POLENGHI acquired by PROGRESSIO SGR

Apax Partners Development acquired a majority stake in Routin following a competitive auction process managed by Transaction R. The transaction marked the exit of Credit Mutuel Equity as the majority shareholder, though they reinvested significantly to remain as a minority partner. The new investment cycle aims to leverage the international success of the "1883" brand in the coffee and cocktail markets.

Heineken N.V. completed a minority investment in 2019 in Paris-based microbrewery Gallia Paris, a leading player in the revival of the French craft beer segment. Heineken’s minority stake was structured to support Gallia’s industrial and commercial growth while preserving its operational and creative independence. The investment provides access to broader distribution capabilities and industrial expertise, enabling gradual expansion into mainstream retail channels across France. For Heineken, the transaction reflects a strategic exposure to the fast-growing craft beer segment, characterised by market fragmentation and premiumisation dynamics

Riello Investimenti SGR has acquired a 73% majority stake in Foodness S.p.A. The remaining capital is held by the founders (Paolo Fermi, Franco Lusetti, and Alberto Andrei), who retain their management roles, alongside industry veterans Mario Muttoni and Roberto Venturi. Additionally, a "Club Deal" of private investors organized by Pigreco Corporate Finance has co-invested in the transaction. This partnership aims to support Foodness's rapid growth trajectory (CAGR +40%) and consolidate its leadership in the "wellness" beverage niche within the HoReCa channel

Heineken N.V., a global brewing group, acquired a minority stake in Oedipus Brewing in 2019, an independent Amsterdam-based craft brewery rooted in the Dutch urban craft beer scene. The transaction reflects a strategic investment into a high-identity craft player positioned in differentiated beer segments. Heineken’s minority investment took place in a context of accelerating craft beer growth in the Netherlands, characterised by market fragmentation and the emergence of numerous microbreweries. For Oedipus, the transaction provided access to growth capital to support production capacity expansion, while enabling broader commercial reach through Heineken’s distribution infrastructure

Danone has completed the acquisition of a majority stake in Michel & Augustin, increasing its ownership to 95% through its Danone Manifesto Ventures entity. This transaction follows an initial investment in 2016, which represented a 40% stake, and subsequent gradual increases in ownership over the years. As a result, Danone will fully consolidate Michel & Augustin into its financial statements as of April 1, 2019. Following the transaction, the founders will retain approximately 5% of the capital and remain involved in the brand's governance

The transaction is structured as a secondary leverage buyout executing the complete exit of TA Associates after a four-year holding period. The departing majority shareholder relinquishes control to facilitate the next institutional expansion phase. Under the definitive agreement, the incoming sponsor acquires an approximate 80% equity stake in the holding structure. Co-founder Jacques Attal and the executive management team led by Yann Coléou roll over substantial equity into the new vehicle. This significant reinvestment aligns long-term management incentives directly with institutional investor objectives

Just months after the acquisition of Michel Kremer, Mademoiselle Desserts completed another structural add-on by absorbing Les Delices des 7 Vallees from the private equity fund Sagard. The operation was financed through bank debt. This acquisition allows Mademoiselle Desserts to conquer the strategic "sweet snacking" segment (donuts, muffins) and significantly strengthen its presence in Mass Market Retail (GMS), a channel where the target excels. Sagard exited the capital after backing the company since 2015

Ambienta SGR has acquired a majority stake in AromataGroup from its founders and management. This acquisition marks Ambienta's entry into the food ingredients sector, serving as a platform investment to consolidate the fragmented European market for natural flavours and colours. The deal capitalizes on the "Clean Label" megatrend and the shift from synthetic to natural ingredients. Ambienta plans to support the company's international expansion and product diversification through an aggressive buy-and-build strategy

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