarked for international development beyond its European stronghold. The primary strategic goal is to establish production zones in Africa and Asia to follow the global growth of the brewing industry. This transaction highlights the attractiveness of the malting industry, characterized by high barriers to entry and strong demand from emerging markets.

The Carlyle Group, through its European-focused upper-mid market buyout fund Carlyle Europe Partners IV, executed the acquisition of Irca. The transaction was a secondary buyout, with Carlyle acquiring the company from the previous majority shareholder, financial sponsor Ardian, and the founding Nobili family. Ardian had originally acquired a majority stake in 2015. The acquisition by Carlyle was intended to fuel Irca's next stage of growth, with a particular emphasis on accelerating its international development and further solidifying its market position. Carlyle was attracted to Irca's distinctive positioning as a leader in its niche, its high-quality and diversified product portfolio, its R&D capabilities, and its strong track record of financial performance and growth. The deal structure ensured management continuity, with Roberto Nobili, a member of the founding family, remaining in his role as CEO to lead the company's strategic initiatives under new ownership. The transaction highlights the appeal of well-established Italian companies with global expansion potential to large international private equity firms.