NUOVA CASTELLI acquired by CHARTERHOUSE

21 Invest acquired a majority stake in Forno d’Asolo, a leading family-owned Italian company in the frozen bakery market. The transaction was driven by the founders' need to address a generational transition and professionalize the company's management structure to unlock its next phase of growth. The Gallina brothers, the founders, recognized the necessity for a more managerial approach to scale the business and sought a partner with relevant expertise. 21 Invest was selected as the ideal partner due to its long-standing relationship with the founders, its deep understanding of the business, and its proven track record in successfully managing ownership transitions in family-run enterprises. The private equity firm shared a strategic vision to reinforce Forno d’Asolo's market leadership in Italy and expand its international footprint. The post-acquisition strategy involves appointing a new CEO with significant international experience to spearhead growth initiatives. Key pillars of this strategy include boosting domestic sales, expanding the client base, and pursuing targeted international expansion, with a particular focus on German-speaking markets. Additionally, 21 Invest plans to enhance operational efficiency by optimizing the distribution network, strengthening brand identity, and improving customer relations.

Symrise AG has acquired Diana Group from private equity firm Ardian (formerly AXA Private Equity) and minority shareholder Motion Equity Partners. This transaction creates a unique platform for natural extracts and functional ingredients, allowing Symrise to diversify its portfolio significantly. A key strategic driver is the entry into the highly attractive and resilient pet food market, where Diana holds a leading position. The deal also strengthens Symrise's backward integration by securing access to natural raw materials. Diana will operate as a distinct "Flavor & Nutrition" division within Symrise. The acquisition concludes a successful holding period for Ardian, which supported Diana's aggressive build-up strategy, including the acquisitions of Confoco International and Givaudan's vegetable extracts business.

The Riverside Company acquired Optima / Mec3, a leading developer, manufacturer, and marketer of ingredients for gelato, pastry, and other foods. Riverside aims to support management, drive global growth, and invest in R&D to maintain Mec3's reputation for innovation. The founder expressed confidence in Riverside's ability to build on Mec3's 30-year legacy and Italian heritage. Riverside emphasized the company's unique position in the growing global market for high-quality artisanal gelato.

Solina Group has acquired the Danish company SFK Food from the private equity fund Odin Equity. This strategic acquisition significantly strengthens Solina's footprint in Northern Europe (Scandinavia), complementing its existing leadership in France and the Benelux. Concurrently, Solina completed a major refinancing of its debt, securing a new package of EUR166 million arranged by CA CIB and BNP Paribas. This financing was used to fund the acquisition of SFK Food and to repay shareholder loans, effectively allowing IK Investment Partners to realize a partial exit (Dividend Recap) while retaining majority ownership.

Dante Bigi S.r.l. acquired a 51% controlling interest in Gruppo Alival, with an agreement to acquire the remaining 49% in 2014. This acquisition was a pivotal step in consolidating the Italian dairy market, bringing together Alival's leadership in fresh cheeses (mozzarella) with the acquirer's existing strength in aged cheeses.

Frutarom completed the acquisition of 75% of the share capital of PTI with a call option exercisable by Frutarom within three years to acquire the remaining 25%. PTI, which generated about USD 111 million in sales in 2012, operates two production sites near Moscow and a Moscow‑based R&D, sales, and marketing hub plus 25 distribution centers across Russia and neighboring countries, making it a regionally strategic platform in the savory and processed‑meat ingredients segment. The founders and key managers retain management roles and minority equity stakes, ensuring continuity and cultural alignment, while Frutarom leverages PTI’s assets to expand its savory‑flavor and functional‑ingredients range, strengthen its production and distribution infrastructure in Russia, and deepen its position in both developed and emerging markets. Synergies are expected to arise from cross‑selling, shared R&D, and joint product development, as well as from rationalization of certain supply‑chain and logistics activities, consistent with Frutarom’s broader strategy of being a preferred global partner in tasty and healthy food solutions.

Equistone Partners Europe acquired a majority stake in Europeenne des Desserts from Cerea Partenaire and Azulis Capital. The previous financial sponsors, along with the management team, reinvested for a minority stake. The transaction was valued at an Enterprise Value slightly above EUR100 million. The strategic plan focused on accelerating international growth.

Equistone Partners Europe has acquired a majority stake in Charles & Alice from historical investor CM-CIC Capital Finance (which retained a minority stake). The transaction allowed the management team, led by Thierry Goubault, to significantly increase its equity participation from 15% to 26%. The deal was supported by a diversified financing package, including senior debt, mezzanine debt, and a dedicated CAPEX line to fund future industrial investments and international expansion. This LBO marks the next phase of growth for the fruit dessert specialist, aiming to transition from a French champion to a global player in the healthy snacking industry.

Investcorp has acquired Tyrrells Potato Crisps from Langholm Capital for �100 million. The transaction provides an exit for Langholm, which had backed the founder William Chase in 2008. Investcorp's investment thesis focuses on accelerating Tyrrells' international expansion. While the brand is well-established in the UK, Investcorp identifies significant white space in Europe and North America for premium "English" snacks. The plan involves increasing distribution channels abroad and potentially exploring bolt-on acquisitions to broaden the product range.

IK Investment Partners has agreed to acquire a majority stake in Savena from French private equity funds Cerea Capital and Azulis Capital. This transaction marks the beginning of a major consolidation phase for the company (which would later merge with SFK to become Solina). The management team reinvests in the transaction (having previously held 22.5%). The deal is driven by an ambitious growth strategy to double the company's size by 2016 through international external growth. Financing is provided to support acquisitions in Europe and emerging markets like Russia and China.