CVC takes majority stake in IFF FOOD INGREDIENTS

Orchard Foods Valley Ltd (backed by Orkla) has consolidated its position within the sweet ingredients category by executing the 100% share acquisition of Phoenix Brands, a specialized UK-based manufacturer of premium biscuits and baked inclusions. This strategic buy-and-build move establishes a robust operational foothold for the group, driving the localized expansion of its industrial manufacturing capabilities in the UK. The transaction directly reflects the acquirer’s portfolio diversification strategy, which targets high-margin, high-growth ingredient verticals. Phoenix Brands enhances the group's market offering by contributing an innovative, modern manufacturing platform alongside a high-quality product portfolio tailored to the exacting standards of both industrial food conglomerates and artisanal clients. By scaling this consolidated platform and capturing commercial synergies, the group intends to accelerate market share gains, optimize its competitive positioning, and meet the shifting demands of the wider food ingredients sector.

The combination of Eat Happy and Hana’s European business establishes a unified pan-Asian convenience platform encompassing approximately 5,800 points of sale across 14 European nations. This transaction represents a complete equity realization for Permira Funds within the European market following an expansion period since 2019. The consolidation merges Hana’s deep footprint in Western Europe with Eat Happy’s established network in Central Europe. Blending these complementary operational networks removes regional redundancies and deepens the product matrix offered to major grocery corporations. Retail partners gain access to a flexible dual-format solution pairing manned culinary kiosks with high-velocity automated chillers. The expanded scale increases purchasing power over volatile global seafood supply lines. One Rock Capital Partners structures this strategic investment to capture resilient consumer demand for healthy convenience foods. Combining these operating platforms mitigates the margin compression caused by rising labor costs in decentralized food preparation. The integrated entity holds a dominant market position positioned to secure long-term exclusivity agreements with consolidated European retail monopolies.

Orange Capital Development has finalized the acquisition of an 80% majority stake in Effepi, marking a significant step in the construction of its specialized "Italian Frozen Food Excellence" platform. This strategic move follows the organization's previous acquisition of Gelit, a producer of frozen ready meals, and is designed to create a multidisciplinary frozen food hub. The strategic rationale for the transaction centers on the convergence of high-end dessert production with established savory meal distribution, allowing the group to offer a comprehensive "Italian experience" to global institutional and retail clients. Through this integration, the group aims to unlock significant industrial and commercial synergies, particularly in logistics and supply chain optimization within Northern Italy. The partnership focuses on leveraging existing commercial platforms to introduce the target's dessert portfolio into new high-growth regions, including the United States, Canada, and Australia. Furthermore, the firm intends to utilize its South East Asian capital links to facilitate entry into markets such as Japan, South Korea, and Indonesia. This consolidation reinforces the group's standing as a primary enabler of Italian food exports, providing the operational depth required to navigate complex global trade environments while maintaining artisanal quality standards.

Ambienta SGR, through its Small Cap fund, has acquired a majority stake in The Bridge from the founding Negro Marcigaglia family. The founders have committed to reinvesting alongside the private equity firm and will continue to play a key leadership role in the company's development. The strategic rationale for the acquisition is to capitalize on the robust growth of the plant-based food sector, driven by consumer shifts toward sustainable and healthier diets. Ambienta intends to leverage its international network and sustainability expertise to accelerate The Bridge’s expansion, strengthen its organizational structure, and further invest in product innovation. This transaction marks the second investment for Ambienta’s Small Cap strategy, following the recent acquisition of Pieco.

The transaction is structured as a significant strategic investment by One Rock Capital Partners into Eat Happy Group to simultaneously fund the acquisition of Hana Group's European operations. This corporate combination merges two highly complementary convenience food providers to establish an integrated pan-European fresh food platform. The institutional capital injection secures the necessary funding to combine corporate assets without overleveraging the target's balance sheet. Upon completion, the combined operating structure will control approximately 5,800 points of sale across fourteen European nations. This expanded geographic reach offers immediate diversification by introducing the Eat Happy brand into premium markets including France, the United Kingdom, and Spain. The industrial integration combines Hana's live-cooking kiosk expertise with the German operator's established chiller and shop-in-shop distribution formats. Supermarket partners will gain access to a highly flexible product assortment, maximizing retail sales volumes per square meter of store floor. Closing remains subject to mandatory consultations with relevant European works councils and customary anti-trust regulatory clearances. Willkie Farr & Gallagher provides exclusive legal advisory services to the acquiring sponsor.

NextStage AM has acquired a majority stake in the Société des Eaux Minérales d’Arcachon (SEMA), taking over from the long-term owner and wine merchant Jean Merlaut, who exited his entire position. The transaction was carried out pari passu through the NextStage Evergreen vehicle and the "Pépites & Territoires" FPCI, representing a combined equity ticket of €30 million. Hervé Maudet, the co-owner and long-standing director of the company, has been appointed President and maintains a minority stake in the new structure. The strategic rationale for the acquisition is focused on transforming SEMA from a regional powerhouse into a national premium brand. With the company currently producing 50 million bottles annually and generating approximately 50% of its revenue from the restaurant trade, NextStage aims to double the size of the business over the next five years. The strategy involves strengthening the premium brand identity of the Abatilles and Source des Pins labels and expanding distribution networks significantly beyond the Southwest region of France. A key factor in the investment decision was SEMA’s superior water resource availability, with current extraction volumes remaining well below authorized administrative limits, providing a clear path for organic growth without the resource constraints faced by competitors. The deal was supported by a senior debt package (Tranches A and B) provided by the company’s historical banking pool and followed a competitive process involving generalist funds and family offices.

Atria Sweden has acquired a 25% minority interest in Cookin Food Sweden AB from its parent company, Bite Delight AB. The strategic rationale for the transaction is rooted in Atria’s "TOGETHER 2030" strategy, specifically targeting the convenience food sector as a key growth driver. This investment provides Atria with a strategic foothold in premium convenience categories like travel services and craftsmanship-driven retail food solutions. Crucially, the agreement includes a call option for Atria to acquire the remaining shares of Bite Delight AB after 2028, establishing a clear roadmap for eventual full integration. The partnership leverages Cookin Food's culinary expertise and Atria's industrial strength to accelerate the development of the convenience food business in Sweden. This transaction represents a validation of Cookin Food’s artisanal production model while allowing Atria to diversify its portfolio into high-margin, fresh-daily product segments.

LSDH has acquired 100% of Biscuiterie de Chambord following the retirement of the target company’s longtime director. The strategic rationale for the transaction is the continued diversification of LSDH’s portfolio into the artisanal and premium biscuit segment, a move that aligns with the group's long-term strategy of regional expansion. By integrating the biscuit maker, LSDH aims to leverage industrial and commercial synergies to consolidate and accelerate the development of the Chambord brand. The acquisition allows LSDH to tap into the high-margin "gastronomic products" niche while supporting local skills and production in its home region of Centre-Val de Loire. This deal follows LSDH’s recent large-scale acquisition of Bonduelle’s packaged-salad business, further demonstrating the group’s ambition to become a multi-category leader in the French food industry.

Unilever has entered into a definitive agreement to merge its global food business with McCormick & Company. This transformative transaction values the Unilever Food division at an enterprise value of approximately $44.8 billion. Under the terms of the deal, Unilever will receive $15.7 billion in cash and a 9.9% equity stake in the combined entity, which it intends to divest gradually. Post-transaction, Unilever’s shareholders will own 55.1% of the new group, while McCormick’s existing shareholders will hold 35%. The strategic rationale for the deal is to create a world leader in flavors and condiments with a combined revenue of approximately $20 billion (2025 figures). For Unilever, the move represents a decisive step in its strategic refocusing toward high-growth beauty, wellbeing, and personal care segments, following the prior spin-off of its ice cream division. The combined entity will operate under the McCormick name, maintaining its global headquarters in Maryland and establishing an international headquarters in the Netherlands with a dual listing in New York and Europe. The merger is expected to generate $600 million in annual cost synergies by the third year.

AlphaPet Ventures has completed the acquisition of 100% of Cpro Food, marking its fifth strategic acquisition since 2020. This transaction serves as AlphaPet’s primary entry point into the Belgian market, a high-value territory for premium pet nutrition. The strategic rationale centers on integrating Cpro Food’s strong local brand equity and breeder network into AlphaPet’s European digital platform. The acquisition was financed through a combination of equity, led by Patria Investments and Venture Stars, and debt provided by CVC. A key element of the deal is the retention of the founding Germeau sisters, who will continue to lead the brand’s next growth phase to ensure continuity for customers and partners. This merger reinforces AlphaPet's position as a dominant European consolidator in the pet food industry, utilizing its tech-enabled platform to accelerate Cpro Food’s internationalization while maintaining its high-quality Belgian manufacturing standards.