FOODHILLS acquired by APETIT

Investindustrial, through its ingredient holding company Nexture, has agreed to acquire Frulact from Ardian. Nexture prevailed in a competitive process against finalists including the Jose de Mello Group and IK Partners. This acquisition integrates Frulact into a broader pan-European ingredient platform alongside Italcanditi and CSM Ingredients. The deal marks a successful exit for Ardian, which supported Frulact's transformation from a family business to a global player via organic growth and M&A (IFF acquisition).

Investindustrial has entered into a definitive agreement to acquire TreeHouse Foods. This take-private deal removes the largest private-label manufacturer from the stock exchange, providing shareholders with a substantial premium. TreeHouse will continue to operate independently but will benefit from Investindustrial's operational expertise and long-term capital to accelerate its leadership in the private brand snacking and beverage categories.

PAI Partners completed a EUR3.6 billion equity transaction to transfer its 50% stake in Froneri from its older funds to a new single-asset Continuation Vehicle (CV). This allows PAI to extend its holding period and support further growth. The transaction was oversubscribed and led by Goldman Sachs Alternatives. ADIA (Abu Dhabi Sovereign Wealth Fund) entered as a significant minority co-investor. Nestle remains the owner of the other 50% of the joint venture. The deal follows a successful debt refinancing earlier in the year.

Ferrero Group has entered into a definitive agreement to acquire the entire issued share capital of WK Kellogg Co via an all-cash transaction. Under the terms of the agreement, shareholders will receive a cash consideration per share that represents a significant premium of approximately 40% over the company's 30-day volume-weighted average price (VWAP). The acquisition facilitates the delisting of WK Kellogg Co from the New York Stock Exchange, returning the business to private family ownership under the Ferrero umbrella. Strategically, this transaction marks Ferrero's entry into the North American breakfast category, complementing its existing strength in snacking and treats. It allows Ferrero to capture a new consumption occasion ("the morning meal") while significantly bolstering its industrial scale and leverage with major North American retailers through the addition of high-volume, staple grocery brands.

LT Foods has agreed to acquire 100% of the equity in Global Green Europe Kft. This acquisition provides LT Foods with a third European manufacturing hub (after UK and Netherlands), offering a lower-cost production base in Central Europe. It allows LT Foods to enter the processed canned food market and leverage synergies with its existing rice and ready-to-eat portfolio.

Associated British Foods (ABF) has agreed to acquire Hovis Ltd from the private equity firm Endless LLP. This transaction brings together two of the UK's largest bakery brands, Hovis and Kingsmill (owned by ABF's Allied Bakeries), in a strategic move to address long-term structural decline in the pre-packaged bread market. The deal aims to combine production and distribution operations to generate significant efficiencies, with estimated annual cost savings of �50 million. The merger is subject to rigorous scrutiny by the Competition and Markets Authority (CMA) due to the high market concentration it creates.

Poppies Bakeries acquired 100% of Milcamps from Jacquet Brossard (a subsidiary of the French agricultural cooperative Limagrain). This acquisition strengthens Poppies' leadership in the waffle category, complementing its existing portfolio. Milcamps brings EUR16 million in revenue and specialized industrial capabilities in Dour. The deal allows Poppies to expand its footprint in the retail and foodservice channels in Belgium and France.

Aksia Group has signed a binding agreement to acquire a majority stake in Fornaio del Casale from Riello Investimenti SGR and the founding family. Both Riello Investimenti (which acquired its stake in 2023) and the family will reinvest to retain minority stakes. The acquisition aims to support an aggressive "buy-and-build" strategy to create a leading group in the sweet and savory snack market.

NewPrinces S.p.A. has successfully completed the acquisition of 100% of the share capital of Diageo Operations Italy S.p.A. from the global beverage giant Diageo. This strategic transaction includes the transfer of the renowned production facility at Santa Vittoria d’Alba and its entire workforce, ensuring continuity of employment. As part of the agreement, NewPrinces has secured a fixed-term service contract to continue bottling products for Diageo during a transitional period, guaranteeing immediate production volumes. This acquisition significantly bolsters NewPrinces' industrial footprint in the beverage sector, adding specialized bottling capabilities for spirits and wines to its existing diverse food manufacturing portfolio.

Charterhouse Capital Partners agreed to sell Casa Optima to a group of investors led by Terlos (ADIA). The transaction represents a 2.6x return for Charterhouse. The strategic rationale for Terlos is to capitalize on the continued "premiumization" of the artisanal gelato market and use Casa Optima as a platform to double its size through further international expansion and consolidation. The deal follows a period of intense value creation including a scientific pricing strategy, the integration of four major acquisitions, and a total revamp of the commercial organization.