FRONERI acquired by PAI PARTNERS & ADIA

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.

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.

Apetit Plc has agreed to acquire 100% of the shares of Foodhills AB. This acquisition consolidates Apetit's position as a leading Northern European pea producer, giving it a 10% market share of European frozen pea production.

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.

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.

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.

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.

A&M Capital Europe acquired a majority stake in Isla Delice from the private equity firm Perwyn. The management team, significantly reinvested alongside AMCE. The transaction aims to support the company's next phase of growth, specifically targeting pan-European consolidation in the fragmented Halal food sector. AMCE intends to leverage its operational capabilities and capital to fund further acquisitions (build-ups) across Europe and to expand the product range into new categories. This deal positions Isla Delice to become the undisputed European champion in Halal consumer goods.