NIACET acquired by KERRY GROUP

DSM has entered into a definitive agreement to acquire First Choice Ingredients. This acquisition strategically expands DSM's Food & Beverage offering by adding a leading position in the US savory dairy flavor market. The deal allows DSM to leverage its global distribution network to accelerate First Choice Ingredients' growth outside the US, while integrating their proprietary fermentation technologies into DSM's existing portfolio of enzymes and cultures.

3i Group has invested in Dutch Bakery, a bakery group specialized in home bake-off bread and snack products, to support the company's international growth strategy in the fragmented European private label market for bake-off products. The investment by 3i Group will enable Dutch Bakery to strengthen its leading position in the Dutch market and expand its activities internationally. The company's growth strategy will be based on a combination of organic growth and external development, including targeted acquisitions. 3i Group will provide its expertise and support to the management team of Dutch Bakery to help the company reach its full potential and achieve its growth objectives.

Pilgrim's Pride has agreed to acquire the Meats and Meals business of Kerry Group plc. This acquisition adds a portfolio of high-margin, value-added brands to Pilgrim's existing UK operations. It allows Kerry Group to exit the lower-growth consumer foods segment to focus on its core taste and nutrition business.

Equinox acquired a 63% majority stake in Gruppo Salpa. The founding family (Cherubini) sold their shares but reinvested significantly to retain a 35% stake, while the management team holds the remaining 2%. The transaction implies a high valuation multiple. The auction process was highly competitive, attracting interest from major industrial players (Barry Callebaut, Dr. Oetker) and numerous private equity funds (Investindustrial, NB Renaissance, Riverside). The new ownership plans to expand production capabilities and pursue acquisitions in the "Decoration & Covers" segment, with a specific focus on entering the United States.

Astorg has entered into exclusive negotiations to acquire a majority stake in Solina from Ardian in a transaction valuing the company at approximately EUR1.7 billion. This deal marks Solina's sixth LBO, highlighting its consistent growth trajectory under private equity ownership. Astorg secured the deal through a pre-emptive offer, beating out other interested funds and industrial players. Under Ardian's ownership (since 2015), Solina nearly doubled its size through organic growth and nine build-up acquisitions, expanding beyond its core markets (France, Benelux, Scandinavia) into the UK, Spain, and Canada. The management team reinvests alongside Astorg to drive the next phase of growth.

Olam Food Ingredients completed the acquisition of the U.S. spices blender Olde Thompson. Rationale underscores transformative synergies: OFI's farm-gate origination and sustainable spice chain merges with Olde Thompson's blending mastery and customer intimacy, unlocking comprehensive natural flavour portfolios amid surging demand for traceable retail staples. Timing leverages post-pandemic pantry-loading and clean-label acceleration; post-deal goals encompass expanded offerings, retail value co-creation, and EBITDA synergies via optimized supply.

Bain Capital Private Equity has agreed to acquire Valeo Foods Group from CapVest Partners. This acquisition marks the exit of CapVest, which created Valeo in 2010 and grew it from EUR200m to EUR1.1bn in sales through a buy-and-build strategy. Bain Capital intends to support Valeo's management team in continuing this consolidation strategy through further organic growth and M&A across Europe.

JBS S.A. has entered into an agreement to acquire 100% of the share capital of Vivera from the private equity firm Gilde Buy Out Partners. This transaction represents a major strategic milestone for JBS, granting it an immediate, scalable industrial platform in the European plant-based market. Unlike a simple bolt-on, JBS intends to operate Vivera as a standalone business unit, leveraging its specialized R&D capabilities and brand strength while providing it with JBS's massive global distribution network to accelerate growth. This acquisition allows the world's largest meatpacker to credibly compete in the high-growth alternative protein sector, directly challenging incumbents like Beyond Meat and Nestle in the European retail landscape.

After 8 years under Equistone's control, the management team, led by Thierry Goubault, initiated a buyout alongside Credit Mutuel Equity. Management would then hold 40% of the capital, while the investment firm would acquire approximately 60%. This transaction marks Credit Mutuel Equity's third investment cycle in the company since 2007, illustrating a long-term partnership strategy aimed at preserving its independence from global agri-food conglomerates. The strategic rationale is based on accelerating organic growth through the expansion of industrial capacity, notably the commissioning of a new factory dedicated to the production of private label brands, and increased penetration of European markets, such as the United Kingdom. Furthermore, this investment supports the company's ongoing transition towards plant-based innovations and environmental certifications, thereby strengthening its competitive advantage in the premium "healthy snacking" segment. From a financial perspective, the transaction was structured as a preferential tender offer, reflecting the asset's strong performance and its industry-leading EBITDA margins. This transaction illustrates a growing trend of long-term investment by private equity funds in resilient, high-quality, mid-sized companies that maintain a solid domestic industrial base while pursuing global expansion.

Ambienta-backed Nactarome Group completed the acquisition of TasteConnection from its founders, marking its fourth add-on in 2.5 years and establishing a UK industry hub. Transaction facts detail full ownership transfer of the seasonings specialist, integrating its Gloucestershire facility adjacent to Nactarome's existing operations for streamlined synergies. Rationale centers on strategic adjacency in clean-label flavourings, with TasteConnection's snacks and savoury dominance complementing Nactarome's top-notes portfolio to create comprehensive aromatic solutions. This bolt-on exemplifies platform consolidation in natural ingredients, where sustainability-focused PE deploys dry powder for high-growth niches—benchmarking Ambienta's serial add-ons against peers and signaling robust M&A pipelines for clean-label leaders targeting defensive consumer staples.