SUNOPTA - GLOBAL INGREDIENTS BUSINESS acquired by AMSTERDAM COMMODITIES

Cronos Capital Partners, alongside a group of private investors, acquired a majority stake in Everton, the Genoese tea, herbal‑infusion, and soluble‑preparation manufacturer, via a newly formed vehicle funded primarily through a substantial capital increase aimed at financing international growth and M&A activity. The operation marked a shift from full family control (held by the Dodero‑Donelli group) to a majority‑backed, partnership‑style structure, with founding shareholders Filippo and Federico Dodero remaining in top management roles alongside the existing executive team to ensure continuity. The strategic rationale centers on Everton’s position as Italy’s leading private‑label tea producer, with over 500 SKUs, three production sites in Italy, India, and Croatia, and a joint venture in the US. For Cronos Capital Partners, Everton represents a resilient, anti‑cyclical, export‑oriented industrial platform in a consolidated yet fragmentation‑prone segment, with a clear playbook for growth via targeted acquisitions of other Italian and international operators in the same tea, infusion, and soluble‑beverage space. The transaction is therefore structured to unlock capital for both organic expansion (new production lines, capacity increases) and inorganic growth, while preserving the entrepreneurial and operational DNA of the founding family.

Ergon Capital, a mid-market private equity firm, has acquired a majority stake in the Millbo-BioNaturals Group. This deal represents a strategic play within the high-growth natural food ingredients sector, aimed at transforming a family-owned technical leader into a global institutional platform. The strategic rationale for the investment centers on leveraging Ergon’s international network and financial resources to accelerate the group's geographic expansion and to pursue a consolidation strategy in a highly fragmented market. The structure ensures strong management continuity, with the CEO and former controlling shareholder, Alessandro Boggiani, reinvesting in the business to drive the next phase of development. This transaction follows the buyer's existing sector expertise, notably its previous investment in the bakery segment.

Gruppo Illy sold a 20% minority stake in its operating company, Illycaffè SpA, to affiliates of Rhône Capital in a strategic transaction valued at around EUR 200 million. The deal was signed in November 2020 and closed in early 2021, marking the first time since the company’s founding in 1933 that Illycaffè opened its capital to a non‑family institutional investor. The transaction was structured as a minority‑stake entry, with Rhône committed to remaining a non‑controlling shareholder to support the Illy family’s long‑term stewardship. The strategic rationale centers on Illycaffè’s ambition to accelerate international growth, particularly in the United States, the world’s largest coffee market, and to strengthen its presence in at‑home and digital channels. The minority‑stake transaction provides Illycaffè with additional capital, governance breadth, and strategic support to invest in US distribution, branded cafés, online sales, and sustainability‑linked initiatives, while preserving the family’s control and heritage‑driven positioning.

Platinum Equity acquired a controlling stake in Biscuit International from its previous shareholders (Qualium Investissement). The transaction positions Platinum Equity to support the company's aggressive buy-and-build strategy in the fragmented European private label market. With over EUR500 million in revenue, Biscuit International serves as a scalable platform to acquire other local biscuit manufacturers across Europe, leveraging Platinum's financial resources and operational expertise.

Haudecoeur, backed by Ergon Capital Partners and the founding family, completed the acquisition of Palais Impérial from its founders, Nicolas Pacheny and Arnaud Gillier, who reinvest alongside existing shareholders. The transaction represents a strategic bolt-on acquisition executed within the framework of Haudecoeur’s ongoing buy-and-build strategy following its primary LBO completed one year earlier. Structured as a majority investment at the group level, the deal leverages existing acquisition financing lines to support external growth initiatives. From a strategic standpoint, the transaction enables Haudecoeur to internalize a product category where it previously relied on partner brands, notably in tea. By integrating Palais Impérial, the group strengthens its branded offering and gains direct exposure to the green tea segment, where the target holds a leading position in France. The combination enhances cross-selling opportunities and broadens the product portfolio, reinforcing the group’s value proposition toward both retail and distribution partners. Additionally, the deal aligns with a broader sector consolidation trend in specialty and ethnic food segments, where scale, brand ownership, and sourcing capabilities are key differentiators.

Glanbia Nutritionals has acquired the Canadian flavor designer Foodarom for CAD $60 million (~USD $45 million). This acquisition aligns with Glanbia's strategy to grow its "Nutritional Solutions" (NS) division by adding complementary capabilities. Foodarom's expertise in custom flavors and masking agents is highly synergistic with Glanbia's core protein business: it allows Glanbia to sell not just the protein powder, but the entire flavored formulation (e.g., "Strawberry Whey Isolate" ready-to-mix) to its sports nutrition and lifestyle clients.

Royal DSM has reached an agreement to acquire the Erber Group, specifically its specialty animal nutrition and health businesses, Biomin and Romer Labs. Two smaller units of the Erber Group (Sanphar and EFB, representing 7% of sales) are excluded from the transaction. This acquisition provides DSM with a market-leading entry into mycotoxin risk management and expands its portfolio of high-value "Eubiotics" (gut health) solutions. The transaction is debt-financed and is expected to be earnings-enhancing in the first year.

AromataGroup, backed by Ambienta SGR, has acquired the French company Nactis Flavours. This transformative deal merges the Italian AromataGroup with the French Nactis to create a new pan-European platform rebranded as "Nactarome". The transaction allows for significant geographic diversification (Italy + France + Benelux) and product expansion. Nactis founder becomes Non-Executive Chair of the new group, while Aromata's founder takes the CEO role. Ambienta retains an 80% stake in the combined group.

Bemycompany Capital Partners has acquired an initial 8% minority interest in Acetaia Fondo Montebello, with a structured agreement to increase the position to 16% within the first quarter of 2020. This investment represents a classic growth capital transaction aimed at professionalizing the target’s corporate governance and accelerating its international expansion roadmap. The strategic rationale for the deal centers on providing the target with the necessary capital and managerial expertise to establish direct commercial branches in North America and to evaluate opportunistic acquisitions of other balsamic vinegar producers. By integrating financial resources with a network of seasoned entrepreneurs and managers, the holding company seeks to prepare the SME for an eventual public listing.

Ardian has acquired a majority stake in Frulact from the founding Miranda family. The transaction values the company at approximately EUR150 million. The management team, led by CEO Duarte Faria, remains in place to drive the next phase of growth, while the founder retains a role as Non-Executive Chairman. Ardian's strategy is to use Frulact as a consolidation platform to build a global leader in natural food ingredients through acquisitions in adjacent niches.