ZELLWIN FARMS COMPANY acquired by HUHTAMAKI

FSN Capital IV and other minority shareholders have signed a definitive agreement to sell 100% of the shares in Fibo to Norcros. The transaction marks the conclusion of a successful 10-year growth journey under FSN Capital IV, which originally acquired Fibo as a carve-out from Byggma ASA in 2015. During this ownership period, Fibo underwent a transformation from a local Norwegian player into a robust international entity with a diversified revenue mix and highly automated manufacturing capabilities. The strategic rationale for Norcros is to gain access to Fibo's market-leading waterproof wall panel technology, which complements its existing bathroom product suite. For Fibo, the acquisition provides access to greater resources and the ability to collaborate with a larger group to further serve global customers. The deal was advised by DNB Carnegie, Haavind, PWC, and Raymond James for the sell-side. Closing is anticipated in the second half of 2025, pending customary regulatory approvals.

Stirling Square Capital Partners has reached an agreement to sell 100% of Verescence to a consortium formed by Movendo Capital and Draycott. This transaction follows a competitive auction process managed by Rothschild & Co, which attracted interest from major international private equity firms (One Rock, Lone Star, ICG) and global industrial players (PGP Glass, Vitro, Heinz). The acquisition represents a strategic shift for Verescence toward long-term family-office ownership, moving away from traditional short-cycle private equity. The deal is structured with a bank debt package representing a leverage level of 3.0x to 3.5x EBITDA and includes an earn-out provision based on the company's future financial performance. The strategic rationale for the Portuguese consortium is to back a global leader in a high-barrier-to-entry industry that is essential to the luxury ecosystem. The new owners have committed to supporting Verescence’s significant CAPEX requirements and its ambitious decarbonization initiatives, ensuring the company remains the partner of choice for luxury brands seeking sustainable packaging solutions in a growing global market.

BWGI, which currently holds 28.8% of Verallia's capital, has filed a voluntary tender offer to acquire control of the company. The offer proposes a price of 30 euros per share (with the 2024 dividend attached). Unlike typical private equity buyouts, BWGI has explicitly stated its intention to maintain Verallia's listing on Euronext Paris, seeking only to cross the regulatory threshold of 50% capital or voting rights. A critical component of this transaction is the management of Verallia's existing debt structure. Due to "Change of Control" clauses in current financing agreements, Verallia has initiated a massive consultation process with its lenders and bondholders to obtain waivers or amendments. To ensure financial stability, the company has secured a comprehensive "backstop" and "bridge" financing package of up to €1.6 billion from a banking syndicate to refinance existing credits or reimburse bondholders who might exercise their "Put Option." The offer is subject to the reasoned opinion of Verallia’s Board of Directors and the approval of the AMF.

The private equity firm Astorg wins the auction to acquire the Solabia Group from TA Associates. This secondary LBO values the French biotech specialist at over EUR1.1 billion. The management team, led by CEO Jean-Baptiste Dellon, reinvests alongside Astorg. This new partnership aims to accelerate Solabia's international growth, particularly in the United States, and to continue its buy-and-build strategy to broaden its portfolio of natural ingredients for the beauty and health sectors.

Groupe GRIS acquired 100% of Laser Alsace Production from its founder. This operation allows the group to integrate a new cutting technology—laser—which complements its historical expertise in press-cutting.

UPM Raflatac acquired 100% of Metamark for a total consideration of �146 million. This acquisition accelerates UPM's transformation into a "complete product provider" for the adhesive industry. By integrating Metamark, UPM gains a respected portfolio of graphic films that complements its existing labeling business. The deal thesis relies on leveraging UPM's massive global sales and distribution network to export Metamark's products—currently strong in Europe—to new markets in the Americas and Asia.

The Groupe SGT continues its expansion by acquiring Axium Packaging from private equity funds Cerea Partners and Bpifrance. This strategic move marks a significant diversification for SGT: while SGT is a leader in preforms for the beverage market, Axium specializes in finished containers (bottles, jars) for the hygiene, beauty, and food sectors. The acquisition creates a comprehensive European packaging player with strong synergies in recycled materials (rPET) and a combined industrial footprint of over 10 sites.

The acquisition of the target by Aperam marks a definitive structural expansion into the North American market. The strategic rationale for this transaction centers on a "portfolio-decommoditization" play, merging the target's technical operational depth in aerospace-grade alloys with the group’s global leadership in stainless and specialty steel solutions. This fusion effectively creates a specialized powerhouse in the high-performance metals arena, providing the organization with the necessary technical resources to address the increasing complexity of aerospace and industrial supply chains in the United States. This operation allows the group to execute a definitive structural transformation of its Alloys & Specialties segment, moving into high-margin segments that reduce exposure to traditional steel cycles.

Macfarlane Group UK Limited, a wholly-owned subsidiary of Macfarlane Group PLC, has acquired 100% of The Pitreavie Group Limited. This strategic acquisition is designed to significantly enhance Macfarlane’s manufacturing presence in Scotland and provide internal supply capabilities for its distribution businesses in the North of England. The transaction includes a structured earn-out mechanism based on profit growth targets over the next two years, ensuring the continued commitment of Pitreavie’s senior management team, who will remain with the business post-completion. The merger creates substantial synergy opportunities by leveraging Pitreavie’s specialized corrugate manufacturing capacity and temperature-controlled expertise alongside Macfarlane’s extensive national distribution network. The acquisition is being funded through Macfarlane’s existing bank facilities, demonstrating the Group's ability to execute earnings-enhancing deals while maintaining a strong balance sheet. This move further consolidates Macfarlane’s position as the leading consolidator in the UK protective packaging market.

Veritiv Operating Company has successfully completed the acquisition of Orora Packaging Solutions (OPS) from Orora Limited (ASX: ORA). This landmark transaction represents a major step in Veritiv’s consolidation strategy within the North American packaging sector. The deal allows Veritiv to integrate OPS' extensive distribution network and its nearly 3,000 employees into a unified specialty packaging platform. The strategic rationale for the acquisition is to enhance the combined entity's geographic footprint, particularly in the U.S. and Mexico, and to broaden the range of value-added solutions offered to customers with complex supply chain requirements. For the seller, Orora Limited, the divestiture allows for a strategic refocusing on its core beverage packaging business while significantly strengthening its balance sheet. The transaction was supported by a large syndicate of international lenders, underscoring the market's confidence in the combined group’s scale and synergy potential. This acquisition further solidifies Veritiv’s position as the leading specialty packaging distributor in North America.