FINLANDIA VODKA acquired by COCA-COLA HBC

Ardian Growth entered into a primary partnership with the founders of My Pie through a minority equity investment. This transaction is designed to provide the company with the structural support needed for its next phase of scaling. The strategic roadmap focuses on maintaining its current growth trajectory within the French retail market (GMS) while accelerating diversification into the out-of-home catering (RHF) sector and initiating international expansion. Ardian will actively support the management in optimizing the company's organizational structure, digitalizing operations, and leveraging Ardian's global network to establish My Pie as a European leader in the hot snacking industry.

The transaction marks the exit of private equity firm BC Partners from Forno d'Asolo Group, following a successful ownership period that began in 2018. The new owners are a consortium composed of European private equity firm Investindustrial and Italian food manufacturer Sammontana. Under BC Partners' stewardship, Forno d'Asolo underwent a significant transformation from a strong domestic company into a global leader in the frozen bakery and patisserie sector. The value creation strategy focused on several key pillars: unlocking major commercial and operational efficiencies, completing the product portfolio, diversifying sales channels, and executing a targeted international expansion into new markets including the United States, Germany, and France. A critical component of this growth was a buy-and-build strategy, which included four strategic add-on acquisitions sourced from local Italian entrepreneurs. The most transformational of these was the purchase of Bindi, a historic patisserie brand. This comprehensive strategy, combined with the professionalization of the management team, resulted in substantial organic and inorganic growth, strongly positioning the company for its next chapter under new ownership. The acquisition provides a platform for continued expansion, leveraging the company's market leadership and consolidation potential in key global markets.

The agricultural cooperative Terrena, which already owns the Pere Dodu and Douce France brands, has acquired almost all of the capital of the publicly traded food group Tipiak.

DBAY Advisors acquired the entire issued share capital of Finsbury Food Group via a court-sanctioned scheme of arrangement. The offer price of 110 pence per share valued the company's equity at approximately �143.4 million. This price represented a 23.6% premium to the closing share price prior to the announcement. The deal was driven by the belief that Finsbury could better pursue "transformational M&A" and international expansion as a private company, free from the costs and constraints of a public listing on AIM.

Nolet Distillery launched a recommended public offer to acquire all issued and outstanding ordinary shares of Lucas Bols Company, marking a significant consolidation within the Dutch spirits industry. This public-to-private transaction was motivated by a shared strategic vision to create a "Dutch champion" in the global cocktails and spirits market. The acquisition allows Lucas Bols to preserve over 450 years of craftsmanship and heritage under the stewardship of a long-term, family-owned strategic ally. By delisting from the public market, Lucas Bols can pivot its growth strategy toward long-term brand fortification and innovation, insulated from the volatility of short-term financial market demands. The deal ensures operational continuity, with Lucas Bols retaining its identity, name, and Amsterdam-based headquarters under its existing leadership team. This merger of two historic distillers—combining Nolet’s global vodka and gin strength with Lucas Bols’ versatile cocktail portfolio—provides a robust foundation for expedited international growth and protects the traditional craftsmanship of the Dutch distilling sector for future generations.

The J.M. Smucker Co. has entered into a definitive agreement to acquire Hostess Brands. This transformative transaction expands Smucker's presence in the fast-growing "sweet baked goods" category, adding iconic brands like Twinkies to its portfolio. The deal structure involves a mix of cash and stock, with Smucker paying $34.25 per share. The acquisition is expected to be accretive to margins and earnings in the first year, with estimated annual run-rate synergies of $100 million to be realized within two years. It also significantly enhances Smucker's distribution capabilities in the convenience store channel, where Hostess is a market leader.

Groupe Avril acquired a majority stake in HARi&CO, partnering with the founders, who remain at the helm of the company. This transaction provides an exit for the early-stage financial investors, Eutopia (via Otium Consumer) and Triodos Investment Management. For Avril, this acquisition is highly synergistic with its purchase of Vivien Paille (a major legume processor) the previous year, allowing the group to control the entire value chain from the field (farmers) to the consumer's plate (branded finished goods).

Royal Unibrew A/S has signed a definitive agreement to acquire 100% of the shares of Vrumona from the brewing giant Heineken. This transaction serves as a transformative step for Royal Unibrew, establishing a new, comprehensive growth platform in Continental Europe and granting immediate access to the Dutch market with a significant industrial footprint. The deal consolidates the relationship between Royal Unibrew and PepsiCo, as Vrumona has held the license for Pepsi brands in the Netherlands since 1949. Royal Unibrew plans to invest in upgrading Vrumona's production capabilities to drive organic growth and utilize spare capacity to support its wider global production network. The acquisition is subject to customary regulatory approvals and a works council consultation process.

Mars, Incorporated has entered into a definitive agreement to acquire Kevin's Natural Foods. This acquisition marks a significant step in Mars Food & Nutrition's strategy to expand into the high-growth "healthy eating" segment. Kevin's Natural Foods will operate as a standalone brand within the Mars Food & Nutrition division, retaining its entrepreneurial culture while leveraging Mars' global distribution network and R&D capabilities to scale. The deal provides an exit for early investors Towerbrook Capital and NewRoad Capital.

The 100% acquisition of United Malt Group by Malteries Soufflet creates the world's largest maltster, significantly increasing the acquirer's annual production capacity by 50% to reach 3.7 million tonnes across 41 production sites in 20 countries. The strategic rationale is driven by the desire to build a truly global platform with highly complementary geographic footprints, particularly strengthening the acquirer's presence in North America and the high-margin craft beer segment. This platform investment is expected to be value-accretive by enabling large-scale operational synergies, enhancing R&D capabilities for sustainable product development, and consolidating a fragmented global market. The merger signals a major shift in the agri-food sector, where scale and sustainable supply chain management have become critical competitive advantages. The combined entity is now ideally positioned to invest in low-carbon operations and specialty malt innovations, catering to both global industrial giants and the rapidly evolving artisanal brewing and distilling markets.