M.J. BAKER FOODSERVICE acquired by KITWAVE GROUP

WestCountry Food Holdings has been acquired by Kitwave marking a critical diversification of the group's product suite into the fresh produce category. This strategic acquisition complements the previous operation of M. J. Baker, creating a dense, multi-temperature service hub in the South West of England. By unifying the target’s high-heritage grower network with the group's national logistics framework, the organization constructs a comprehensive "one-stop-shop" platform for regional foodservice clients. The integration leverages the target's regional density to maximize route efficiency and procurement leverage across the South West.

Barentz acquired 100% of Unipex from its management team and BNP Paribas Developpement (who held ~27%). This transaction marks the successful conclusion of the OBO structure set up in 2019. The deal was negotiated bilaterally (pre-empting a broader auction). Unipex brings EUR90 million in additional revenue and strengthens Barentz's position in France and North Africa, where the Dutch group was historically underrepresented.

TowerBrook acquired a majority stake in Groupe Bruneau from Equistone Partners Europe, alongside the management team. The deal was struck following a period of exceptional performance where Bruneau's revenue jumped from EUR310M (in 2017) to approximately EUR500M (in 2021). The investment thesis for TowerBrook centers on transforming Bruneau from a regional powerhouse into the undisputed European leader in workplace solutions.

Bur Distribution has successfully completed the acquisition of Accent Bio from its co-founders, Nelly Lopez and Philippe Boulling, marking a transformative corporate milestone that effectively doubles the size of the Île-de-France-based group. This strategic build-up operation expands Bur Distribution's consolidated revenue.From a strategic perspective, this primary build-up transaction allows Bur Distribution to fundamentally reshape its category mix and accelerate its transition into the high-growth organic grocery sector. While Bur Distribution historically anchored its operations around traditional fine foods and premium delicatessen items via its Eric Bur and Rödel brands, the integration of Accent Bio introduces a turn-key portfolio of proprietary organic brands and deep sector expertise. This consolidation will unlock material operational, logistical, and commercial cross-selling synergies across their combined distribution networks, driving increased volume efficiency and positioning the consolidated platform as a primary counterparty for the broader French retail market.

Ecotone has successfully finalized the strategic acquisition of Danival, marking a high-profile consolidation milestone within the European and French organic agri-food industries. This transaction represents a complete shareholder transition, integrating Danival’s historic Andiran production facility, its dedicated local workforce of approximately 120 employees. From a strategic perspective, this build-up operation is highly complementary to Ecotone's existing asset architecture and aligns perfectly with its core mission to promote food biodiversity and alternative nutrition. By incorporating Danival, Ecotone significantly strengthens its operational and industrial footprint in France, acquiring a turnkey, specialized manufacturing asset in the Southwest region. The integration will unlock substantial commercial, logistical, and purchasing synergies across their combined networks, while allowing Danival's premium product categories to leverage Ecotone's scaled international distribution capabilities to accelerate market penetration and cross-border export expansion.

BNP Paribas Developpement invested EUR8.8 million to acquire a minority stake in Unipex. The management team, retains a two-thirds majority of the capital, while 5% is distributed to key managers. The deal is leveraged with a EUR27 million senior debt package arranged by Societe Generale. This operation allows the senior management (aged ~60) to realize some value while preparing the company for a full sale to a majority PE fund within 3-5 years.

ntegrating Central Supplies into the Kitwave Group infrastructure secures a decisive logistical foothold in the UK chilled food landscape. This strategic maneuver establishes a complementary service offering that sits parallel to the group's industry-leading frozen operations, effectively removing the category friction for independent customers seeking a unified temperature-controlled supply chain. By unifying the target’s West Midlands technical operational depth with the group's national delivery framework, the organization constructs a comprehensive "multi-temp" platform optimized for high-frequency fulfillment.

Midsona acquired 100% of the share capital of Alimentation Santé from Panzani SAS. The transaction was structured via a definitive share purchase agreement executed on a debt-free and cash-free basis, with the total consideration settled entirely in cash at closing. To finance the acquisition, Midsona secured a short-term bank bridge loan, which was later refinanced through an equity rights issue backed by its majority shareholder, Stena Adactum AB. This acquisition enabled the immediate integration of Alimentation Santé into Midsona's expanding European network as a standalone operating entity. Long-standing Managing Director Marjolaine Cevoz Goyat retained her position at the operational helm to ensure continuity across regional business activities.

IMCD signed an agreement to acquire 100% of E.T. HORN Company, purchasing all outstanding shares. The acquisition strengthens IMCD's US operations by adding HORN's established West and Southwest regional presence to its existing national platform, moving IMCD closer to full national US coverage with dedicated segment expertise. The transaction is financed from IMCD's available cash and existing credit facilities.

Equistone Partners Europe has acquired a majority stake in Groupe Bruneau from Weinberg Capital Partners. The transaction was structured as a secondary MBO designed to accelerate the group's geographical expansion and European footprint. As a premier French digital-native B2B distributor of workplace furniture, equipment, and office supplies, Groupe Bruneau leverages a high-performing e-commerce platform and state-of-the-art logistics infrastructure serving a highly loyal SME customer base. Equistone's investment thesis focuses on partnering with the incumbent management team to scale operations internationally, primarily driving growth through a programmatic buy-and-build and market consolidation strategy across the European workplace solutions sector.