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TreeHouse Foods and Investindustrial Announce Definitive Acquisition Agreement for a Total Enterprise Value of $2.9 Billion

Investindustrial

TreeHouse Foods Shareholders to Receive $22.50 Per Share in Cash and One Contingent Value Right Per Share

OAK BROOK, Ill., November 10, 2025 – TreeHouse Foods, Inc. (NYSE: THS, “TreeHouse Foods” or “the Company”) and Industrial F&B Investments III Inc. (“Investindustrial”), an independently managed investment subsidiary of Investindustrial VIII SCSp, part of a leading European group of independently managed investment, holding, and advisory companies, today announced that they have entered into a definitive agreement under which TreeHouse Foods will be acquired by Investindustrial in an all-cash transaction for a total Enterprise Value of $2.9 billion.

Under the terms of the agreement, TreeHouse Foods shareholders will receive $22.50 per share in cash for each share of common stock owned at closing, and one non-transferable Contingent Value Right (“CVR”) per common share. The CVR generally will provide a holder with an opportunity to receive certain net proceeds, if any are recovered, from certain ongoing litigation relating to part of TreeHouse Foods’ coffee business.
The upfront cash portion of the consideration of $22.50 per common share represents an equity value of $1.2 billion, a 38% premium to TreeHouse Foods’ closing share price on September 26, 2025, the last full trading day prior to market speculation around a transaction and a 29% premium to the Company’s 30-day volume-weighted average share price on September 26, 2025.

“TreeHouse Foods has been executing a strategy to become a focused snacking and beverage private brand leader with depth in categories, attractive long-term prospects and an agile operating model. Our agreement with Investindustrial, a leading European investor with a strong track record in food manufacturing and related sectors, will provide shareholders with immediate cash value, at a substantial premium,” said Steve Oakland, Chairman, Chief Executive and President of TreeHouse Foods. “I am incredibly grateful to the entire TreeHouse Foods team for helping us reach this milestone, and we look forward to partnering with Investindustrial to position TreeHouse Foods for continued success in its next chapter.”
“Today’s agreement with Investindustrial follows careful consideration by our Board to determine the best path to maximize value for shareholders,” said Linda Massman, Lead Independent Director of the TreeHouse Foods Board of Directors. “We are pleased to have reached an agreement that will deliver compelling, cash value for our shareholders.”

“Investindustrial is delighted to welcome TreeHouse as the newest platform in its global food and beverage portfolio,” said Andrea C. Bonomi, Chairman of the Industrial Advisory Board of Investindustrial. “The acquisition of TreeHouse Foods, which will operate independently within Investindustrial’s portfolio, underscores the firm’s expertise in food and beverage and highlights its strong presence in North America, where Investindustrial portfolio companies will have a total of over 85 manufacturing plants and 16,000 employees, following the acquisition of TreeHouse Foods. We have long admired TreeHouse Foods and have tremendous respect for Steve and the entire team, who have built a dynamic snacking and beverage leader and supply chain partner to blue-chip retail, food service and food-away-from-home customers across North America. We are confident in the long-term growth opportunities in private brands and the categories where TreeHouse Foods operates, as well as the

company’s ability to build on its strong foundation of leadership. We look forward to working closely
with the TreeHouse Foods leadership team and employees to drive its long-term success.”
Transaction Details
The transaction, which has been unanimously approved by the TreeHouse Foods Board of Directors, is
expected to close in the first quarter of 2026, subject to approval by TreeHouse Foods shareholders and
satisfaction of regulatory approvals and other customary closing conditions. JANA Partners LLC, a 10%
shareholder of TreeHouse Foods common stock, has entered into a customary voting agreement to vote
in favor of the transaction at the special meeting of TreeHouse Foods shareholders to be held in
connection with the transaction. The transaction is not subject to a financing condition.
Upon completion of the transaction, the Company’s common stock will no longer be listed on the New
York Stock Exchange, and TreeHouse Foods will become a private company.
Contingent Value Right
Under the terms of the definitive agreement, shareholders will receive one non-transferable CVR per
share, which will provide holders with an opportunity to receive, on a per unit basis, 85% of net
proceeds, if any are recovered, from the ongoing TreeHouse Foods, Inc. et al. v. Green Mountain Coffee
Roasters, Inc. et al. litigation.

As previously disclosed, in February 2014, TreeHouse Foods, along with its 100% owned subsidiaries, Bay
Valley Foods, LLC and Sturm Foods, Inc., filed suit against Keurig Dr. Pepper Inc.’s wholly-owned
subsidiary, Keurig Green Mountain (“KGM”), in the U.S. District Court for the Southern District of New
York asserting claims under the federal antitrust laws, various state antitrust laws and unfair competition
statutes, contending that KGM had monopolized alleged markets for single serve coffee brewers and
single serve coffee pods. TreeHouse Foods is seeking monetary damages, declaratory relief, injunctive
relief and attorneys’ fees. In August 2020, the Company’s economic experts estimated monetary
damages to be in the range of $719.4 million to $1.5 billion for the Company’s antitrust claims, before
trebling, and $358.0 million for a subset of the Company’s false advertising claims, without accounting
for discretionary trebling by the court. The matter remains pending, with summary judgment motions
fully briefed.

Third Quarter 2025 Financial Results
In a separate press release issued today, TreeHouse Foods announced third quarter 2025 financial
results. In light of the announced transaction with Investindustrial, TreeHouse Foods has canceled the
associated earnings conference call previously scheduled for today and withdrawn its prior guidance.

Advisors
Goldman Sachs & Co. LLC is serving as financial advisor to TreeHouse Foods, Jones Day is serving as legal
counsel and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor.
Lazard, RBC Capital Markets and Deutsche Bank are serving as financial advisors to Investindustrial. RBC
Capital Markets, Deutsche Bank and KKR Capital Markets have provided Investindustrial with financing
support for the transaction. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to
Investindustrial on the acquisition, with Paul, Weiss, Rifkind, Wharton & Garrison LLP serving as
financing legal counsel.

ABOUT TREEHOUSE FOODS
TreeHouse Foods, Inc. is a leading private brands snacking and beverage manufacturer in North America. Our purpose is to engage and delight – one customer at a time. Through our customer focus and category experience, we strive to deliver excellent service and build capabilities and insights to drive mutually profitable growth for TreeHouse and for our customers. Our purpose is supported by investment in depth, capabilities and operational efficiencies which are aimed to capitalize on the long-term growth prospects in the categories in which we operate.
Additional information, including Forms 10-Q and 10-K, may be found at TreeHouse Foods’ investor relations website.

ABOUT INVESTINDUSTRIAL
Investindustrial is a leading European group of independently managed investment, holding, and advisory companies with €17 billion of raised fund capital. With ESG principles deeply embedded into the firm’s core approach, Investindustrial has a 35-year history of providing mid-market companies with capital, industrial expertise, operational focus and global platforms to accelerate sustainable value creation and international expansion.
Certain companies of the Investindustrial group are authorized by, and subject to regulatory supervision of the FCA in the United Kingdom, the CSSF in Luxembourg and the FSRA in Abu Dhabi Global Market. References to ‘Investindustrial’ are of generic nature, for ease of reading, and may refer, depending on the context, to a fund or any of its independently managed subsidiaries. Investindustrial’s investment companies act independently from each other and each Investindustrial fund. More information is available on www.investindustrial.com.

FORWARD-LOOKING STATEMENTS
Throughout this press release, we make forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be typically identified by such words as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” and other similar expressions among others. Although we believe the expectations reflected in any forward-looking statements are reasonable, they involve known and unknown risks and uncertainties, are not guarantees of future performance, and actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements and any or all of our forward-looking statements may prove to be incorrect. Consequently, no forward-looking statements may be guaranteed and there can be no assurance that the actual results or developments anticipated by such forward looking statements will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, TreeHouse Foods or its businesses or operations. Factors which could cause our actual results to differ from those projected or contemplated in any such forward-looking statements include, but are not limited to, the following factors: the risk that the transaction does not close, due to the failure of one or more conditions to closing; the risk that required governmental or TreeHouse Foods’ shareholder approvals of the merger (including antitrust approvals) will not be obtained or that such approvals will be delayed beyond current expectations; litigation in respect of TreeHouse Foods or the merger; and disruption from the merger making it more difficult to maintain customer, supplier, key personnel and other strategic relationships. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in TreeHouse Foods’ most recent Annual Report on Form 10-K filed
with the SEC on February 14, 2025, TreeHouse Foods’ more recent Quarterly Report on Form 10-Q filed with the SEC on July 31, 2025 and Current Reports on Form 8-K filed with the SEC. TreeHouse Foods can give no assurance that the conditions to the merger will be satisfied. Except as required by applicable law, TreeHouse Foods cannot undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. TreeHouse Foods does not intend, and assumes no obligation, to update any forward-looking statements.

ADDITIONAL INFORMATION AND WHERE TO FIND IT
This communication is being made in respect of the proposed transaction involving TreeHouse Foods and Investindustrial. TreeHouse Foods intends to file with the SEC a proxy statement in connection with the proposed transaction with Investindustrial as well as other documents regarding the proposed transaction. The definitive proxy statement will be sent or given to the shareholders of TreeHouse Foods and will contain important information about the proposed transaction and related matters. TREEHOUSE FOODS’ SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The proxy statement and other relevant materials (when they become available), and any other documents filed by TreeHouse Foods with the SEC, may be obtained free of charge at the SEC’s website, at www.sec.gov. In addition, security holders of TreeHouse Foods will be able to obtain free copies of the proxy statement through TreeHouse Foods’ website, www.treehousefoods.com, or by contacting TreeHouse Foods by mail at TreeHouse Foods, Inc., Attn: Corporate Secretary, 2021 Spring Road, Suite 600, Oak Brook, IL, 60523.

PARTICIPANTS IN THE SOLICITATION
TreeHouse Foods and its respective directors, executive officers and other members of management and certain of its employees may be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Information about TreeHouse Foods’ directors and executive officers is included in TreeHouse Foods’ Annual Report on Form 10-K for the year ended 2024 filed with the SEC on February 14, 2025, and the proxy statement for TreeHouse Foods’ annual meeting of shareholders for April 24, 2025, filed with the SEC on March 13, 2025. Additional information regarding these persons and their interests in the merger will be included in the proxy statement relating to the proposed merger when it is filed with the SEC. These documents, when available, can be obtained free of charge from the sources indicated above.

INVESTINDUSTRIAL’S USE OF TERMS
The terms “group”, “Investindustrial”, “we”, “us” (and similar) in this document have been used only for practical ease of reading and do not intend to imply any specific reference to a legal definition or any activity of control by any individual or company with respect to other companies. Investindustrial companies are each independently managed by their respective boards of directors. The term “Investindustrial” may refer where the context requires to companies other than the investment subsidiary of the fund Investindustrial Group’s investment companies act independently from each other and each Investindustrial fund.
Please also note that any hyperlink or website mentioned herein, and information and links contained therein are not part of this communication and should not be considered as incorporated by reference herein.

Contacts
TreeHouse Foods
Investors
matthew.siler@treehousefoods.com

Media
Leigh Parrish / Sharon Stern
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

Investindustrial

Julia Fisher
Edelman Smithfield
(646) 301-2968
Julia.fisher@edelmansmithfield.com

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Platinum Equity to Sell Unical Aviation to Satair, an Airbus Company

Platinum

A wide shot inside a large maintenance hangar with a red and white passenger jet (Unical) partially inside, surrounded by stacked boxes and industrial equipment. | Platinum Equity

Successful exit follows comprehensive four-year operational transformation program

LOS ANGELES (November 7, 2025) – Platinum Equity today announced it has signed a definitive agreement to sell Unical Aviation Inc. (“Unical”), a leading global provider of aerospace aftermarket solutions, to Satair, an Airbus company.

The sale includes Unical, a global aircraft parts and components supplier of Used Serviceable Material (USM) and its subsidiary eCube Solutions, a global expert in aircraft storage, disassembly, and transition services.

Platinum Equity acquired Unical in 2021. Over the past four years Unical has undergone a comprehensive transformation program designed to modernize operations, strengthen leadership, and accelerate growth.

“Over the past four years, we achieved those goals by partnering with the leadership team to implement advanced technology, expand global capabilities, and strengthen the company’s competitive position. This transaction is another example of how Platinum Equity can help family- and founder-owned businesses scale, innovate, and maximize their potential.”

Jacob Kotzubei, Co-President Platinum Equity

“We are proud of everything we accomplished at Unical,” said Jacob Kotzubei, Co-President of Platinum Equity. “When we acquired the business, we saw tremendous potential to modernize its operations, expand its position within the aerospace aftermarket, and elevate its presence on the global stage. Over the past four years, we achieved those goals by partnering with the leadership team to implement advanced technology, expand global capabilities, and strengthen the company’s competitive position. This transaction is another example of how Platinum Equity can help family- and founder-owned businesses scale, innovate, and maximize their potential.”

Highlights of Unical’s transformation under Platinum Equity’s ownership include:

  • Built a new leadership team of seasoned aerospace aftermarket professionals
  • Modernized technology platforms, including new ERP, auto-quoting and e-commerce systems, better enabling Unical to scale
  • Optimized geographic footprint and relocated headquarters and MRO operations to a purpose-built, lower-cost facility
  • Diversified inventory to include narrowbody and next-generation aircraft and engine content
  • Established a dedicated asset management team focused on maximizing returns
  • Completed three strategic add-on acquisitions, including ecube, which enhanced Unical’s end-of-life services and its global footprint

“We invested in the people, processes, systems, and inventory Unical needed to thrive in a rapidly evolving aerospace market,” said Dan Krasner, Managing Director at Platinum Equity. “From upgrading technology platforms to diversifying inventory and expanding service offerings, every initiative was designed to create a stronger, more resilient business. We are confident that under Satair’s ownership, Unical will continue to grow and deliver exceptional value to customers worldwide.”

The sale is subject to customary regulatory approvals and other closing conditions and is expected to be finalized in early 2026.

Jefferies, LLC and Fifth Third Securities are serving as financial advisors to Unical on the sale to Satair and ReedSmith is serving as the company’s legal counsel on the transaction.

About Unical

Founded in 1990 and headquartered in Glendale, AZ, Unical Aviation supplies aircraft parts and components to thousands of aviation customers around the globe. With roughly 90 million parts and over 1 million unique airframe and engine part numbers in stock, Unical is one of the largest suppliers of new and used serviceable material for the commercial aerospace industry. Unical’s recently expanded engines business and vertically integrated MRO and 145 repair affiliate companies provide a full and comprehensive aftermarket parts and service solution to the world’s most trusted airlines, OEMs, and MROs. Read more at www.unical.com

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $50 billion of assets under management and a portfolio of approximately 60 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 30 years Platinum Equity has completed more than 500 acquisitions

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IK Partners to invest in Endrix

IK Partners

IK Partners (“IK”) is pleased to announce that the IK Small Cap IV Fund (“IK SC IV”) has signed an agreement to invest in Endrix (“the Group”), a leading French accountancy and advisory firm, alongside existing partners. This represents the third transaction signed from IK SC IV, which held a final close on €2.0 billion in July. Financial details of the transaction are not disclosed and completion is subject to customary regulatory approvals.

Founded in 1978 in Lyon, Endrix (formerly Groupe SFC) is a major accounting and advisory services provider to small and medium-sized enterprises (“SMEs”) and mid-market companies, with a presence across 35 offices in France. The Group provides a comprehensive service offering combining accounting, audit and both financial and non-financial advisory to support its 12,000 clients.

To strengthen its regional footprint, core business and expand its service offering, Endrix has recently accelerated its growth through several strategic acquisitions. Following the integration of Zalis in 2023 and Mageia Partners in 2024, the Group took another step forward with the acquisition of Exelmans in May 2025. This transaction confirms Endrix’s strong momentum and reinforces its position in the audit and restructuring markets, while bolstering its expertise in transaction services. In anticipation of major shifts such as AI adoption and e-invoicing, Endrix positioned itself early on, notably through the co-creation of Impulse Data in 2023 — the first strategic alliance within the financial ecosystem — to deploy a data lake covering over 800,000 companies, along with its own approved platform for e-invoicing.

In 2021, Endrix became the first player in its sector to welcome a financial partner, with the investment from Bpifrance. The strategic partnership with IK will enable Endrix to accelerate its digital transformation journey, strengthen its organisational structure and pursue an active external growth strategy both in France as well as internationally, allowing it to better meet the evolving needs of its clients. Additionally, the Group will seek to consolidate its position as a leading player in accounting and advisory services.

Leveraging IK’s sector expertise in European Financial and Professional Services — built through its past and current investments in accounting and audit firms such as Aspia (Sweden), Dains Accountants (UK) and Qconcepts (Netherlands) — the Group also aims to expand its international activities, particularly in cross-border markets such as Switzerland, Italy and Spain through a targeted M&A strategy.

David Humbert, CEO of Endrix, said: “We are particularly proud to welcome our new financial partner IK as a shareholder of Endrix. Their support represents a tremendous opportunity to accelerate our digital transformation journey and achieve the ambitious goals we have set for the Group in terms of development and quality of client support. This transaction once again demonstrates our pioneering spirit and our firm commitment to helping our clients and our team go beyond their own ambitions.”

Arnaud Bosc, Partner at IK and Advisor to the IK SC IV Fund, commented: “We have been impressed by Endrix’s remarkable growth trajectory over the past few years. We are convinced that the Group has a key role to play in the consolidation of the Accountancy sector, both in France and internationally, having already made several key acquisitions. Endrix perfectly illustrates the type of story we like to support, an entrepreneurial project led by an experienced team and with an ambitious external growth strategy.”

If you have any further questions, please contact:

Endrix
Pauline Balleydier
Phone : +33 (0)7 64 40 30 23
p.balleydier@endrix.com

IK Partners
Vidya Verlkumar
Phone: +44 (0)7787 558 193
vidya.verlkumar@ikpartners.com

About Endrix

With more than 850 experts from the fields of accounting, audit, law, and strategic and operational advisory, Endrix’s mission is to support the leaders of SMEs, mid-cap companies, and players in the social economy in managing, transforming, and improving the performance of their organisations. As committed strategic partners to their 12,000 clients, Endrix’s accountants, auditors, lawyers, recruiters, and consultants draw on their full range of expertise and solutions to create an environment that fosters the growth and success of their clients’ projects, united by a common ambition: to secure, support, and inform decision-making. For more information, visit endrix.com

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About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €20 billion of capital and invested in over 200 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com

Read More 

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Bain Capital Partners with Restaurant Executive Steve Ritchie to Launch Prosper Growth Partners, New Franchise Platform

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BainCapital

BOSTON – November 6, 2025 – Bain Capital today announced the formation of Prosper Growth Partners (“PGP”), a new franchise platform led by Steve Ritchie, former Chief Executive Officer of Papa John’s.  The platform will focus on acquiring franchisee businesses and scaling leading consumer brands through a partnership model focused on excellent operational execution to deliver best-in-class guest experiences.

As Chief Executive Officer, Mr. Ritchie brings more than 30 years of experience founding and leading multi-concept franchise organizations. Together with Bain Capital’s deep operational capabilities and long-term flexible capital, the partnership combines proven leadership with a track record of investing in the consumer and retail sector.  The partnership was formed through equity commitments from Bain Capital Special Situations.

Mr. Ritchie began his career in the restaurant industry at a young age, owning and operating a local pizzeria in high school.  Over the next 23 years, he held a series of leadership roles at Papa John’s, ultimately serving as President & Chief Executive Officer, overseeing operations for more than 5,000 restaurants across 50 countries.  During his tenure, he also operated as a franchisee, owning and operating restaurants across the Midwest region, giving him a deep understanding of both corporate and franchise operations.  Following his successful tenure at Papa John’s, Mr. Ritchie and his wife founded Endeavor Restaurant Group, a multi-concept restaurant platform with operations spanning diverse industry segments.   He most recently served as Chief Executive Officer of Bluegrass Restaurant Holdings, a multi-brand franchise platform operating more than 200 restaurant and fitness locations across six brands, including Panera, Pizza Hut, and Orangetheory Fitness.

“The current market represents a compelling opportunity to build a franchisee platform anchored by trusted, distinctive brands that consistently attract loyal consumers and emergent concepts positioned for sustainable, scalable growth. With proven multi-brand capabilities and a model that prioritizes long-term partnership and transparency, PGP is uniquely positioned to serve as the strategic partner of choice for tenured and fast-growing franchisors and franchisees seeking to adapt to changing consumer preferences,” said Mr. Ritchie.  “Bain Capital’s deep experience growing restaurant and retail businesses, combined with its significant operating capabilities and network of trusted industry and franchisee relationships will enable the platform to bring a hands-on, differentiated approach to value creation.  I am excited to collaborate with the Bain Capital team to execute our shared vision to build an exceptional and differentiated portfolio of category defining brands at scale.”

“We are fortunate to partner with a proven operator and executive of Steve’s caliber who can complement our institutional capabilities and approach to brand stewardship,” said Cristian Jitianu, a Partner at Bain Capital. “Throughout Bain Capital’s more than 40 years of investing in restaurants and retail, we’ve gained valuable consumer and commercial insights, and with Steve’s decades of franchisee leadership and first-hand operating experience, we are well-positioned to acquire franchisee businesses and partner with leading brands to develop new locations and fuel their growth.”

Bain Capital has a long history of partnering with companies to accelerate growth, with strong experience in the consumer, retail, and restaurant industries.

###

About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

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Ardian Semiconductor signed an agreement with Solarpark Blautal GmbH to acquire its stake in centrotherm international AG, a leading semiconductor manufacturing equipment company – the Hartung family reinvests and remains a significant shareholder

Ardian

Ardian, a world-leading private investment firm, announces that it has entered into a definitive agreement with Solarpark Blautal GmbH (“Solarpark Blautal”) to acquire its 90% stake in centrotherm international  AG (“Centrotherm” or the “Company”), a leading player in the design and production of power semiconductor manufacturing equipment. As part of this agreement, Solarpark Blautal will re-invest a portion of its proceeds alongside Ardian and remain a significant shareholder of Centrotherm.

Founded in 1948 by the Hartung family and based in Blaubeuren, Germany, Centrotherm specializes in the development, manufacturing and sale of high temperature thermal processing equipment with a long history of supplying both the semiconductor and the photovoltaic industry. Centrotherm has established itself as a reliable, trustworthy and innovative supplier to the leading power semiconductor companies around the world.

This agreement follows the acquisition of IBS in October 2024 and Synergie Cad in December 2024 and would represent, upon completion, the third investment of Ardian Semiconductor, the pioneering private equity investment platform dedicated to the semiconductor industry, formed through an exclusive strategic partnership with Silian Partners.

Ardian Semiconductor will support and accelerate Centrotherm’s development as a leading and innovative European semiconductor equipment company by leveraging its extensive industry expertise and global network; thus enabling the company to expand its product offering and enhance its market position. The partnership will focus on innovation, operational efficiency, and augmented customer intimacy.

The completion of the transaction is subject to customary precedent conditions, including regulatory approvals. Following the closing of the transaction it is intended to terminate the inclusion of the Centrotherm shares in the trading on the open market (delisting).

“We are thrilled to partner with Ardian and Silian Partners, who bring a unique set of financial, strategic and operational capabilities, which will be invaluable to help Centrotherm accomplish its ambition to accelerate its growth and continue to enhance the value it delivers to its customers.” Robert Hartung, Managing Director of Solarpark Blautal GMBH

“We are honored to join forces with Centrotherm and Solarpark Blautal, which strongly aligns with our mission to transform proven European technology companies into global leaders in their market segments. We are committed to bringing the required resources and support to the company and its management team around Jan von Schuckmann and Dr. Helge Haverkamp to help them realize the full potential of the company.” Lise Fauconnier, Senior Managing Director, Ardian

“We have been impressed by Centrotherm’s innovation track record that is based on deep technical know-how, industrialization experience, and excellent customer relationships globally. Together with our expertise in strategic focus and scale we will create exceptional value for our customers and all stakeholders.” Helmut Gassel, Partner, Silian Partners

Ardian Semiconductor, a pioneering private equity investment platform dedicated to the semiconductor industry, was formed by Ardian through an exclusive strategic partnership with Silian Partners, a team of highly successful senior executives from the semiconductor industry totaling more than 140 years of experience, contributing unique industry relationships, strategic vision, and operational focus. Ardian and Silian Partners work as one team to bring innovative and flexible capital solutions, as well as strategic and operational capabilities, to transform strong technology companies into global leaders in their market segments. Ardian Semiconductor is uniquely positioned to seize opportunities in the semiconductor industry, a critical enabler of the digital transformation, AI revolution and green transition of the global economy. The industry is forecasted to double in size over this decade to reach $1 trillion by 2030 driven by powerful and predictable technology megatrends.

ADVISORS TO THE TRANSACTION

  • Ardian

    • M&A: ParkView Partners
    • Legal: McDermott Will & Schulte
    • Financial Due Diligence: 8Advisory
    • Tax & Structuring Due Diligence: Taxess
    • ESG Due Diligence: ERM
    • IT Due Diligence: Bearing Point Capital
    • Insurance Due Diligence: Marsh
    • Commercial Due Diligence: Yole

  • Solarpark Blautal:

    • Legal: Heuking

 

ABOUT ARDIAN

Ardian is a world-leading private investment firm, managing or advising $192bn of assets on behalf of more than 1,860 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 20 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

 

ABOUT CENTROTHERM

Founded in 1948 and headquartered in Blaubeuren, Germany, Centrotherm has been designing and manufacturing thermal processing equipment used in the manufacture of semiconductors and solar cells for over 77 years. With design and manufacturing operations strategically located throughout Europe and Asia, Centrotherm has become a leader in its field, trusted by a wide base of customers across the globe.

centrotherm.de/en

Media Contacts

Ardian

Headland

ardian@headlandconsultancy.com

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Ardian announces the sale of its stake in Eloquant to Harris

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Ardian

N. Harris Computer Corporation (“Harris”), a global provider of vertical market software and acquirer of businesses, is pleased to announce the acquisition of Eloquant, a leading French company specializing in SaaS solutions for customer experience management (CCaaS, VoC, VoE).

Headquartered in Grenoble and Paris, Eloquant has supported European organizations for more than twenty years in orchestrating, measuring, and enhancing customer interactions through its AI-powered customer experience platform.

“With this acquisition, we are strengthening our footprint in Europe and expanding our expertise in customer experience management. Eloquant’s solutions naturally complement our portfolio of software companies, particularly those within the Saphir Group in France, and support our vision of a complete and connected SaaS ecosystem.” Natasha Villeneuve, President of Harris France.

“Joining Harris opens new growth and long-term opportunities for our teams and our clients, especially internationally. We share the same culture of innovation, proximity, and high standards of service quality.” Laurent Duc, President od Eloquant.

“We are proud to have supported Eloquant and Laurent Duc throughout their journey up to this key milestone. This transaction highlights our expertise in supporting software companies and our commitment to fostering sustainable growth.” Romain Chiudini, Managing Director Growth, Ardian.

This acquisition reflects Harris’ strategy of acquiring, supporting, and developing vertical market software companies, providing them with a stable home and operational autonomy to ensure long-term success.

List of Participants

  • Ardian (Growth)

    • Romain Chiudini, Pierre Schaeffer, Alexandra Da Silva
    • Legal advisor (Ardian): McDermott, Will & Schulte (Diana Hund, Marie-Muriel Barthelet, Jordan Ohayon, Charlotte Allègre)

  • Eloquant

    • Laurent Duc, Raphaël Shalgian
    • Legal advisor: McDermott Will & Schulte (Diana Hund, Marie-Muriel Barthelet, Jordan Ohayon, Charlotte Allègre)
    • Legal advisor (management) : Duroc Partners (Erwan Bordet, Antoine Leroux)

  • Harris

    • Natasha Villeneuve, Olivier Evene
    • Legal advisor: Mayer Brown (David Ayache, Adrien Daifuku, Marine Thibaut, Maud Bischoff, Mélanie Lakhfif)

  • BJ Invest

    • Benjamin Jayet
    • Legal advisor (BJ Invest): Willkie Farr & Gallagher (Fabrice Veverka, Sarah Bibas)

About Ardian

Ardian is a world-leading private investment firm, managing or advising $192bn of assets on behalf of more than 1,860 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 20 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

About Eloquant

Founded in 2001, Eloquant is a French software publisher and trusted partner for European organizations seeking to manage, orchestrate, measure, and improve their customer interactions. Its AI-driven Customer Experience platform combines Contact Center (CCaaS) and Voice of the Customer (VoC) capabilities to deliver reliable, flexible technology and comprehensive support as a developer, operator, and integrator of its own solutions.
Eloquant proudly serves 35% of CAC 40 companies, along with major public and private organizations and many SMEs. The company places a strong emphasis on data sovereignty and security, operating through France-hosted, ISO 27001 / 27701–certified infrastructure.
Key figures:
– 450 million multichannel interactions and over 150 million customer surveys per year
– More than 260 active clients across industries such as insurance, banking, energy, transport, telecommunications, and retail
– Presence in 40 countries across Europe
– A team of 100 customer experience experts

eloquant.com

ABOUT N. HARRIS COMPUTER CORPORATION (“HARRIS”)

Harris acquires and operates vertical market software companies, leveraging industry best practices to ensure their long-term stability and growth. Since its founding, Harris has achieved consistent growth through acquisitions in the private, public, education, and healthcare sectors.
Today, Harris operates more than 200 businesses in over 20 industries worldwide. Harris is a wholly owned subsidiary of Constellation Software Inc. (TSX: CSU), one of North America’s most active acquirers of software businesses.

harriscomputer.com

Press contact

Ardian

Headland

ardian@headlandconsultancy.com 

Harris

Charles André Martineau Vice President, Mergers & Acquisitions

cmartineau@harriscomputer.com+1 581 205 9833

Harris

Olivier Evène Portfolio Leader, Harris France

o.evene@harrisfrance.fr+33 6 89 88 41 76

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Eletive Secures Growth Investment from Accel-KKR

AKKR Logo

Malmö, SWE & London, UK — November 5, 2025 — Eletive, a provider of employee engagement and performance management software, today announced it has secured a significant growth investment from Accel-KKR, a leading global software investment firm. Terms of the transaction were not disclosed.

This partnership marks a significant milestone in Eletive’s growth journey and positions the company to accelerate its expansion and innovation. With Accel-KKR’s support, Eletive will be well-equipped to further enhance its product offerings, scale operations, and continue delivering exceptional value to customers.

As global employee engagement levels remain low and change management present challenges for organizations worldwide (Gartner), high-performing companies are doubling down on people-centric, performance-driven strategies, achieving 4× the growth of their peers (McKinsey). Eletive is uniquely positioned to help HR leaders turn employee feedback into action and build stronger, more engaged teams.

Marcus Wennmo and Nils Wilhelmsson, Co-Founders of Eletive, commented:

“We were looking for the right strategic partner to support our next phase of growth. Accel-KKR stood out for their cultural alignment, shared values, and deep expertise in software investing and scaling businesses. Building on our strong foundation in analytics, Eletive is investing heavily in AI to deliver predictive insights and personalized recommendations that empower leaders to take smarter, faster actions to strengthen engagement and performance. We’re excited about the opportunities ahead and confident that this partnership will help us take Eletive to the next level.”

Maurice Hernandez, Managing Director at Accel-KKR, added:

“Eletive has built a scalable technology platform that addresses a critical need in today’s workplace: empowering organizations to build stronger, more engaged teams. We’re impressed by the company’s vision, product and leadership, and we’re excited to support the Eletive team as they continue to expand their impact.”

Brodies LLP and MAQS served as legal advisors to Accel-KKR. Kaizen Equity Partners and Snellman served as financial and legal advisors respectively to Eletive.

About Eletive

Eletive is a provider of employee engagement and performance management software that helps organizations build stronger, more engaged teams. Through continuous listening, actionable insights, and AI-powered analytics, Eletive empowers HR leaders and managers to understand their people, drive meaningful change, and improve performance. Headquartered in Malmö, Sweden, Eletive serves organizations across the globe, supporting their mission to create workplaces where people thrive.

About Accel-KKR

Accel-KKR is a technology-focused investment firm with over $23 billion in cumulative capital commitments. The firm focuses on software and tech-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions, including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across various transaction types, including private company recapitalizations, divisional carve-outs, and going-private transactions. Accel-KKR’s headquarters is in Menlo Park, with offices in Atlanta, Chicago and London.

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Forbion closes oversubscribed BioEconomy Fund I at €200 Million Hard Cap

Forbion

The fund stands as one of Europe’s largest dedicated bioeconomy funds

  • Forbion BioEconomy Fund I reaches hard cap, following its first close in 2024.
  • The Fund’s planetary health mandate leverages Forbion’s extensive biotech know-how and expertise in human health.
  • Fund to date has invested in five portfolio companies across its four focus sectors: Food, Agriculture, Materials and Environmental Technologies.

 

Naarden, The Netherlands, 5 November 2025 — Forbion, a leading life sciences venture capital firm with deep roots in Europe, today announced that its Forbion BioEconomy Fund I has reached its hard cap of €200 million. Targeting investments at the nexus of biotechnology and planetary health, the fund stands as one of Europe’s largest dedicated bioeconomy funds, extending Forbion’s vision of supporting sustainable technologies that can contribute to the decarbonizing of multiple industries.

 

Launched in 2024 with an initial target of €150 million, Forbion BioEconomy Fund I attracted strong support from institutional investors across Europe and North America including KfW Capital, Novo Holdings, Rentenbank, Aurae Impact, ABN AMRO Bank and EIFO. The fund invests in biotechnologies and green chemistries that make industrial sustainability scalable. Its portfolio includes eeden, Genomines, SOLASTA Bio, Novameat, and PACT, all developing transformative solutions across the Fund’s four strategic priority sectors of Food, Agriculture, Materials and Environmental Technologies.

 

“We are seeing a clear evolution in how investors approach climate and industrial innovation,” said Alexander Hoffmann, General Partner at Forbion. “Biotechnology is moving beyond healthcare to tackle global challenges in food, materials, and resource efficiency. The strong demand for Forbion BioEconomy Fund I reflects growing confidence that science-led solutions can deliver both environmental and financial value.”

 

“Capital is shifting from software to science,” said Joy Faucher, General Partner at Forbion. “With strong backing from leading institutional and strategic limited partners, we are excited to build a portfolio that leverages the power of biology and chemistry to deliver much-needed, commercially viable sustainable solutions for the planet.”

 

The Forbion BioEconomy Fund I aims to build a portfolio of 12-14 investments across Europe and North America. It targets companies developing cost-effective and scalable biology-based business-to-business solutions that have demonstrated proof of concept, typically at Series A and B stages, and that can replace incumbent products at price parity or better. In addition to the potential positive impact of the Fund’s investments, the market for biotech-enabled alternatives represents a significant commercial opportunity estimated at several trillion euros in the next decade1.

 

Forbion BioEconomy Fund I portfolio companies are:

  • eeden – pioneering textile-to-textile recycling with green chemistry depolymerisation technologies.
  • Genomines – leveraging plant biotechnology to extract valuable metals for a sustainable and cost-competitive mining future.
  •  SOLASTA Bio – leveraging novel first of its kind peptides for a bio-safe, effective and targeted alternative to traditional pesticides.
  • Novameat – developing scalable and clean protein cuts, accelerating the transition to plant-based proteins.
  • PACT – using its biomaterial platform for cost-effective, high-performance collagen-based coating solutions, starting with textiles.

 

***ENDS***

 

About Forbion

Forbion is a leading global venture capital firm with deep roots in Europe and offices in Naarden, the Netherlands, Munich, Germany, and Boston, USA. Forbion invests in innovative biotech companies, managing approximately €5 billion across multiple fund strategies covering all stages of (bio)pharmaceutical drug development. In addition to its human health focus, Forbion also invests in planetary health solutions through its BioEconomy strategy. The firm’s team of over 30 investment professionals has a strong track record, with more than 130 investments across 11 funds, resulting in numerous approved therapies and successful exits. Forbion is a signatory to the UN Principles for Responsible Investment and operates a joint venture with BGV for seed and early-stage investments in the Benelux and Germany regions.

 

About Forbion BioEconomy Fund

The Forbion BioEconomy Fund is Forbion’s dedicated investment platform at the intersection of biotechnology and planetary health. The Forbion BioEconomy Fund focuses on innovative companies that leverage biotechnology to clean and feed the planet across four sectors: Food, Agriculture, Materials and Environmental Technologies. Under the leadership of General Partners Alexander Hoffmann and Joy Faucher, the Forbion BioEconomy Fund applies Forbion’s deep biotech expertise to technologies that combine measurable environmental impact with strong commercial potential.

 

1 Data from McKinsey report, The Bio Revolution: Innovations transforming economies, societies, and our lives, May 2022

Head of Marketing & Communications

info@forbion.com

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Gimv partners with Quality Guard to establish a leading software platform for food safety compliance across Europe

GIMV

Gimv is pleased to announce a minority investment in Quality Guard, a fast-growing Belgian food tech company that is redefining how businesses in foodservice and food retail manage food safety and compliance.

With more than 5,000 customers in Belgium, the Netherlands, and France, Quality Guard (www.qualityguard.com) offers a leading SaaS platform that fully digitalizes and automates the management of HACCP, food safety, and allergens. The platform supports a wide range of customers — from artisanal fresh food shops to large-scale kitchens — in complying with increasingly stringent regulations and helps to significantly reduce the administrative burden imposed by national food safety authorities.

Quality Guard, founded and led by Wim and Achile Van Gierdegom, has a unique database of validated nutritional and allergen data for raw materials. It integrates with IoT-enabled hardware and offers full-service compliance support, giving foodservice and food retail professionals confidence that regulatory requirements are handled reliably, efficiently and without distraction from their core business.

With Gimv’s support, Quality Guard is set to accelerate its growth. The team will strengthen its commercial operations to drive broader adoption of digital compliance tools, expand in key regions, enhance customer value and pursue strategic acquisitions to consolidate a fragmented market and build a strong European footprint.

Wim and Achile Van Gierdegom, co-CEOs of Quality Guard, declare: “In line with the strong growth of recent years, this partnership is another major step forward for Quality Guard. Together with Gimv, we have developed an even clearer and more concrete growth strategy. Their entrepreneurial spirit, hands-on support, and deep organizational expertise give us the confidence to scale our business, expand across borders and deliver even more value to our customers.”

David De Peuter and Laurens Boriale, Partner and Principal in Gimv’s Consumer team, added: “We are excited to partner with exceptional entrepreneurs like Wim and Achile and to support Quality Guard in this next phase. The company addresses a real challenge for foodservice and food retail operators with an effective solution that brings confidence, efficiency and peace of mind. We share a strong strategic and cultural alignment with the team and see clear potential to grow across core markets. Quality Guard exemplifies the kind of scalable B2B2C business we aim to back through our Consumer investment strategy.”

The Van Gierdegom family will remain the majority shareholder in Quality Guard, while Gimv joins as a strategic minority partner. Financial details of the transaction will not be disclosed.

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CompoSecure Announces $7.4B Business Combination with Husky Technologies

Platinum

Worker wearing safety glasses examines a large metal mold suspended by chains in an industrial workshop, with tools and equipment on nearby tables. | Platinum Equity

Bolton, Ontario — CompoSecure, Inc. (NYSE: CMPO), a leader in metal payment cards, security, and authentication solutions, today announced a business combination with Husky Technologies Limited (“Husky”), a market leading manufacturer of engineered equipment and aftermarket services, in a transaction that will value the combined business at approximately $7.4 billion.

Dave Cote, Executive Chairman of CompoSecure, said in the announcement: “We are delighted to announce the business combination with Husky. This is a business Tom [Knott] and I have long admired, and it hits all the key criteria we look for in every investment – it holds a great position in a good industry, significant technology differentiation, organic and inorganic growth possibilities, and margin expansion potential. We are excited to begin working with the Husky team and believe the combined business is uniquely well positioned to deliver for investors.”

 

“We believe this combination will create value and unlock new opportunities for Husky and its stakeholders. We have great respect for David Cote’s leadership, share his conviction in this opportunity and are excited to roll more than $1 billion of equity into the deal. We have partnered with Dave, Tom Knott, and the team at Resolute before and look forward to working with them to create value again.”

Louis Samson, Co-President, Platinum Equity

Louis Samson, Co-President of Platinum Equity, Husky’s current shareholder, added: “We believe this combination will create value and unlock new opportunities for Husky and its stakeholders. We have great respect for David Cote’s leadership, share his conviction in this opportunity and are excited to roll more than $1 billion of equity into the deal. We have partnered with Dave, Tom Knott, and the team at Resolute before and look forward to working with them to create value again.”

The announcement noted that Husky will be run as a standalone business alongside CompoSecure and will continue to operate under its current management team.

Husky Technologies CEO, Bradley Selleck, today said the business combination supports Husky’s long-term strategy and reinforces its commitment to innovation, operational strength and customer partnership, ensuring continuity for employees and customers, while enabling long-term investment.

“Husky Technologies will build on the strong foundation we’ve established over our 72-year history,” explained Selleck. “With CompoSecure’s long-term partnership, we will continue to invest in the technologies, systems and capabilities that matter most to our customers and team members. Our focus remains on delivering high performance, reliability, service excellence and innovation.”

Selleck underscored there will be no immediate changes to operations or customer experience.

“Husky will continue executing its current growth strategy, with sustainability and innovation remaining central to its future pipeline,” Selleck added.

The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions, including regulatory approval.

Morgan Stanley & Co. LLC acted as financial advisor to CompoSecure on the transaction and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to CompoSecure. Goldman Sachs acted as exclusive financial advisor and Latham & Watkins LLP served as legal counsel to Husky Technologies.

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