WATERLOO BREWING acquired by CARLSBERG GROUP

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.

SARIA acquired the entire issued share capital of Devro with an offer representing a substantial premium of approximately 67% to Devro's share price, reflecting SARIA's determination to delist this strategic asset. The deal creates a global powerhouse in the sausage casings market, combining Devro's collagen technology with SARIA's existing natural casings business (Van Hessen).

The acquisition of Royal Buisman by Nactarome is a strategic move to drive long-term growth, aimed at solidifying Nactarome's position in the natural ingredients market for the food and beverage industry. As a specialist in natural caramel ingredients, Royal Buisman brings a complementary offering to Nactarome's portfolio, with a range of products that cater to customers' needs in terms of flavor, color, and texture. This transaction enables Nactarome to expand its geographic footprint, particularly in Europe, and strengthen its network of key clients, with an increased presence in five new countries

PAI Partners' investment in La Compagnie des Desserts, a specialist in frozen pastries and ice cream for professionals, is part of a broader strategy to expand geographically and diversify operations. With a workforce of 700 employees, the company aims to achieve revenues of 180 million euros by 2027, up from 117 million euros in 2022, driven by approximately 20 annual hires. This growth will be fueled by the development of new market segments, such as leisure, take-out sales, and dark kitchens, as well as entry into new geographic markets, including Scandinavia, Italy, Germany, and Austria, potentially through targeted acquisitions, thereby increasing its global footprint and broadening its customer base, with the ultimate goal of enhancing its financial performance and competitiveness in the industry

Routin-1883 acquired 100% of Cappuccine to accelerate its footprint in the North American market, the world's largest for coffee shops and mixology. This acquisition marks Routin's third external growth operation since Apax's entry in 2019 (following Eyguebelle and Artonic). The deal was financed through a mix of equity and debt (LCL, Credit Agricole). By integrating Cappuccine's powdered mix expertise, Routin diversifies its product portfolio to offer a complete "one-stop-shop" solution for coffee chains and the Foodservice industry globally

Lucas Bols completed the acquisition of 100% of Fluère to strategically enter the rapidly growing non-alcoholic spirits market. This "bolt-on" acquisition allows Lucas Bols to capitalize on the "mindful drinking" trend, providing a sophisticated alcohol-free alternative to its global client base of professional bartenders and distributors. The transaction was structured to facilitate a seamless transition and integration, finalized by April 2023. By bringing Fluère into its portfolio, Lucas Bols can leverage its existing global distribution power and century-old expertise in flavor distillation to scale the brand internationally

Newlat Food has completed the acquisition of EM Foods and its manufacturing facility in Ludres from the German food company Dr. Oetker. This transaction marks Newlat's strategic entry into the baking mixes and dessert category, further diversifying its product offering. Crucially, the deal is underpinned by a significant long-term co-packing agreement with Unilever. Under this partnership, Newlat will become the exclusive supplier for a range of baking mixes under Unilever's iconic brands such as Carte d'Or, Mondamin, and Maizena

Brown‑Forman Corporation has completed the acquisition of the Diplomático Rum brand and its associated corporate assets from Destillers United Group S.L.. The transaction structure transfers full brand ownership alongside a dedicated aging, bottling, and shipping production facility located in Panama. As part of the closing integration, the purchasing group integrates more than 100 employees into its global corporate workforce. Under the terms of the agreement, Destillers United Group S.L. will retain manufacturing operations, continuing to produce and age the rum line at its original distillery located at the foot of the Andes mountains

Refresco has completed the acquisition of Avandis, a Dutch manufacturer of alcoholic beverages, from Lucas Bols and De Kuyper Royal Distillers, two leading players in the spirits and cocktail industry. The transaction was finalized in January 2023, following the signing of the initial agreement in October 2022 and the receipt of regulatory approvals. Avandis is a contract manufacturer specializing in the production of alcoholic beverages, headquartered in Zoetermeer, Netherlands. The company provides manufacturing solutions for spirits and cocktail brands, with a strong expertise in complex products and private-label productions

Kerry Group entered into exclusive negotiations to divest its Sweet Ingredients Portfolio to IRCA, a portfolio company of the global private equity firm Advent International. This transaction represents a strategic move for Kerry Group to refine and enhance its core Taste & Nutrition business. By divesting the sweet ingredients assets, Kerry aims to sharpen its focus on higher-value and more strategic areas of its portfolio, aligning its resources with segments where it can generate the most significant value