GIGI GELATO acquired by GREENYARD

Mitsui & Co. has acquired a minority stake in Euricom S.p.A., marking the first time the group's founding families have accepted external capital. The strategic rationale for the transaction is to transform Euricom into a more institutionalized global platform for growth, leveraging Mitsui's procurement networks (such as its ETG pulses platform) and global reach. As part of the deal, Mitsui swapped its existing minority stake in Euricom’s Polish subsidiary, Rol-Ryż, for new shares in the parent group. This investment is aimed at accelerating Euricom's expansion into adjacent categories like pulses and strengthening its relationships with European retailers. Bruno Sempio remains Chairman and retains sole control over the group’s management, ensuring industrial continuity while benefiting from Mitsui's long-term strategic support.

IK Partners has agreed to acquire a majority stake in GoodLife Foods from Egeria. Egeria, along with the management team, will reinvest for a minority stake. During Egeria's ownership (2014-2023), the company transformed from a local Dutch player (Izico) into a European platform. IK's investment thesis focuses on further international expansion and accelerating the shift towards plant-based products.

3i Group plc continues the development of its European bakery platform through the combination of Dutch Bakery and coolback. Dutch Bakery is a leading producer of private-label bake-off bread and snack products, serving retail and foodservice customers across European markets. The transaction represents a key milestone in 3i’s original investment thesis. By combining Dutch Bakery and coolback, the business is rebranded as European Bakery Group, creating a pan-European platform focused on bake-off bread and snack products. The combination brings together complementary production assets, product portfolios and customer relationships across multiple markets. It strengthens the group’s geographic reach, enhances its position in a fragmented sector and provides a scalable platform to pursue both organic expansion and further consolidation opportunities throughout Europe.

Mademoiselle Desserts continues its external growth strategy by acquiring the pastry and ice cream activities of the Belgian company Galana. The transaction is structured as a carve-out, as Galana's seafood trading business is not included. The acquisition was financed through a mix of equity and bank debt.

SARIA acquired the entire issued share capital of Devro with an offer representing a substantial premium of approximately 67% to Devro's share price, reflecting SARIA's determination to delist this strategic asset. The deal creates a global powerhouse in the sausage casings market, combining Devro's collagen technology with SARIA's existing natural casings business (Van Hessen).

Routin-1883 acquired 100% of Cappuccine to accelerate its footprint in the North American market, the world's largest for coffee shops and mixology. This acquisition marks Routin's third external growth operation since Apax's entry in 2019 (following Eyguebelle and Artonic). The deal was financed through a mix of equity and debt (LCL, Credit Agricole). By integrating Cappuccine's powdered mix expertise, Routin diversifies its product portfolio to offer a complete "one-stop-shop" solution for coffee chains and the Foodservice industry globally.

PAI Partners acquired a majority stake in La Compagnie des Desserts. The transaction marks the exit of Argos Wityu (realizing a 3.1x multiple). The goal is to capitalize on the outsourcing trend in the restaurant sector (lack of skilled pastry labor) and pursue further acquisitions in the UK and Spain.

Lucas Bols completed the acquisition of 100% of Fluère to strategically enter the rapidly growing non-alcoholic spirits market. This "bolt-on" acquisition allows Lucas Bols to capitalize on the "mindful drinking" trend, providing a sophisticated alcohol-free alternative to its global client base of professional bartenders and distributors. The transaction was structured to facilitate a seamless transition and integration, finalized by April 2023. By bringing Fluère into its portfolio, Lucas Bols can leverage its existing global distribution power and century-old expertise in flavor distillation to scale the brand internationally. This deal reflects the broader industry trend of major spirits companies acquiring "No-and-Low" (NoLo) alcohol brands to meet changing social habits and diversify their revenue streams beyond traditional alcoholic categories. The integration allows Fluère to benefit from the institutional marketing resources and market authority of a historic global spirits leader while providing Lucas Bols with a turnkey solution for the alcohol-free cocktail segment.

Brown‑Forman Corporation has completed the acquisition of the Diplomático Rum brand and its associated corporate assets from Destillers United Group S.L.. The transaction structure transfers full brand ownership alongside a dedicated aging, bottling, and shipping production facility located in Panama. As part of the closing integration, the purchasing group integrates more than 100 employees into its global corporate workforce. Under the terms of the agreement, Destillers United Group S.L. will retain manufacturing operations, continuing to produce and age the rum line at its original distillery located at the foot of the Andes mountains. The transaction secures the buying group's entry into the fast-growing super-premium and ultra-premium rum categories, adding an established global market leader to its core spirits portfolio. The post-closing commercial strategy leverages a mature brand asset that maintains active distribution networks across more than 100 countries, with primary market penetration established throughout France, Germany, and the United States. The growth roadmap focuses on scaling international distribution channels to expand global market share, utilizing Brown-Forman’s corporate infrastructure to accelerate volume growth across the brand's three core product segments, which include its traditional, prestige, and limited-run distillery collections.

Kerry Group entered into exclusive negotiations to divest its Sweet Ingredients Portfolio to IRCA, a portfolio company of the global private equity firm Advent International. This transaction represents a strategic move for Kerry Group to refine and enhance its core Taste & Nutrition business. By divesting the sweet ingredients assets, Kerry aims to sharpen its focus on higher-value and more strategic areas of its portfolio, aligning its resources with segments where it can generate the most significant value. The proceeds from the sale are intended for general corporate purposes and to fund the continued strategic development of its primary business divisions. For the acquirer, IRCA, the deal is a transformative step in its growth strategy under Advent International's ownership. The acquisition is highly complementary, adding a differentiated set of technologies and expanding IRCA's product capabilities. It significantly strengthens IRCA’s footprint, particularly in the United States, and accelerates its goal of becoming a truly global leader in the semi-finished food ingredients market. This transaction is part of a broader buy-and-build strategy orchestrated by Advent to create a dominant player in the sector, marking the third major acquisition for IRCA since Advent's initial investment.