RICHELIEU FOODS acquired by SÜDZUCKER

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.

MEC3, backed by Charterhouse Capital Partners, acquired a controlling stake in Modecor Italiana. The transaction allows MEC3 to diversify its offering beyond gelato ingredients into the complementary pastry decoration market. Modecor retains its operational inependence and brand identity and the CEO is continuing to lead the company. The deal creates significant commercial synergies, as both companies sell to the same customer base (pastry shops and gelato parlors).

Refresco was acquired by a consortium of PAI Partners and BCI via a public offer of EUR20 per share. The transaction allowed Refresco to delist from the Euronext Amsterdam stock exchange to pursue its ambitious growth strategy as a private entity.

Egeria acquires a majority stake in Dutch Bakery, the Netherlands market leader in bake-off bread and bread-based snacks. This transaction will enable Dutch Bakery to benefit from Egeria's experience and international network, as well as its financial firepower to support further growth. Dutch Bakery expects that the knowledge, experience, and extensive network of the new shareholder will help boost international development, to deepen the product portfolio, and to reinforce category management. The management of Dutch Bakery will continue as shareholders; Rob Verhoef, Boele de Jong, and Ron Muijen will continue to operate as the executives of the company after the transaction as well.

Next World Evergreen, a private‑market investor with a permanent‑capital structure and a focus on retail and consumer‑goods brands, invested EUR 20 million in Orientis Gourmet, the holding company behind the Kusmi Tea and LØv Organic brands. The transaction is structured as a minority stake, with the Orebi family remaining the majority and controlling shareholder, and the capital injection deployed primarily through an equity increase. The investment is part of a broader strategy to accelerate the international rollout of Kusmi Tea, including deeper penetration in the German market, where the brand already enjoys strong margin potential, and the expansion of franchise‑driven boutique networks in Asia, with entries in Korea scheduled for 2018 through a partnership with Blue Bell. Orientis Gourmet plans to allocate around EUR 6 million over three years to modernize its blending, flavoring, and packaging lines at the Saint‑Vigor‑d’Ymonville site, including the introduction of automated sachet‑filling equipment, which allows the group to bring previously outsourced pouch‑making activities back to France while maintaining cost equivalence.

Axéréal has completed a €150 million capital increase for its subsidiary Boortmalt. The funding was provided by an international consortium including Singaporean sovereign wealth fund Temasek, agri-food specialist Unigrains, and the cooperative group Tereos. While Axéréal remains the majority shareholder through its cooperative members, this fresh capital is earmarked for international development beyond its European stronghold. The primary strategic goal is to establish production zones in Africa and Asia to follow the global growth of the brewing industry. This transaction highlights the attractiveness of the malting industry, characterized by high barriers to entry and strong demand from emerging markets.

The Carlyle Group, through its European-focused upper-mid market buyout fund Carlyle Europe Partners IV, executed the acquisition of Irca. The transaction was a secondary buyout, with Carlyle acquiring the company from the previous majority shareholder, financial sponsor Ardian, and the founding Nobili family. Ardian had originally acquired a majority stake in 2015. The acquisition by Carlyle was intended to fuel Irca's next stage of growth, with a particular emphasis on accelerating its international development and further solidifying its market position. Carlyle was attracted to Irca's distinctive positioning as a leader in its niche, its high-quality and diversified product portfolio, its R&D capabilities, and its strong track record of financial performance and growth. The deal structure ensured management continuity, with Roberto Nobili, a member of the founding family, remaining in his role as CEO to lead the company's strategic initiatives under new ownership. The transaction highlights the appeal of well-established Italian companies with global expansion potential to large international private equity firms.

Following an 18-month "marathon" process, Eurazeo acquired a portfolio of 14 brands from the US giant Mondelez. Eurazeo outbid PAI Partners and Katjes by proposing a robust industrial project. The transition required the creation of a new HQ, recruiting 230 people for corporate functions, and an ambitious EUR35M industrial investment plan—including the repatriation of Terry's production from Poland to Strasbourg. The goal was to transform these "orphan brands" into an autonomous French champion by tripling marketing spend and targeting a 15% EBITDA margin within 5 years.

Cérélia Group has acquired English Bay Batter from the Canadian investment holding Kilmer Van Nostrand. This transaction is a transformative step in Cérélia’s internationalization, shifting its revenue mix from 35% to 65% international (with North America representing a quarter of total sales). The acquisition was financed through a full debt refinancing of the group, covering 100% of the purchase price and allowing for an exceptional dividend payment to IK Investment Partners (representing 25% of the initial equity). Following the deal, the group’s leverage increased from 4.5x to 5.1x EBITDA. Pro-forma for the acquisition, Cérélia’s total turnover exceeds €400 million, solidifying its position as a global multi-specialist in the ready-to-bake and snack sectors.