MITSUI & CO takes majority stake in NUTRINOVA NETHERLANDS

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.

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 has announced that Panelto Foods, a premier Irish bakery group specializing in artisan breads, will join the European Bakery Group, establishing a dedicated UK and Ireland operational platform within the pan-European entity. The European Bakery Group was originally formed in May 2023 via the strategic combination of Dutch Bakery, a market-leading Dutch group focused on home bake-off bread and snack products, and coolback, a German-based bake-off bread specialist. Following this transaction, Panelto Foods, Dutch Bakery, and coolback will serve as the three core pillars driving the enlarged group’s cross-border operations. Backed by specialized financial and legal advisors, the transaction remains subject to customary regulatory clearances. The investment thesis centers on building an institutional-grade, highly diversified platform within the fragmented European private-label bake-off bread market. By integrating Panelto Foods, the European Bakery Group significantly expands its geographical footprint, broadens its pan-European customer base, and achieves a highly complementary product assortment. The post-closing strategic rationale focuses on leveraging the scale, capital resources, and manufacturing capabilities of the combined multi-site platform to deliver an innovative, sustainable, and premium product portfolio centered on natural ingredients.

Pernod Ricard, through its Canadian subsidiary Corby Spirit and Wine, acquired a 90% stake in Ace Beverage Group, with a clear path to 100% ownership via two call options exercisable in 2025 and 2028. The transaction is structured as a majority‑stake bolt‑on designed to position Corby as a leading force in the Canadian RTD category, where Ace Beverage Group is already the largest independent operator and a pure‑play RTD platform. Created via the 2020 combination of Cottage Springs and Ace Hill, ABG has built a strong presence around its flagship brand Cottage Springs, which leads the Ontario RTD market with iconic products such as Vodka Soda, Vodka Water, and Tequila Soda, while also offering a secondary portfolio of brands like Ace Hill, Cabana Coast, and Liberty Village. The Canadian RTD segment has been one of the fastest‑growing sub‑categories in beverage alcohol, with above‑20% annual growth between 2016 and 2021 and an expected continuation of double‑digit growth in coming years, driven by demand for convenience, low‑sugar formulations, and on‑trend flavor profiles.

Heineken N.V. strengthened its position in the craft beer segment through the acquisition of the remaining shares of Oedipus Brewing, having previously held a minority stake since 2019. Based in Amsterdam, Oedipus has established itself as a recognised craft beer brand through its distinctive identity, community-driven culture and portfolio of differentiated products, building a loyal consumer base in the Dutch market. The transaction takes place against a backdrop of increasing consolidation within the craft brewing sector, which has faced pressure from rising raw material, energy and labour costs. The partnership initiated in 2019 had already enabled Oedipus to diversify its distribution channels by expanding into retail while preserving its independent brand image and strong connection with consumers. For Heineken, the acquisition forms part of a broader strategy to increase exposure to premium and craft beer categories alongside its core portfolio. Oedipus contributes a highly differentiated brand, an engaged consumer community and recognised product innovation capabilities. The transaction also provides Oedipus with greater access to procurement, distribution and investment resources to support its next phase of growth and production expansion.

Riello Investimenti Partners SGR has acquired a 75% majority stake in Il Fornaio del Casale S.p.A. The founding family retains a 25% minority stake and remains involved in the management. This is the seventh acquisition for the "Italian Strategy Private Equity" fund. The strategic rationale is to support the company's growth by expanding domestic distribution and, crucially, accelerating internationalization (exports). The deal structure leverages the target's strong brand positioning to enter new markets.

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.

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.