ZFS CRESTON acquired by BENSON HILL

Hilton Food Group plc completed the acquisition of Dutch Seafood Company B.V. from H2 Equity Partners B.V., securing full ownership of the smoked salmon specialist. Rationale centers on diversifying Hilton's protein portfolio into high-growth seafood, leveraging Foppen's leadership in U.S. smoked specialties (61% sales) and Dutch retail via Costco and Albert Heijn. Complementary footprints enable cross-selling, new customer wins, and U.S. market entry, aligning with smoked salmon demand surges (29% U.S. grocery growth, 11% Dutch) while bolstering specialty offerings like toast salmon. Post-deal focus targets earnings accretion within 12 months, net leverage below 2.0x, and regulatory clearances secured from Dutch authorities.

KKR acquired a majority stake in Refresco from PAI Partners and British Columbia Investment Management Corporation (BCI). This transaction marks the exit of PAI and BCI after a highly successful four-year holding period, during which the group's enterprise value nearly doubled. Under PAI's ownership, Refresco completed significant acquisitions, including Cott's bottling activities and various regional players, solidifying its position as a global leader.

Monster Beverage Corporation has entered into a definitive agreement to acquire CANarchy Craft Brewery Collective LLC for a total cash consideration. This acquisition represents a landmark strategic pivot for Monster, serving as its primary entry point into the alcoholic beverage sector. The transaction includes CANarchy’s full industrial infrastructure, alcoholic beverage licenses, and a dedicated management team with deep expertise in malt-based product development and manufacturing. A key element of the deal structure is the independence of CANarchy’s organizational structure, which will continue to function separately from Monster’s core energy drink business. The strategic rationale for the merger is to capitalize on the convergence between energy drinks and hard seltzers, providing Monster with a turnkey platform to develop and launch "cross-over" alcoholic products. By integrating CANarchy’s craft expertise with Monster’s global brand power, the combined entity aims to meet the evolving needs of consumers seeking innovative alcoholic flavors. Notably, the transaction excludes CANarchy’s stand-alone restaurants, focusing strictly on the scalable production and distribution assets of the collective.

In December 2022, Huel closed a $24M funding round led by Highland Europe, with participation from actor Idris Elba, TV presenter Jonathan Ross, and TALA CEO Grace Beverley. At the time of the round, Huel reported $170M in annual revenue, representing 40% year-over-year growth, driven by the successful launch of its hot meal range and a strategic transition from direct-to-consumer to omnichannel retail distribution. The round was designed to accelerate Huel's expansion in the United States, its second-largest market after the UK, as well as Germany and Japan. The funding also supported new product innovation and the development of Huel's low-carbon, plant-based nutritionally complete food range.

Lucas Bols entered into an agreement to acquire 100% of Tequila Partida LLC, including its Mexican subsidiaries Casa Partida and Tequila Partida de Mexico, from the Shansby Trust and Edrington USA. This acquisition is a strategic move to integrate one of the fastest-growing spirits categories into the Lucas Bols portfolio, specifically targeting the high-growth ultra-premium tequila segment in the United States. Tequila is a fundamental ingredient in the Margarita, the most popular cocktail in the US, making this acquisition a seamless fit for Lucas Bols’ global cocktail-led growth strategy. By taking over the brand, Lucas Bols intends to leverage its existing US distribution platform to accelerate sales beyond pre-pandemic levels. The transition includes the acquisition of all intellectual property, trademarks, and inventory, while maintaining the local production team in Mexico to ensure the preservation of the brand's artisanal quality and handcrafted heritage.

BGH Capital acquired a controlling stake in Laurent Bakery Group. The transaction involved the exit of a silent co-investor and the reinvestment of founder Laurent Boillon, who remained a significant shareholder and Director. The strategic rationale for the deal is the massive growth potential of the group’s wholesale division, particularly its national supply contract with Coles. BGH aims to capitalize on the shift in Australian consumer preferences toward high-quality, traditional French baking, which was previously underserved in the mass market. By providing fresh capital and management expertise, BGH intends to expand the group's manufacturing footprint and optimize its national logistics network. This partnership allows the founder to focus on product quality and brand DNA while the private equity firm professionalizes the corporate structure. This deal highlights the continued interest of private equity in "recession-proof" consumer staples that possess both a strong retail identity and a scalable industrial engine.

Unilever agreed to sell its global tea business, ekaterra, to CVC Capital Partners Fund VIII. The deal is structured as a full‑control carve‑out, with Unilever retaining its tea operations in India, Nepal, Indonesia, and its 50% stake in the Pepsi‑Lipton ready‑to‑drink tea joint venture and related distribution businesses, while the ekaterra perimeter includes all other tea brands and production assets. The transaction was the result of a competitive, multi‑bidder process advised by Goldman Sachs and Centerview Partners on the sell‑side, with CVC’s offer—prepared with Spayne Lindsay & Co and Citigroup—outperforming competing bids from Carlyle and Advent. By exiting ekaterra, Unilever executes a strategic portfolio reshaping focused on reallocating capital toward higher‑growth, more digitally oriented and premium consumer‑segments, while CVC takes over a platform‑scale tea business, strong brand equity, and a diversified footprint across nearly 80 countries.

TA Associates acquired a majority stake in Nactarome from Ambienta SGR SpA, with Nactarome management retaining minority equity alongside the seller. This secondary buyout transitions control of the Italian flavours platform, financed via TA's debt fund following a competitive auction managed by Lazard. The move aligns with TA's thesis on high-margin B2B food ingredients, where Nactarome's natural flavours and clean-label prowess—bolstered by bolt-ons like Nactis and IPAM—offer organic R&D-led growth plus tuck-in potential. Timing taps peak sector momentum, with Europe F&B buyouts hitting €13 billion amid premium multiples for optimized PE assets; post-deal priorities encompass international expansion, service elevation, and M&A continuity.

Biscuit International acquired Continental Bakeries from Goldman Sachs Asset Management. This "transformational" deal allows the group to effectively double its size, increasing revenue from EUR530 million to over EUR900 million. The combined entity employs 4,500 people and operates 33 factories with a production capacity of 300,000 tons per year. The transaction was financed through a capital increase subscribed by Platinum Equity and the management team, alongside new debt facilities. The deal creates an undisputed pan-European giant with over 80% of sales generated outside France.

Ardian has acquired a majority stake in Florida Food Products (FFP) from MidOcean Partners. Under the terms of the agreement, MidOcean, which first invested in FFP in 2018, will retain a significant minority equity stake alongside Ardian. The partnership aims to accelerate FFP's strategic plan through further investment in R&D, infrastructure, and acquisitions to expand its portfolio of natural ingredient solutions. The deal represents a major exit and reinvestment for MidOcean, validating the rapid growth of the clean label sector.