TREEHOUSE FOODS acquired by INVESTCorporate

Europe Capital Partners VII has acquired a majority stake in ESCA S.r.l. from the founding shareholders. The brothers Giuseppe and Patrizio Patrizi have reinvested to retain a minority stake and will continue in their operational roles (Plant Director and Commercial Director, respectively). The acquisition was financed by a pool of banks led by BCC Banca Iccrea and a private debt tranche provided by Tenax Capital.

Valsoia has acquired a 70% stake in Kele & Kele, the holding company of the Krepko dairy. The founding family retains a 30% stake and will continue to manage operations for at least three years, after which Valsoia has an option to acquire the remaining shares. The acquisition allows Valsoia to enter the European kefir market and expand its "healthy food" portfolio beyond strict plant-based categories.

Investindustrial, through its ingredient holding company Nexture, has agreed to acquire Frulact from Ardian. Nexture prevailed in a competitive process against finalists including the Jose de Mello Group and IK Partners. This acquisition integrates Frulact into a broader pan-European ingredient platform alongside Italcanditi and CSM Ingredients. The deal marks a successful exit for Ardian, which supported Frulact's transformation from a family business to a global player via organic growth and M&A (IFF acquisition).

Camlin Fine Sciences (CFSL) completed the acquisition of a 78.68% majority stake in Vinpai from existing shareholders. Following this block acquisition, CFSL will convert its convertible bonds on December 1, 2025, increasing its ownership to 83.82%. Consistent with French market regulations, CFSL intends to file a simplified mandatory tender offer (OPAS) in mid-December 2025 for the remaining shares at the same price. If the 90% ownership threshold is reached, a squeeze-out (retrait obligatoire) will be implemented to delist Vinpai from Euronext Growth.

LT Foods has agreed to acquire 100% of the equity in Global Green Europe Kft. This acquisition provides LT Foods with a third European manufacturing hub (after UK and Netherlands), offering a lower-cost production base in Central Europe. It allows LT Foods to enter the processed canned food market and leverage synergies with its existing rice and ready-to-eat portfolio.

Apetit Plc has agreed to acquire 100% of the shares of Foodhills AB. This acquisition consolidates Apetit's position as a leading Northern European pea producer, giving it a 10% market share of European frozen pea production.

PAI Partners completed a EUR3.6 billion equity transaction to transfer its 50% stake in Froneri from its older funds to a new single-asset Continuation Vehicle (CV). This allows PAI to extend its holding period and support further growth. The transaction was oversubscribed and led by Goldman Sachs Alternatives. ADIA (Abu Dhabi Sovereign Wealth Fund) entered as a significant minority co-investor. Nestle remains the owner of the other 50% of the joint venture. The deal follows a successful debt refinancing earlier in the year.

Ferrero Group has entered into a definitive agreement to acquire the entire issued share capital of WK Kellogg Co via an all-cash transaction. Under the terms of the agreement, shareholders will receive a cash consideration per share that represents a significant premium of approximately 40% over the company's 30-day volume-weighted average price (VWAP). The acquisition facilitates the delisting of WK Kellogg Co from the New York Stock Exchange, returning the business to private family ownership under the Ferrero umbrella. Strategically, this transaction marks Ferrero's entry into the North American breakfast category, complementing its existing strength in snacking and treats. It allows Ferrero to capture a new consumption occasion ("the morning meal") while significantly bolstering its industrial scale and leverage with major North American retailers through the addition of high-volume, staple grocery brands.

NewPrinces S.p.A. has successfully completed the acquisition of 100% of the share capital of Diageo Operations Italy S.p.A. from the global beverage giant Diageo. This strategic transaction includes the transfer of the renowned production facility at Santa Vittoria d’Alba and its entire workforce, ensuring continuity of employment. As part of the agreement, NewPrinces has secured a fixed-term service contract to continue bottling products for Diageo during a transitional period, guaranteeing immediate production volumes. This acquisition significantly bolsters NewPrinces' industrial footprint in the beverage sector, adding specialized bottling capabilities for spirits and wines to its existing diverse food manufacturing portfolio.

Associated British Foods (ABF) has agreed to acquire Hovis Ltd from the private equity firm Endless LLP. This transaction brings together two of the UK's largest bakery brands, Hovis and Kingsmill (owned by ABF's Allied Bakeries), in a strategic move to address long-term structural decline in the pre-packaged bread market. The deal aims to combine production and distribution operations to generate significant efficiencies, with estimated annual cost savings of �50 million. The merger is subject to rigorous scrutiny by the Competition and Markets Authority (CMA) due to the high market concentration it creates.