PÂTISSERIE MICHEL KREMER acquired by MADEMOISELLE DESSERTS

Parquest Capital acquired a majority stake in Sopral from the Avril Group. This strategic carve-out allowed Sopral to gain independence and accelerate its growth in the consolidating premium pet food market. Groupe Avril remained involved as a minority shareholder through its subsidiary Sofiproteol. The deal also included several regional and sector-specialized minority investors (IDIA, Agro Invest, Unexo) to support international expansion and industrial optimization.

FrenchFood Capital, a Paris‑ based private equity firm focused on the food sector, entered the capital of Les 2 Marmottes in 2018 through a growth equity investment of approximately EUR 12 million. The transaction was structured as a minority stake, designed to support the company’s continued expansion in France and abroad while enabling the existing family‑owned management team to retain control. The capital injection was deployed to strengthen production capacity, broaden distribution, and reinforce the brand’s positioning in the fast‑growing herbal infusion and tea categories. FrenchFood Capital’s strategy emphasized value‑accretive growth, combining organic expansion with selected commercial and operational improvements, including better penetration of large and medium‑size supermarkets and selective development in the hospitality, restaurant, and catering segment. The partnership also aimed to deepen the brand’s association with naturalness and well‑being, capitalizing on a broader consumer trend towards cleaner, plant‑based ingredients.

In 2018, Huel closed a $20M Series A funding round led by Highland Europe, marking the company's first external institutional investment after three years of bootstrapped growth. At the time of the round, Huel had already reached profitability and established a presence in over 80 countries, driven entirely by organic growth and a direct-to-consumer online model. The funding was designed to accelerate international expansion, with a particular focus on the United States and key European markets, as well as to support new product development beyond its original protein powder range. Highland Europe, a growth equity firm specializing in high-growth European consumer and technology companies, was selected for its track record in scaling e-commerce brands globally. The round provided the financial infrastructure for Huel to invest in supply chain optimization, R&D, and retail distribution, laying the groundwork for its subsequent expansion into ready-to-drink, snack bars, and hot meal products.

IFF completed the acquisition of Frutarom in October 2018, creating a unified global leader in taste, scent, and nutrition. The combined company trades under the ticker IFF on the NYSE and Euronext Paris, with a later listing on the Tel Aviv Stock Exchange, while Frutarom’s own listing on the Tel Aviv and London exchanges was delisted. The integration creates a platform with expanded capabilities in naturals, savory solutions, natural colors, food‑protection ingredients, and health‑oriented nutrition, broadening the customer base and increasing exposure to fast‑growing private‑label and SME segments. IFF expects the combination to generate accelerated top‑line growth (5–7% annually) and high‑teens EPS growth on a pro‑forma, currency‑neutral basis between 2019 and 2021, supported by approximately USD 145 million in annual cost synergies by the third full year, achieved through procurement optimization, footprint rationalization, and overhead reduction.

Arcado finalized its third LBO, allowing MBO Partenaires and Amundi PEF to take a majority stake via an equity investment of nearly EUR30 million. Historical investors (Siparex and Carvest) also reinvest. The goal is to reach EUR100 million in revenue through acquisitions of regional charcuterie SMEs.

The Cluizel family, owner of the chocolate group Cluizel, acquired the tea brand Betjeman & Barton from the Italian coffee group Illy, owner of the Damman‑thés group. The deal is structured as a full‑control acquisition where Michel Cluizel takes over the Betjeman & Barton name, its Paris headquarters, and its network of boutiques, while retaining the existing management team led by General Manager Agnès Defontaine. The transaction enables the chocolate group to diversify into the premium tea and infusion segment, a category characterized by strong brand loyalty, relatively high margins, and opportunities for experiential and gifting‑oriented retail formats. Strategic rationale for Michel Cluizel includes cross‑selling potential, such as integrating Betjeman & Barton teas into selected Parisian chocolate boutiques and pairing tea‑driven experiences with Michel Cluizel’s premium chocolates and pastry partnerships, while also accelerating the tea brand’s international expansion using the chocolatier’s established distribution and know‑how.

BC Partners has agreed to acquire Forno d'Asolo, a leading Italian producer of frozen bakery products, from the private equity firm 21 Partners and its co-investors. The transaction also includes a significant reinvestment from the company's existing management team, led by CEO Alessandro Angelon, who will partner with BC Partners to drive the next phase of growth. The strategic rationale for the acquisition is centered on capitalizing on Forno d'Asolo's strong market position and accelerating its expansion trajectory. BC Partners was attracted to the company's consistent growth, its reputation for quality Italian products, and its extensive distribution network covering the fragmented Italian food service market. The new ownership structure aims to provide the necessary financial and strategic resources to pursue an ambitious growth plan. This plan involves both organic initiatives, such as expanding the product portfolio, and inorganic growth through a targeted buy-and-build strategy to further consolidate the market. By leveraging its sector expertise and international network, BC Partners intends to support Forno d'Asolo's management in transforming the company from a national champion into a more significant international player, building upon the foundation established under its previous ownership.

IK Investment Partners won a competitive auction process (against PAI Partners and Towerbrook) to acquire a majority stake in Mademoiselle Desserts from Equistone Partners Europe. The transaction marks a successful exit for the sellers, who supported the group's transformation into a pan-European leader despite significant headwinds in the commodities market. The strategic rationale for IK is to continue the international consolidation of the fragmented frozen bakery market. The previous cycle was marked by heavy expansion into the UK

General Mills acquired Blue Buffalo for $40.00 per share in an all-cash transaction, representing an Enterprise Value of $8.0 billion. The deal represents a significant portfolio reshape for General Mills, pivoting towards the high-growth "Wholesome Natural" pet food sector. Blue Buffalo will operate as a standalone operating segment led by its management team. The transaction was financed through a combination of debt, cash, and equity. The purchase price represents a premium of 23% to the 60-day VWAP.

Cinven has acquired Partner in Pet Food (PPF) from Pamplona Capital Management. This Secondary Buyout sees the exit of Pamplona, which had owned the business since 2015. Cinven was attracted by PPF's market-leading position in the fragmented European market and plans to accelerate growth through further acquisitions (Buy-and-Build) and product premiumization. The current management team, led by CEO Attila Balogh, will remain in place to drive the next phase of growth.