as Vegas, NV and Jersey City, NJ, August 11, 2025 – BradyPLUS, a provider of janitorial and sanitation (“JanSan”), foodservice, and industrial packaging products and solutions, and Imperial Dade, a leading distributor of foodservice, JanSan, and industrial packaging products and solutions, jointly announce the two companies plan to merge. Terms of the Merger were not disclosed.

The merger brings together two organizations with a shared passion for delivering exceptional customer value and a common culture rooted in the legacy of family-owned businesses. The combined organization will be able to serve more customers with a broader portfolio of products and services.

“This transformational partnership will expand our geographic reach and significantly enhance our ability to serve our customers,” commented Ken Sweder, Chairman and Chief Executive Officer of BradyPLUS. “Imperial Dade is a fantastic business with a talented team and leadership that shares our core values. We are both passionate about delivering the best for our customers. Together, we’ll be more agile, more connected to customer needs, and better equipped to provide solutions to more customers across North America.”

“This is an exciting step for both organizations,” said Jason Tillis, Chief Executive Officer of Imperial Dade. “We’re combining two like-minded teams who put the customer first and share a commitment to building something special for the long term. I’m confident this partnership will create new opportunities for our people, our customers, and our suppliers.”

Benefits of the combined organization:

• Greater customer-centricity, through an exceptional team of solutions-focused sales professionals, best-in-class digital tools, and a dedicated team of customer-facing experts,
• Improved coverage to deliver the best service and support for customers, and
• Expanded product offerings for customers.

Bain Capital Private Equity, LP, Kelso & Company, L.P., Advent International, Warburg Pincus LLC, Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA), the Tillis Family, and management are among the capital partners involved in the merger. All existing capital partners will remain invested in the combined company and have representation on the board of directors. The merger is expected to close in the coming months, subject to regulatory approval and customary closing conditions. Until then, the two companies will continue to operate independently.

Goldman Sachs, Jefferies, and Kirkland & Ellis served as advisors to Imperial Dade. Harris Williams, Debevoise, and Kirkland & Ellis served as advisors to BradyPLUS.

About Imperial Dade

Founded in 1935, Imperial Dade is a leading distributor of foodservice, JanSan, and industrial packaging products and solutions in North America. With more than 125 strategically located facilities and a workforce of over 7,500 employees, Imperial Dade has built a business with national reach and localized service.

Since 2007, under the leadership of Chairman Robert Tillis and CEO Jason Tillis, Imperial Dade has achieved significant growth through a combination of organic initiatives and strategic acquisitions. For more information, visit www.imperialdade.com.

About BradyPLUS

BradyPLUS is a leading distributor and solution provider focused on JanSan, foodservice, and industrial packaging. We are driven to make customers more successful and operations more productive and sustainable. We offer Supplies PLUS Support: Premium brands, expert advice, and exceptional customer experiences. Our 6,000 associates have a passion for delivering innovative solutions for the business challenges of today and tomorrow. For more information, please visit www.BradyPLUS.com.

Investment will accelerate growth of leading natural flavors provider to meet increasing industry demand

New York, NY – July 28, 2025 – Warburg Pincus, the pioneer of private equity global growth investing, today announced an agreement to acquire FlavorSum (“the Company”), a leading provider of natural flavor solutions for food & beverage companies, from The Riverside Company. Financial details of the transaction were not disclosed.

FlavorSum develops and produces custom natural liquid flavors, extracts, and flavor systems used across food and beverage applications, primarily serving high-growth, disruptive brands. With core competencies in R&D and application support, the Company offers its customers standout flavor formulation capabilities, combined with industry-leading operational excellence, and customer experience.

“We are proud of the team and the pure-play flavor platform we built during our partnership with Riverside,” said FlavorSum CEO Brian Briggs. “Over Riverside’s investment period, FlavorSum acquired and fully integrated four complementary add-on acquisitions, completed a 35k sq. ft. facility expansion, and invested strategically in R&D, applications, and sales and marketing. Our solutions model drives industry-leading organic growth, and we have become the “Acquirer of Choice” through our acquisition and integration strategies and success.  We look forward to building upon this foundation and driving future growth with our new partners at Warburg Pincus.”

“FlavorSum has been purpose-built for the unique needs of fast-growing, innovative brands, offering an unmatched combination of service (across R&D support, short lead times and best-in-class reliability) with the industry’s deepest flavor and application expertise,” said Zach Lazar, Managing Director at Warburg Pincus. “FlavorSum is particularly well-positioned to meet the growing demand for natural solutions across food and beverage applications. We are tremendously excited to partner with Brian and the FlavorSum team to continue the Company’s standout growth, including actively pursuing add-on acquisitions.”

“We enjoyed the opportunity to partner with the FlavorSum team, and we wish them much success in their next chapter,” said Riverside Micro-Cap Fund Senior Partner Alan Peyrat. “FlavorSum is well-positioned for its next phase of growth as we pass the baton to Warburg Pincus.”

The transaction is expected to close later in the third quarter.

Houlihan Lokey and Cascadia Capital are acting as financial advisors to FlavorSum, and Jones Day is acting as legal counsel. BMO Capital Markets is acting as financial advisor to Warburg Pincus, and Cleary Gottlieb Steen & Hamilton LLP is acting as legal counsel.

About FlavorSum

FlavorSum helps growing North American food and beverage companies go to market quickly and cost-effectively. The company provides flavor solutions for delivering great-tasting products that inspire loyalty among today’s consumers. With nearly 100k square feet of manufacturing space across North America, along with a dedicated innovation center, FlavorSum is the fastest growing North American flavor company.

About Warburg Pincus
Warburg Pincus LLC is the pioneer of private equity global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $87 billion in assets under management, and more than 220 companies in its active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

About The Riverside Company

The Riverside Company is a global investment firm focused on being one of the leading private capital and credit options for business owners and portfolio company employees at the smaller end of the middle market by seeking to fuel transformative growth and create lasting value. Since its founding in 1988, Riverside has made more than 1,000 investments. The firm’s current international private equity and flexible capital portfolios include more than 140 companies.

Media Contacts

Warburg Pincus

Kerrie Cohen
Global Head of Communications & Marketing
kerrie.cohen@warburgpincus.com

Lisa Jackson
Director – Marketing
ljackson@flavorsum.com

Holly Mueller
Marketing Consultant
hmueller@riversidecompany.com

Greenfood today announces that Fidelio is increasing its ownership in the group. Fidelio, which has been a long-standing minority shareholder for almost 15 years, now becomes the majority owner. The transaction marks the culmination of a productive partnership with Nordic Capital and paves the way for Greenfood’s accelerated international expansion together with Fidelio.

Fidelio is increasing its ownership in Greenfood by acquiring Nordic Capital’s stake in the group. This marks the beginning of an exciting new phase for Greenfood, a company that has delivered record financial results in 2024 and established a leading position in the healthy food space in Europe and the U.S.

“As a long-standing shareholder, Fidelio has deep conviction in Greenfood’s platform and leadership team. We are excited to build on their strong foundation and to further support Greenfood’s international expansion,” said Theodor Bonnier, Head of Value Creation at Fidelio.

Greenfood has established itself as a leader in healthy, affordable, and sustainable foods across Europe and the US. Since 2016, Greenfood has nearly doubled its revenues to SEK 5.6 billion and, through its foodtech company Picadeli, expanded its presence to ten international markets and 2,100 locations.

Nordic Capital, which became the majority shareholder in 2016, has played a key role in accelerating Greenfood’s expansion, alongside Fidelio. The partnership has enabled Greenfood to strengthen its platform and operations, even in challenging periods such as the pandemic, when certain business areas, like Picadeli, were temporarily impacted by large-scale lockdowns and reduced footfall.

Picadeli has since rebounded strongly, driving rapid growth across Europe and expanding into the U.S. market, where it has established around 150 salad bars through partnerships with major grocery chains, marking a significant step in bringing tech-enabled, healthy fast food to American consumers.

“Together with Nordic Capital and Fidelio, we have created a robust and scalable platform, achieved our best-ever results in 2024, and set new industry standards in digitalisation and sustainability. As we turn this exciting page together with Fidelio, we are confident in our ability to further accelerate growth, foster innovation, and strengthen our positive impact,” said David von Laskowski, CEO of Greenfood Group & Picadeli.

“Greenfood has been transformed into a highly digital and innovative foodtech company that demonstrates how sustainability and profitability can go hand-in-hand. The transformation and growth achieved reflects the best of our operational expertise. Nordic Capital is proud to pass the torch to Fidelio and confident in Greenfood’s continued success,” said Robert Furuhjelm, Partner, Nordic Capital Advisors.

The terms of the transaction were not disclosed. Completion of the transaction is expected in H2 2025, and is subject to customary closing conditions, including relevant regulatory approvals.

The transaction has no impact on Greenfood’s senior secured sustainability-linked bond or its terms and conditions. The company’s capital structure, financial commitments and obligations remain unchanged.

Media contacts:

Greenfood
Magnus Holtinger Wallin
Head of Communications, Greenfood Group
magnus.wallin@greenfood.se

Fidelio
media@fideliocapital.com

Nordic Capital
Katarina Janerud
Communications Manager, Nordic Capital Advisors
+46 8 440 50 50
katarina.janerud@nordiccapital.com

About Greenfood
Greenfood is a leading European player creating healthy and sustainable food that is tasty, affordable, and easily accessible. From Picadeli’s self-service salads and ready-made meals to fruits and vegetables directly from farms spread across a large part of the world. Through our three business areas, Greenfood provides fresh, healthy, plant-based food at various stages of processing to customers in convenience and retail, as well as hotels, restaurants, and catering.

About Fidelio
Fidelio combines the professional and active ownership model of traditional private equity, with an entrepreneurial, flexible, and long-term approach to investing. Since inception in 2010, the team has invested in almost 200 companies in more than 20 countries, and the success is built from partnering with entrepreneurs, management teams and fellow co-owners to create global niche market leaders. Together with its partners, Fidelio builds outstanding businesses through the possibilities that come from not having a predetermined investment horizon or geographical restrictions. In addition to the team at Fidelio, capital is provided by a supportive group of successful entrepreneurs and families from Europe and North America. For more information, please visit: www.fideliocapital.com

About Nordic Capital
Nordic Capital is a leading sector-specialist private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and Services & Industrial Tech. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested c. EUR 28 billion in 150 investments. Nordic Capital’s most recent funds are Nordic Capital XI with EUR 9 billion in committed capital and Nordic Capital Evolution II with EUR 2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway, and South Korea. www.nordiccapital.com

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

Apax Global Alpha Limited (“AGA”), the closed-ended investment company providing access to the Apax Private Equity Funds, today announces that it expects to invest approximately €4.5m indirectly in Foods Connected.

On 15 July 2025, Apax Global Impact Fund (“AGI”), in which AGA is a limited partner, announced that it had reached an agreement to make a strategic investment in Foods Connected, a provider of end-to-end software solutions driving food safety, quality and compliance, from Hilton Food Group Plc, a leading UK-based multi-protein food business. The transaction is expected to close in the next few months, subject to customary closing conditions.

Founded in 2012 and headquartered in Northern Ireland, Foods Connected provides a suite of cloud-based software solutions designed to streamline operations and improve safety and quality across the food supply chain. The platform helps customers manage and report on supplier compliance, quality control, product lifecycle management, procurement, traceability, and sustainability. This investment builds on Foods Connected’s success to date, bringing in additional capital and Apax’s technology expertise to accelerate its next phase of growth.

AGI has a strong track record of supporting software and services businesses tackling key social and environmental challenges, and sees Foods Connected as well-positioned to scale globally while advancing safer, more transparent, and sustainable food supply chains. The transaction builds on AGI’s experience investing in digital impact enablers, following investments in GAN Integrity and Bonterra.

Edward Donker, Partner, Apax Global Impact, said:
“We’ve been closely following the food safety sector worldwide, and Foods Connected stood out as a strong platform to invest behind. Many food businesses still use outdated tools like spreadsheets and paper, creating a clear opportunity for Foods Connected to modernise operations. We’re excited to partner with Hilton Foods and Roger McCracken, CEO at Foods Connected, to accelerate the business’s expansion. Together, we’ll invest in new markets, strengthen sales and marketing, pursue strategic acquisitions, and increase value for existing customers through expanded capabilities and resources. We look forward to the journey ahead and the impact we can achieve together.”

Roger McCracken, CEO of Foods Connected, said:
“We’re thrilled to be partnering with Apax Global Impact on this next phase of growth for Foods Connected. Their expertise in scaling technology businesses will be key to accelerating our global expansion and enhancing what we deliver for customers. We’re also grateful to Hilton Foods for their incredible support over the past eight years, and we’re pleased they’ll remain a key partner on our journey as we continue to scale and strengthen the business with Apax Global Impact’s backing.”

Note that AGA’s expected investment in Foods Connected is calculated based on the look-through positions of AGI’s overall investment in Foods Connected and is translated based on the latest exchange rates available where applicable1. In March 2022, AGA made a commitment of $60m to AGI.

AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a portfolio of private equity funds advised by Apax as well as a smaller portfolio of debt instruments.

For more information about the transaction, please visit:
https://www.apax.com/news/press-releases/

END

Contact details:
Investor Relations – AGA
Lorraine Rees / Aditya Jhaveri
T: +44 (0) 207 872 6364
E: Investor.relations@apaxglobalalpha.com

Joint Brokers
Jefferies International Limited
Gaudi Le Roux
T: +44 (0)20 7548 4060
E: gleroux@jefferies.com

Investec Bank plc
David Yovichic
T: +44 (0)20 7597 4952
E: david.yovichic@investec.com

Footnotes

1. Based on Bloomberg closing EUR/USD FX rate on 14 July 2025 of 1.166.

Notes

1. Note that references in this announcement to Apax Global Alpha Limited have been abbreviated to “AGA” or “the Company”. References to Apax Partners LLP have been abbreviated to “Apax”, or “the Investment Adviser”.
2. Please be advised that this announcement may contain inside information as stipulated under the Market Abuse Regulations (EU) NO. 596/2014 (“MAR”).
3. his announcement is not for release, publication or distribution, directly or indirectly, in whole or in part, into or within the United States or to “US persons” (as defined in Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”)) or into or within Australia, Canada, South Africa or Japan. Recipients of this announcement in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements in their jurisdictions. In particular, the distribution of the announcement may be restricted by law in certain jurisdictions.
4. The information presented herein is not an offer for sale within the United States of any equity shares or other securities of Apax Global Alpha Limited (“AGA”). AGA has not been and will not be registered under the US Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, AGA’s shares (the “Shares”) have not been and will not be registered under the Securities Act or any other applicable law of the United States. Consequently, the Shares may not be offered or sold or otherwise transferred within the United States, or to, or for the account or benefit of, US Persons, except pursuant to an exemption from the registration requirements of the Securities Act and under circumstances which will not require AGA to register under the Investment Company Act. No public offering of the Shares is being made in the United States.
5. This announcement may include forward-looking statements. The words “expect”, “anticipate”, “intends”, “plan”, “estimate”, “aim”, “forecast”, “project” and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding AGA’s intentions, beliefs or current expectations concerning, among other things, AGA’s results of operations, financial condition, liquidity, prospects, growth and strategies. The forward-looking statements in this presentation are based on numerous assumptions regarding AGA’s present and future business strategies and the environment in which AGA will operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of AGA to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond AGA’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as AGA’s ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which AGA operates or in economic or technological trends or conditions. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. AGA expressly disclaims any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect any change in AGA’s expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this announcement, or to update or to keep current any other information contained in this announcement. Accordingly, undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this announcement.

About Apax Global Alpha Limited

AGA is a Guernsey registered closed-ended investment company listed on the London Stock Exchange. It is regulated by the Guernsey Financial Services Commission.

AGA’s objective is to provide shareholders with capital appreciation from its investment portfolio and regular dividends. The Company is targeting an annualised Total Return, across economic cycles, of 12-15% (net of fees and expenses).

The Company makes Private Equity investments in Apax Funds, and has a portfolio of primarily Debt Investments, derived from the insights gained via Apax’s Private Equity activities.

Further information regarding the Company and its publications are available on the Company’s website at www.apaxglobalalpha.com.

About Apax

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For over 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of nearly $80 billion. The Apax Funds invest in companies across three global sectors of Tech, Services, and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com.

Apax is authorised and regulated by the Financial Conduct Authority in the UK.

Family-owned, private company launches with investment from Bain Capital

Trillium Foods (the “Company”), a premier liquid food and beverage company focused on manufacturing and innovation, today announced its official launch. The family-owned, privately held company is a scale North American platform with diverse product capabilities across dressings, sauces, mayonnaises, syrups, and beverage mixes for application in foodservice, retail, and food processing channels. Trillium Foods is majority owned by the Reddy Family and backed by an investment from Bain Capital’s Private Credit Group (“Bain Capital”). The Reddy family and Bain Capital will partner with Trillium’s management team, led by CEO Ash Reddy, to expand the Company’s capabilities and market position.

Founded in 2017 as Flavor Reddy Foods (“FRF”) by foodservice industry veteran Ram Reddy, the business has grown rapidly, driven by key partnerships with long-term strategic customers, deep expertise in culinary innovation, and a proven track record of high-touch service and execution. The Company has made three transformative acquisitions to drive growth and support its customer base, including:

• In 2023, acquired Cincinnati, Ohio-based Dominion Liquid Technologies, which specializes in the production of liquid food and beverage products including syrups, beverage mixes, and sauces.
• In 2024, acquired Lancaster, Pennsylvania-based, specialty-condiment manufacturer Lancaster Fine Foods as a carve-out from its previous owner.
• In 2025, acquired Brundidge, Alabama-based Southern Classic Food Group, a premier manufacturer of branded mayonnaise, dressings, sauces, and syrups.

Bringing together these four businesses and manufacturing facilities have brought a diversified combination of talent, high quality existing customer relationships, increased manufacturing capabilities, and capacity across both savory and sweet liquid categories. Trillium Foods has a team of approximately 500 employees and a manufacturing footprint exceeding 500,000 square feet. The Company’s facility network can produce over 1 billion pounds of finished goods annually, with capacity to service existing and new customers.

“We are thrilled to announce the launch of Trillium Foods with the main purpose of helping our customers win through our innovation and execution capabilities,” said Ram Reddy, Chairman of the Company’s Board of Directors. “I am grateful for the support of our customers, employees, investors, and partners. Trillium will be a significant force in the industry, and we look forward to accomplishing great things as a unified company.”

“Our team is committed and completely aligned with our mission of delivering greater value for our customers, and we are excited about the opportunities this combination presents,” added Ash Reddy. “Bain Capital shares our long-term vision and collaborative approach to the partnership. I’m confident that by joining forces, we will execute on the aggressive growth agenda in front of us.”

“Ram and Ash have built an incredible business which has earned them the long-term trust of their customers to continually innovate and deliver on market-leading food and beverage products. Bain Capital has a long history of supporting founder-owned businesses and we are thrilled to partner with the Trillium team on their next stage of growth,” said June Huang, a Managing Director at Bain Capital. “Through our extensive experience investing in the food and beverage space, Trillium clearly stood out as a high-quality business with scale and product differentiation. We are pleased to provide a one-stop financing solution tailored to Trillium’s growth needs and look forward to a collaborative partnership with the Reddy family,” added Megan McKenzie a Vice President at Bain Capital.

Bain Capital has a long history of partnering with companies in the consumer, retail, and restaurant industries to accelerate growth. The firm’s restaurant and food-related investments have included Bloomin’ Brands, Brakes Group Food Distribution, Bread Holdings, Cuisine Solutions, Dessert Holdings, Dunkin’ Brands Group, Domino’s Pizza, Fogo de Chão, and Valeo Foods.

About Trillium Foods

Trillium Foods is a family-rooted, innovation-driven manufacturer of premium liquid food and beverage products. The company is a partner of choice to iconic Quick Service Restaurants (QSRs), Consumer Packaged Goods (CPG) brands, distributors, and food manufacturers across both savory and sweet liquid products. Guided by strong values and an entrepreneurial spirit, we specialize in creating high-quality products that meet the evolving needs of our customers. Trusted by industry leaders, we are known for our precision, consistency, and unwavering commitment to safety and quality. As we continue to grow, Trillium Foods remains dedicated to building lasting partnerships and helping our customers bring their delicious ideas to life.

About Bain Capital Credit

Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $53 billion in assets under management. Bain Capital Credit invests across the credit spectrum and in credit-related strategies, including leveraged loans, high-yield bonds, structured products, private middle market loans and bespoke capital solutions. Our team of more than 100 investment professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. Bain Capital Credit’s dedicated Private Credit Group focuses on providing complete financing solutions to businesses with EBITDA between $10 million and $150 million located in North America, Europe and Asia Pacific. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, venture capital and real estate, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.

Media Contacts