FLAVOR PRODUCERS acquired by GLANDIA NUTRITIONALS

IK Partners (holding 86% of the capital) has agreed to sell Mademoiselle Desserts to the Swiss industrial group Emmi. This transaction marks a remarkable exit for IK, which had acquired the company for EUR330 million in 2018. For Emmi, the goal is strategic: increasing the share of "Desserts" in its total revenue from 9% to 17%. The CEO of the target will take over the leadership of the new combined "Desserts Powerhouse" division within Emmi.

Idilia Foods has acquired a 50% stake in Grupo Cacaolat from Damm, creating the largest milkshake group in Spain. Under the agreement, Damm and Idilia Foods will jointly manage the company. The deal consolidates the management, marketing, and distribution of Idilia's milkshake brands (ColaCao Energy, ColaCao Shake, Okey) under the Cacaolat structure. Cacaolat will continue to operate independently with its existing production facility in Santa Coloma de Gramenet. The transaction aims to accelerate the growth of the milkshake category nationally and internationally by combining Cacaolat's Horeca strength with Idilia's retail power.

Strengthening its leadership in the premium European bakery market, Bridor has completed the acquisition of the Dutch group Pandriks. This transaction is a key component of Groupe LE DUFF’s broader strategy to scale its industrial branch, which now nears the €3 billion annual revenue milestone. The strategic rationale for the deal is the immediate integration of specialized organic bread-making capabilities and two highly efficient manufacturing sites in the Netherlands and Germany. As part of the merger, BRIDOR has committed to finalizing a €75 million investment plan initiated by Pandriks to double its production volume over the next five years. This partnership is designed to blend Pandriks’ sourdough expertise with BRIDOR’s high-gastronomy heritage—supported by its long-standing collaboration with Maison Lenôtre and the Meilleurs Ouvriers de France (MOF). By securing this Northern European hub, BRIDOR enhances its ability to serve the "bake-at-home" retail segment and reinforces its commitment to the premiumization of the global frozen food industry.

Davide Campari-Milano N.V. completed the acquisition of 100% of Courvoisier S.A.S. from Beam Suntory. This transaction represents the largest acquisition in Campari's history, significantly strengthening its position in the luxury spirits segment. The strategic rationale for the acquisition is the integration of a world-class Cognac brand that complements Campari’s existing "bitters" and "liqueurs" dominance, particularly for the US and Asian markets. The acquisition allows Campari to internalize a high-margin asset with substantial aging inventory, providing long-term visibility for premium product releases and brand elevated positioning.

CVC Capital Partners has agreed to acquire a majority stake in Partner in Pet Food from Cinven. This transaction follows a competitive process where CVC and Advent International had initially explored a joint bid. Ultimately, CVC proceeded as the sole majority acquirer, while Cinven retained a minority stake to benefit from future upside. The new partnership aims to accelerate PPF's M&A strategy and continue its shift toward premium products. The current management team, led by CEO Gerald Kuehr, will remain in place.

Argos Wityu has acquired a majority stake in Groupe Routin from the private equity firm Seven2 (formerly Apax Partners). The transaction is the first investment in France for the "Argos Climate Action" fund. Existing minority shareholders Credit Mutuel Equity and UI Investissement, along with the management, have reinvested alongside Argos. The strategic plan focuses on international expansion (particularly in the US) combined with a radical environmental transition: reducing CO2 emissions by 7.5% annually, preserving water resources, and increasing the use of natural ingredients.

Campbell Soup Company has completed the acquisition of Sovos Brands for $23.00 per share in cash. The transaction values Sovos at a Total Enterprise Value of approximately $2.7 billion. This strategic move adds the fast-growing Rao's brand to Campbell's portfolio, significantly upgrading its "Meals & Beverages" division. To manage these assets, Campbell has created a new "Distinctive Brands" unit. The company expects $50 million in annualized cost synergies and plans to divest the noosa yoghurt brand to focus on the Italian meals category.

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.

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.