VRUMONA acquired by ROYAL UNIBREW

The J.M. Smucker Co. has entered into a definitive agreement to acquire Hostess Brands. This transformative transaction expands Smucker's presence in the fast-growing "sweet baked goods" category, adding iconic brands like Twinkies to its portfolio. The deal structure involves a mix of cash and stock, with Smucker paying $34.25 per share. The acquisition is expected to be accretive to margins and earnings in the first year, with estimated annual run-rate synergies of $100 million to be realized within two years. It also significantly enhances Smucker's distribution capabilities in the convenience store channel, where Hostess is a market leader.

Groupe Avril acquired a majority stake in HARi&CO, partnering with the founders, who remain at the helm of the company. This transaction provides an exit for the early-stage financial investors, Eutopia (via Otium Consumer) and Triodos Investment Management. For Avril, this acquisition is highly synergistic with its purchase of Vivien Paille (a major legume processor) the previous year, allowing the group to control the entire value chain from the field (farmers) to the consumer's plate (branded finished goods).

Mars, Incorporated has entered into a definitive agreement to acquire Kevin's Natural Foods. This acquisition marks a significant step in Mars Food & Nutrition's strategy to expand into the high-growth "healthy eating" segment. Kevin's Natural Foods will operate as a standalone brand within the Mars Food & Nutrition division, retaining its entrepreneurial culture while leveraging Mars' global distribution network and R&D capabilities to scale. The deal provides an exit for early investors Towerbrook Capital and NewRoad Capital.

The 100% acquisition of United Malt Group by Malteries Soufflet creates the world's largest maltster, significantly increasing the acquirer's annual production capacity by 50% to reach 3.7 million tonnes across 41 production sites in 20 countries. The strategic rationale is driven by the desire to build a truly global platform with highly complementary geographic footprints, particularly strengthening the acquirer's presence in North America and the high-margin craft beer segment. This platform investment is expected to be value-accretive by enabling large-scale operational synergies, enhancing R&D capabilities for sustainable product development, and consolidating a fragmented global market. The merger signals a major shift in the agri-food sector, where scale and sustainable supply chain management have become critical competitive advantages. The combined entity is now ideally positioned to invest in low-carbon operations and specialty malt innovations, catering to both global industrial giants and the rapidly evolving artisanal brewing and distilling markets.

Pernod Ricard, through its Canadian subsidiary Corby Spirit and Wine, acquired a 90% stake in Ace Beverage Group, with a clear path to 100% ownership via two call options exercisable in 2025 and 2028. The transaction is structured as a majority‑stake bolt‑on designed to position Corby as a leading force in the Canadian RTD category, where Ace Beverage Group is already the largest independent operator and a pure‑play RTD platform. Created via the 2020 combination of Cottage Springs and Ace Hill, ABG has built a strong presence around its flagship brand Cottage Springs, which leads the Ontario RTD market with iconic products such as Vodka Soda, Vodka Water, and Tequila Soda, while also offering a secondary portfolio of brands like Ace Hill, Cabana Coast, and Liberty Village. The Canadian RTD segment has been one of the fastest‑growing sub‑categories in beverage alcohol, with above‑20% annual growth between 2016 and 2021 and an expected continuation of double‑digit growth in coming years, driven by demand for convenience, low‑sugar formulations, and on‑trend flavor profiles.

Mitsui & Co. has acquired a minority stake in Euricom S.p.A., marking the first time the group's founding families have accepted external capital. The strategic rationale for the transaction is to transform Euricom into a more institutionalized global platform for growth, leveraging Mitsui's procurement networks (such as its ETG pulses platform) and global reach. As part of the deal, Mitsui swapped its existing minority stake in Euricom’s Polish subsidiary, Rol-Ryż, for new shares in the parent group. This investment is aimed at accelerating Euricom's expansion into adjacent categories like pulses and strengthening its relationships with European retailers. Bruno Sempio remains Chairman and retains sole control over the group’s management, ensuring industrial continuity while benefiting from Mitsui's long-term strategic support.

IK Partners has agreed to acquire a majority stake in GoodLife Foods from Egeria. Egeria, along with the management team, will reinvest for a minority stake. During Egeria's ownership (2014-2023), the company transformed from a local Dutch player (Izico) into a European platform. IK's investment thesis focuses on further international expansion and accelerating the shift towards plant-based products.

3i Group has announced that Panelto Foods, a premier Irish bakery group specializing in artisan breads, will join the European Bakery Group, establishing a dedicated UK and Ireland operational platform within the pan-European entity. The European Bakery Group was originally formed in May 2023 via the strategic combination of Dutch Bakery, a market-leading Dutch group focused on home bake-off bread and snack products, and coolback, a German-based bake-off bread specialist. Following this transaction, Panelto Foods, Dutch Bakery, and coolback will serve as the three core pillars driving the enlarged group’s cross-border operations. Backed by specialized financial and legal advisors, the transaction remains subject to customary regulatory clearances. The investment thesis centers on building an institutional-grade, highly diversified platform within the fragmented European private-label bake-off bread market. By integrating Panelto Foods, the European Bakery Group significantly expands its geographical footprint, broadens its pan-European customer base, and achieves a highly complementary product assortment. The post-closing strategic rationale focuses on leveraging the scale, capital resources, and manufacturing capabilities of the combined multi-site platform to deliver an innovative, sustainable, and premium product portfolio centered on natural ingredients.

Riello Investimenti Partners SGR has acquired a 75% majority stake in Il Fornaio del Casale S.p.A. The founding family retains a 25% minority stake and remains involved in the management. This is the seventh acquisition for the "Italian Strategy Private Equity" fund. The strategic rationale is to support the company's growth by expanding domestic distribution and, crucially, accelerating internationalization (exports). The deal structure leverages the target's strong brand positioning to enter new markets.

Mademoiselle Desserts continues its external growth strategy by acquiring the pastry and ice cream activities of the Belgian company Galana. The transaction is structured as a carve-out, as Galana's seafood trading business is not included. The acquisition was financed through a mix of equity and bank debt.