KKR Supports InVivo In The Global Expansion Of Malteries Soufflet


KKR continues to scale its strategic partnership with InVivo and Malteries Soufflet by more than doubling its investment as Malteries Soufflet acquires United Malt, creating the world’s largest maltster

Paris, 15 November, 2023 – KKR, a leading global investment firm, announces today that it has supported Malteries Soufflet in the funding and execution of the AUD 1.5 billion acquisition of United Malt Group Limited (“United Malt”), the fourth largest maltster globally. Funds and accounts managed by KKR have invested alongside InVivo Group, a leading French agricultural and agri-food business, which acquired Malteries Soufflet in 2021.

InVivo welcomed KKR, Bpifrance and Crédit Agricole Group as strategic partners in December 2021, with an initial investment of €440m to help fund the acquisition of Malteries Soufflet, backing a strategy to accelerate growth and strengthen its global leading position. To fund the United Malt acquisition, KKR, with participation from Bpifrance and Crédit Agricole Group, led a combined follow-on investment of €550m.

Founded in 1823, United Malt operates 11 production plants across North America, Europe and Asia Pacific, supplying malting-quality barley to micro brewers and distillers, as well as traditional major brewers. United Malt has now been delisted from the Australian Securities Exchange (ASX) as part of this transaction, and is now a wholly-owned subsidiary of Malteries Soufflet, which becomes the largest global malt player by sales and production capacity, with 40 production plants in 20 countries, and with an annual production capacity of 3.7m tons of malt; a 50% increase for Malteries Soufflet.

The acquisition brings together two complementary customer bases and geographic footprints, creating a unique global industrial network with the largest production capacity in North America and Europe and leading capabilities in the fast-growing Asia Pacific and South American markets. The combination of the two businesses enables exposure to all key-malt end-markets, making it ideally positioned to capture growing demand from both international brewers, as well as the growing craft beers and distillery markets.

Thierry Blandinières, Chairman of Malteries Soufflet and CEO of InVivo Group, commented: “I am thrilled that we have completed the acquisition of United Malt Group, together with our strategic partners, KKR, Bpifrance and Crédit Agricole Group. This illustrates InVivo Group’s commitment to making malt one of the central pillars of our business by strengthening the position of Malteries Soufflet as a world leader in the sector. Malteries Soufflet is now well on track to accelerate its growth, to expand its presence in the high value-added craft beer market and to build a more sustainable and innovative global platform to supply brewers, both craft and industrial, and distillers throughout the world. We look forward to welcoming our new colleagues from United Malt Group into the Malteries Soufflet family, and to writing together a new chapter in the company’s history.”

Jérôme Nommé, Partner and Head of France at KKR, said: “This combination of two world class businesses is a transformative milestone in our strategic partnership with French agriculture champion InVivo, as we help it to accelerate growth on a global scale. KKR’s significant reinvestment into Malteries Soufflet demonstrates our continued conviction in its future growth potential, in the resilience of the industry, and in the strength of the management team under the expert leadership of Thierry Blandinières. We look forward to the continued strategic partnership, as well as the ongoing support from Bpifrance and Crédit Agricole, as we seek to further scale the business organically and by acquisition in the years to come.”

Blaine MacDougald, Partner and Co-Head of KKR’s Strategic Investments Group, added: “The acquisition of United Malt by Malteries Soufflet is a great example of how KKR’s structured equity solutions can support businesses and their global growth ambitions. The connectedness and flexibility of KKR’s platform enables us to work creatively with owners and management teams, providing full access to KKR’s resources, global reach, and bespoke capital solutions that help our partners achieve their goals.”

KKR is making the investment in Malteries Soufflet primarily through its Strategic Investments Group strategy, and through funds and accounts managed by KKR in Asia.

KKR’s diversified and multi-asset investment platform enables flexibility to support ambitious companies with a suite of comprehensive, bespoke capital solutions, further enhanced by the firm’s global experience and operational capabilities. In France, this model along with KKR’s partnership approach, strong local presence and large global platform, enables companies to grow and globalize. KKR is a long-term investor in France, where the firm has invested over €10 billion since 2002, forming strategic partnerships with a number of leading French businesses including APRIL, Albioma, Devoteam, Mediawan, OVHcloud, among others.

— Ends —

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About InVivo

InVivo Group is one of Europe’s leading agricultural groups with revenues of nearly €12 billion, with more than half generated in France, and a workforce of 15,000 employees, including more than 10,000 in France. With operations in 35 countries, it has more than 100 industrial sites, including 63 in France. The
Group operates along the entire value chain, from farm to fork, as a leader in each of its four major strategic business lines: international grain trade, agriculture, agri-food (Malting, Millin/ingredients/bakery, Wine), gardening and food distribution.

A global cross-functional centre for innovative and digital solutions completes the structure to accelerate the transformation of these activities towards the 3rd agricultural revolution.

For more information: invivo-group.com / Twitter @InVivo Group<

Media Contacts

FGS Global
Alastair Elwen / Sophia Johnston
Tel: +44 (0) 20 7251 3801

Categories: News


Protix joins forces with Tyson Foods securing new funding for the next step in its growth phase

Rabo Investments

Tyson Foods invests in Rabo Investments portfolio company Protix in new capital round to significantly scale its production capacity and expand globally. Oct. 17, 2023 – We are proud to announce that our portfolio company Protix, a leading Dutch company in insect-based ingredients, has entered into a strategic partnership with Tyson Foods, one of the world’s leading food companies.

An important milestone for Protix and the insect industry! With this capital round we welcome Tyson Foods, a listed multinational, protein-focused food processing company based in the US and customer of Rabobank, as new investor to the group of existing shareholders. We are excited about this partnership, which also includes the formation of a joint venture to build an insect ingredients plant in the United States. In addition, Tyson Foods is investing in Protix to help accelerate their global expansion plans. This major capital injection underlines the progress and continued long term potential of Protix and will be used to further strengthen and optimise the organisation, make the necessary steps to advance commercial traction and accelerate (international) growth. Protix is a producer of insect protein and fats from the Black Soldier Fly. These insect ingredients offer nutritious and sustainable inputs for pet food, aqua culture and livestock feed and organic fertilizer. Insect ingredients are so green because of their circular nature: Insects are fed with local food waste streams and the mature insects are in turn upscaled into high value ingredients. The substrate in which the insects are farmed is subsequently used as fertiliser, thus completing a circular and sustainable way of food and feed production.

This partnership offers an opportunity for Tyson Foods to deploy its waste streams in a commercial way and acquire broader expertise in the alternative protein market. For Protix it is the outstanding opportunity to further build scale in partnership with a major player that has the necessary funding and access to the US market and their customer base. Protix has been a long time banking relationship of Rabobank, as we have supported the company from its earliest beginnings back in 2009.

Rabo Investments became shareholder of the company in 2019, on the back of its growth potential and the clear links with two of our core investment pillars: Food & Agri and Sustainability. As a committed shareholder, Rabo Investments is also participating in the capital raise and will remain actively involved to help the company meet the short-term challenges and opportunities associated with an ambitious growth agenda.

Categories: News


OSI Group and Egeria have reached agreement for the sale of IQI to OSI Group


OSI Group (“OSI”), the premium global supplier of custom value-added food products to
the world’s leading foodservice and retail food brands, and Egeria Private Equity (“Egeria”),
a leading investment company in the Netherlands and the DACH region, are pleased to
announce the agreement for the sale of IQI (International Quality Ingredients), a
Netherlands-based, global provider of premium petfood ingredients, to OSI.

IQI will provide OSI with broader and integrated capabilities in the global petfood market
whilst benefitting from the opportunity to leverage OSI’s extensive supply chain network to
reach new geographies, develop additional supplier relationships and create unique,
innovative, premium animal protein and vegetable ingredients for petfood.

Mark Oostendorp, CEO of IQI, along with the IQI management team, look forward to
partnering with OSI leadership, stating, “This acquisition will greatly benefit our supply
partners and customers. OSI’s drive to provide any solution needed for their customers is
exactly how IQI has been developing solutions for our suppliers and customers in the
petfood space. The enormous OSI network and capabilities gives IQI the opportunity to
become a global leader of animal products and vegetables. This is like a playground for our
team, and we are excited to co-create new solutions for our suppliers and customers.”
“This partnership more closely connects OSI’s extensive industry relationships and animal
protein and vegetable capabilities directly to IQI’s customers.” said Mark Richardson, Senior
Executive Vice President, OSI International. “OSI welcomes IQI to the global OSI family
and looks forward to partnering with IQI to create new and innovative ingredients that
deliver unique solutions for their customers.”

Simone Poelen, Investment Manager at Egeria stated, “We would like to thank Mark,
Lennard and the entire IQI organization for the enjoyable and entrepreneurial partnership
over the past six years. Working together with our co-shareholders, founder Sven
Gravendeel and SAPI S.p.a, was a great experience. We are proud that we have been able
to support IQI in its transformation from a specialized trading company to becoming a
critical link in the petfood value chain and a frontrunner in sustainable ingredients and
animal welfare. With this solid foundation in place, we are confident that IQI will develop
further by leveraging the global scale, customer relations, manufacturing assets and
suppliers of OSI.”

About IQI
IQI, headquartered in Amersfoort, Netherlands, was founded in 1994 as a trading company
specializing in the supply of proteins to the petfood and livestock feed industries. Today,
IQI is a global industry partner that specializes in petfood claim and functional ingredients
across 10 different categories including animal protein, high omega 3 fish oil, vegetable,
and novel ingredient categories such as algae and fermented soy. The company offers
dedicated solutions for the entire process from sourcing ingredients to co-development of
sustainable concepts, technical service support, quality checks and improvement,
warehousing, logistics, and distribution to 60 countries around the world.

About OSI
OSI Group, LLC is a 100-plus year old, privately held company that is a global leader in
supplying value-added beef, poultry, pork, vegetable, and other food products to leading
global brands. The company currently has 65 facilities/offices in 17 countries covering 5
continents, with its global headquarters located in Aurora, Illinois, a suburb of Chicago.

About Egeria
Egeria is a leading investment company in the Netherlands and the DACH region, employing
over 75 people directly in five locations, with annual sales of around €2.5bn, providing
employment for almost 12,500 people and building on and investing in great places to live
and work through our investments together with management teams.

Categories: News


Cinven and Label Investments to sell Planasa to EW Group


International private equity firm Cinven today announces that it has agreed to sell Planasa (‘the Company’ or ‘the Group’), a global leader in the agri-tech sector, to strategic buyer EW Group, a family-owned international group, with key businesses in genetics, health, diagnostics, nutrition and food. Financial details of the transaction are not disclosed.

International private equity firm Cinven today announces that it has agreed to sell Planasa (‘the Company’ or ‘the Group’), a global leader in the agri-tech sector, to strategic buyer EW Group, a family-owned international group, with key businesses in genetics, health, diagnostics, nutrition and food. Financial details of the transaction are not disclosed.


Headquartered in Valtierra, Spain, Planasa specialises in R&D for the breeding of next-generation berry varieties, including blueberries, blackberries, raspberries and strawberries, that better suit the needs of plant growers, retailers and consumers globally. Planasa provides access to its specialised plant varieties through its nursery operations, guaranteeing the provision of high-quality seedlings to plant growers. Planasa also provides ongoing technical support to customers, ensuring its varieties perform to the highest level. The Company has six R&D centres in Europe, Mexico and the US, and has invested more than €25 million in R&D over the last five years. As a result, Planasa has a proven track-record of new variety development. Planasa operates in more than 25 countries and supplies customers from its 13 nursery facilities across Europe, Africa, the Americas and Asia.


Cinven’s Iberia Regional team worked closely with its Consumer Sector team to identify Planasa as an attractive primary investment opportunity based on its market leading position, strong track record of growth, and the significant market opportunity supported by increased global berry consumption. Since acquiring Planasa in January 2018, Cinven has worked in close partnership with the management team to achieve strong performance, including through:


  • Supporting the transformation of the business from a predominantly nursery and fresh produce provider at acquisition, to a leading global berry breeder and high value-add operator specialising in plant variety research, development and commercialisation at exit;
  • Developing and rolling-out new berry varieties through significant R&D investment, including varieties with improved ESG credentials, that are more resilient to different climate and agricultural conditions, such as drought, pests or diseases, and therefore help reduce the use of water and fertilisers, as well as helping to minimise food waste;
  • Completing the acquisition of Advanced Berry Breeding, a Dutch raspberry breeding group with a complementary portfolio of raspberry varieties;
  • Professionalising nursery operations through investment in field digitalisation and continued process improvements; and
  • Further international expansion to strengthen Planasa’s market positions globally, including expanding core berry categories in Mexico, Peru, China, the US and Morocco.


Commenting on the investment, Thilo Sautter, Partner at Cinven, said:


“Cinven has successfully driven strong growth at Planasa by investing in the core business, expanding globally, significantly growing R&D and attracting a first-class management team. We have worked with management to transform the Group from a founder-led business to a leading global agri-tech operator. We are very proud of the success that the Company has achieved. Planasa is well-positioned to maintain its positive trajectory and we wish the company success in its next stage of growth.”


Miguel Segura, Senior Principal at Cinven, added:


“Cinven’s Iberia and Consumer teams worked together to help Planasa grow internationally, consolidate its leadership in the berry breeding category through expanding into blueberries and blackberries and take its systems and team to the next level.  It has been a successful partnership and we are very happy to see that EW Group will continue to support that journey.”


The CEO of Planasa, Michael Brinkmann, said:


Cinven has provided huge support to Planasa over the past five years. With Cinven’s guidance and investment, we have professionalised our operations, expanded our international footprint and innovated our product range to become a global leader in our market. We would like to thank the Cinven team for their strategic perspective and financial backing, our employees for their dedication and commitment to our mission, and our clients, suppliers and other partners for their continued collaboration and trust placed in us. We look forward to working closely with our new owners and are sure that this partnership will enable us to push Planasa`s breeding activities to an even higher level.”


Dirk Wesjohann, EW Group commented:


“The acquisition of Planasa will be a milestone for our family group, as it allows us to strategically expand our breeding activities into the area of plant breeding. EW Group has been looking for such an opportunity for years. We are convinced that Planasa, with its leading, innovative genetic varieties, its highly qualified and dedicated management team, and its unique global footprint is the ideal platform for EW Group’s expansion into fruit and vegetable breeding.”


His brother, Jan Wesjohann added:


“The global berry market is one of the fastest growing segments in the fruit and vegetable space. Our family is delighted that with Planasa, we will have an opportunity to enter this attractive market segment. We are committed to contributing to the sustainable growth of the global berry and vegetable industries by supporting strong investment into Planasa’s breeding and nursery capabilities.”


Completion of the transaction is subject to customary regulatory and antitrust approvals.


Cinven was advised by: JPMorgan (M&A), BCG (Commercial), Perez Llorca (Legal & Labour), KPMG (Financial), Deloitte (Tax) and Aon (Insurance).

EW Group was advised by: KPMG (Financial and Tax), and Baker McKenzie (Legal and Labour).

Label Investments was advised by: Escala Capital (M&A) and Garrigues (Legal).

Categories: News


Iconic Apparel Brands Ann Taylor, LOFT and Talbots Come Together as KnitWell Group

August 30, 2023

NEW YORK, NY (August 30, 2023) Sycamore Partners, a private equity firm specializing in consumer, distribution, and retail-related investments, today announced the formation of KnitWell Group (“KnitWell”), a new holding company comprising industry-leading apparel brands Ann Taylor, LOFT, and Talbots. Together, these brands generate more than $3 billion in annual sales. The Company will also continue to provide oversight and shared services to Lane Bryant, a leading plus-size women’s apparel brand. Together, these brands position KnitWell as one of the largest specialty apparel companies in the United States.

KnitWell’s name reflects the Company’s core belief that each strong brand is distinctive, but when put together they are a powerhouse retail organization dedicated to meeting customers where they are in their journey.

Lizanne Kindler, current Chief Executive Officer of Talbots, will lead KnitWell Group as Executive Chair and Chief Executive Officer. She is joined in the Office of the Executive Chair by a seasoned team of retail executives, and further supported by senior leaders at each of the brands – all of whom are dedicated to the unique needs of their customers.

“KnitWell is a collection of powerful brands that, in aggregate, have been providing customers with the fashions they want for nearly 300 years,” said Ms. Kindler. “Brands are propelled by a deep and meaningful connection with the customers they serve, and that is where we start and end each day. With that as our North Star, we know that this new structure will support our efforts to unite brands and people by providing greater resources and capabilities, economies of scale, and enhanced value. We are excited about the opportunities ahead and grateful for our more than 30,000 associates for being part of this next chapter.”

Stefan Kaluzny, Managing Director of Sycamore Partners, added, “Lizanne and the team have done an incredible job over the last decade reviving and growing these iconic American brands, first Talbots and most recently Ann Taylor and LOFT. The consistent and focused approach, which  leverages the replicable playbook this team has developed, is laying the foundation of success not only for the brands currently part of the KnitWell portfolio, but also for potential future brands. We look forward to our continued partnership with Lizanne and the entire team.”


Sycamore Partners

Michael Freitag or Arielle Rothstein
Joele Frank, Wilkinson Brimmer Katcher

Categories: News


PAG to Acquire Australian Venue Co from KKR


SYDNEY–(BUSINESS WIRE)– Global investment firm KKR and PAG, a leading alternative investment firm focused on Asia Pacific, today announced the signing of definitive agreements under which PAG will acquire KKR’s controlling interest in Australian Venue Co (“AVC”). Financial terms of the transaction were not disclosed.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230824361787/en/

AVC is an established food and beverage hospitality business that owns and operates a portfolio of more than 210 unique pubs, bars and restaurants in metro, suburban and regional locations across Australia and New Zealand.

KKR invested in AVC in 2017 with a portfolio of 50 leasehold venues with the objective of partnering and supporting the growth ambitions of its management team. This successful collaboration has resulted in venue growth of more than 300%.

PAG’s acquisition of AVC marks the firm’s latest investment in Australia’s growing consumer sector. Previous control investments include Craveable Brands, owner of iconic restaurant brands Red Rooster, Oporto, Chargrill Charlie’s and Chicken Treat; The Cheesecake Shop; and Cordina Farms. More recently PAG acquired and integrated together Patties Foods and Vesco Foods, leading manufacturers of some of Australia’s best-loved food brands including Four’N Twenty, Patties and Nanna’s.

David Lang, Partner and Co-Head of KKR Australia and New Zealand, said, “AVC has established itself as a leader in Australia and New Zealand’s dynamic and constantly evolving hospitality sector. We are excited to have worked alongside Paul and AVC’s dedicated team to invest in the company’s expansion and believe that AVC is well positioned for the future. We wish the entire AVC team continued success with PAG.”

Lincoln Pan, Partner and Co-Head of PAG Private Equity, said, “We are very pleased to partner with AVC, a proven market leader with an exceptional management team and great potential. Our goal is to work with strong businesses and help them become even stronger in Australia. AVC has created some of the most unique and iconic venues across Australia and New Zealand, and we are looking forward to supporting them on their next stage of growth.”

Paul Waterson, Australian Venue Co CEO, said, “This is an exciting time for AVC. We are grateful for KKR’s strong support in scaling the business over the years, growing our employee base from 780 to 8,500 people, and creating jobs through growth and investment in our venues. We look forward to working with our new partners in PAG, their investment affirms the strength of the platform and our future growth potential in Australia and New Zealand.”

The transaction is expected to close late 2023, subject to customary conditions, including regulatory approvals.

Jefferies and Allens advised KKR and AVC, and BofA Securities and Ashurst advised PAG, with acquisition financing arranged by KKR Capital Markets.

About Australian Venue Co
Australian Venue Co (AVC) is a food and beverage-led hospitality group that owns and operates more than 210 pubs, bars and event venues across Australia and New Zealand. AVC takes pride in delivering exceptional customer experiences, creating exciting career pathways in hospitality and tailoring every venue to its local community. www.ausvenueco.com.au

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About PAG
PAG is a leading alternative investment firm focused on Asia Pacific with three core businesses: Credit & Markets, Private Equity, and Real Assets. PAG Private Equity is an active investor in Australian food and consumer businesses and is the owner of Patties Foods, Cordina Farms and Craveable Brands, which includes the brands Red Rooster, Oporto, Chargrill Charlie’s and Chicken Treat. For more information, please visit www.pag.com.

Media Contacts:

Citadel-MAGNUS (for Australian Venue Co and KKR Australia)
James Strong
+61 (0)448 881 174

Anita Davis
+852 3602 7335

Tim Morrison
+852 9630 2383

FTI (for PAG)
Shane Murphy
+61 420 945 291

Source: KKR

Categories: News


Kramp acquires Genfitt in Ireland

NPM Capital

Kramp’s goal is to be the essential partner in parts and accessories for the agricultural industry. Strengthening their position in Ireland is an important next step in realizing Kramp’s growth ambition, given the significance of the Irish agricultural industry. Kramp seeks strong partners with whom it can build a long-term relationship and generate mutual benefits.

Genfitt has a strong position in the Irish market. Its leading market position is rooted in its commitment to service excellence; technical and market expertise; a loyal customer base and diverse product portfolio.

This makes it a great fit with Kramp and together they will continue to build an even stronger presence in Ireland. Customers will gain access to a wider assortment, improved delivery times an additional network of suppliers, partners, technical knowledge, and services.

Paul Duggan, one of selling shareholders, explained that the owners are proud of what Genfitt has achieved since they acquired the business in 2005 and have been delighted to support the business and its staff to its 50th anniversary. He went on to say that they are certain that Kramp are the best possible owner of the business for the next 50 years, and the business will develop in a way which would not have been possible without their ownership.

Eddie Perdok comments: “In bringing Kramp and Genfitt together we will become the essential partner in the Irish agricultural industry. I’m proud to be back in Ireland, 15 years after McHugh and Kramp decided to go their separate ways. Together with Genfitt we create a strong company based on highly competent teams, leading brands, and state of art operations. We strive to accelerate Genfitt’s growth in Ireland by broadening the product portfolio and leveraging Kramp’s digital capabilities. Based on these factors we will further develop and strengthen our market position in Ireland”.

Next steps
It will be “business as usual” for the next period, as the companies proceed with the integration step-by-step. Partners will be informed about the next steps

Categories: News


Malteries Soufflet enters into Scheme Implementation Deed with United Malt Group Limited


Malteries Soufflet has entered into a Scheme Implementation Deed with United Malt under which Malteries Soufflet has agreed to acquire 100% of the shares in United Malt Group Limited by way of a scheme of arrangement
• Under the scheme of arrangement, United Malt shareholders will receive A$5.00 per United Malt Group’s share in cash
• The operation aims to create a leading global malt platform and accelerate Malteries Soufflet’s growth and value-generating strategy

Paris – 3 July 2023 – Malteries Soufflet, the second largest operator in the global malt industry and a subsidiary of InVivo Group, a leading European agricultural group, announced today that it has entered into a Scheme Implementation Deed (SID) with United Malt Group Limited (United Malt), a company listed on the Australian Securities Exchange (ASX) and the fourth largest maltster globally, to acquire 100% of the shares of United Malt by way of a scheme of arrangement for a cash price of A$5.00 per share (Scheme).

The entry by Malteries Soufflet and United Malt into the SID follows the announcement made by Malteries Soufflet on 28 March 2023, in which it advised that it had made a non-binding, indicative and conditional proposal to acquire all of United Malt’s shares (Offer).

Under the terms of the SID, Malteries Soufflet will acquire in cash all outstanding shares of United Malt at a price of A$5.00 per share.

The SID provides that implementation of the Scheme is subject to a number of conditions and notably:

• An independent expert report concluding (and continuing to conclude) that the Scheme is in the best interests of United Malt’s shareholders;
• Approval of the Scheme by United Malt’s shareholders;
• Merger control and anti-trust/competition-related regulatory approvals in relevant jurisdictions;
• Foreign investment approval in relevant jurisdictions;
• No material adverse change occurring in respect of United Malt; and
• Federal Court of Australia’s approval in respect of the Scheme.

As part of the transaction, Malteries Soufflet’s strategic partners, KKR, Bpifrance and Crédit Agricole Group, will also reinvest into the business to fund the acquisition and help accelerate the Company’s global growth plans.

Upon implementation of the Scheme, United Malt will become a wholly-owned subsidiary of Malteries Soufflet.

Thierry Blandinières, Chairman of Malteries Soufflet and CEO of InVivo Group, said: “We are excited to announce this significant milestone in our acquisition of United Malt. This marks an important step in the implementation of our strategy to create a global platform in the malt sector, which we developed with our strategic partners, KKR, Bpifrance and Crédit Agricole Group.”

“With complementary assets, both in terms of geographical footprint and business segments, the combination will enable us to better serve our customers from craft and industrial beer brewers to whisky distillers across international markets. We look forward to welcoming the talented United Malt team and enhancing Malteries Soufflet’s expertise, capabilities and global network,” said Mr Blandinières.

Mark Palmquist, Managing Director & Chief Executive Officer of United Malt, said: “We are pleased to join forces with Malteries Soufflet, a company that shares our commitment to delivering exceptional malt products to our customers. This is a fantastic outcome for our customers, employees, shareholders and other stakeholders and we look forward to completing the transaction.”

Goldman Sachs Bank Europe SE and Crédit Agricole CIB are serving as financial advisors to Malteries Soufflet and Allens, Vivien & Associés, Wilkie Farr & Gallagher, Aramis and Bredin Prat are serving as the company’s legal advisors.


Malteries Soufflet/InVivo Group
Charlotte de Lattre
+33 6 01 06 12 74
For Malteries Soufflet, Brunswick Group
Paris: +33 1 53 96 83 83
Sydney: +61 420 960 717

About Malteries Soufflet
Malteries Soufflet is one of the world’s leading players in the malt industry, with an 11% share of the global market. Malteries Soufflet employs nearly 1,400 people in 29 malt plants in Europe, Latin America, Asia and Africa, with an annual production capacity of 2.4 million tonnes of malt. Thanks to its expertise in the barley sector, from seed to beer, Malteries Soufflet produces excellent malts, whether standard or special, pilsner, roasted or organic, as part of a continuous improvement process in the sustainability of its products. In partnership with its customers – major brewers and craft brewers, distillers and ingredient producers – Malteries Soufflet co-constructs the specifications for malts that meet the most demanding challenges, as part of a continuous improvement process.

About United Malt
United Malt is a leading global maltster, with a capacity of approximately 1.3 million tonnes of malt across 12 processing plants in Canada, the United States of America, Australia and the United Kingdom. United Malt also operates an international distribution business, which provides a full service offering for craft brewers and distillers, including malt, hops, yeast, adjuncts and related products.
To learn more, visit UnitedMalt.com

About InVivo Group
InVivo Group is one of Europe’s leading agricultural groups with revenues of nearly €12 billion, with more than half generated in France, and a workforce of 15,000 employees, including more than 10,000 in France. With operations in 38 countries, it has more than 90 industrial sites, including 63 in France. The Group operates along the entire value chain, from farm to fork, as a leader in each of its four major strategic business lines: international grain trade, agriculture, agri-food (Malting, Milling/ingredients/bakery, Wine), gardening and food distribution. A global cross-functional centre for innovative and digital solutions completes the structure to accelerate the transformation of these activities towards the 3rd agricultural revolution.

Categories: News


Panelto Foods establishes UK and Ireland platform within 3i-backed European Bakery Group


3i Group plc (“3i”) today announces that Panelto Foods, an Irish bakery group specialised in bake-off artisan breads, will join European Bakery Group, establishing the UK and Ireland platform within the pan-European bakery group.

European Bakery Group was formed in May 2023 with the combination of Dutch Bakery, a leading bakery group specialised in home bake-off bread and snack products, and coolback, a leading German-based bakery group specialised in bake-off bread. Dutch Bakery, coolback and Panelto Foods will be key pillars of the European Bakery Group going forward.

Panelto Foods has a leading position in the UK and Ireland across its key product categories of pre-packed thaw and display rolls, bake-off sandwich breads and rolls, and bake-off loaves as well as baguettes. The company benefits from state-of-the-art production facilities and has long-term relationships with key retailers in its markets, driven by its high-quality products, product innovation and market-leading service levels.

The enlarged group will benefit from a complementary product assortment and customer base across Europe. The combination will enable European Bakery Group to capitalise on its capabilities to offer an innovative, high-quality and comprehensive product assortment to its customers, which is produced sustainably and with natural ingredients at its core.

Brian O’Grady, CEO Panelto Foods, said: “We are delighted to be joining European Bakery Group. Together, we will be able to reach new markets, capitalise further on the growth opportunities within the UK, Ireland and Europe and benefit from the size and scale of the combined platform.”

Raoul Vorage, CEO European Bakery Group, said: “Panelto Foods is an excellent fit for European Bakery Group with complementary product assortments and geographies. We look forward to partnering with Panelto Foods and continue to execute on the international growth strategy of European Bakery Group.”

Bastiaan Peer, Partner 3i, said: “The combination of coolback, Dutch Bakery and Panelto Foods firmly establishes a high-quality pan-European platform in the fragmented European private label market for bake-off bread, which has been at the core of our original investment thesis. With Panelto Foods, European Bakery Group further expands its footprint, diversifies its customer base, and further strengthens the platform for continued organic as well as inorganic growth.”

The transaction is subject to customary merger clearance.


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For further information, contact:

3i Group plc

Kathryn van der Kroft

Media enquiries


Silvia Santoro

Shareholder enquiries


Tel: +44 20 7975 3021

Email: kathryn.vanderkroft@3i.com


Tel: +44 20 7975 3258

Email: silvia.santoro@3i.com

Notes to editors:

About 3i Group
3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America.

About European Bakery Group
European Bakery Group is a pan-European bakery platform specialised in bake-off bread and snack products. The company is headquartered in Tilburg and currently operates nine bakeries across the Netherlands and Germany.

About Panelto Foods
Headquartered in Longford, Ireland, Panelto Foods is an industrial manufacturer of frozen par-baked bread products, specialising in pre-packed thaw and display rolls, bake-off sandwich breads and rolls, as well as artisan bake-off loaves and baguettes. Founded in 2004, and undergoing a major expansion in 2018 with the support of Enterprise Ireland and the Irish Strategic Investment Fund, Panelto has grown into a key player in the UK and Ireland bake-off bread market. The company employs more than 300 employees across two state-of-the-art bakeries with a total of three production lines, which produce more than 5 million bread items per week.

Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i Benelux.

Categories: News


Oyster Heaven creates the first scalable solution to regenerate lost oyster reefs

Orange Wings Investments

Rotterdam-based startup raises €800,000 from Orange Wings Investments

27 June 2023|Press Release|OWI|Oyster Heaven

Shawn Harris and George Birch

Oyster Heaven, a Rotterdam-based startup founded by George Birch, has raised €800,000 in funding from Orange Wings Investments to facilitate the next stage in their growth. The investment will support the startup’s goals toward marine restoration, offering the first cost-effective solution to sustainably restore native oyster reefs around the world.

Oyster reefs play an important role in the marine ecosystem. They form a habitat for hundreds of species, filter water, and are one of the most natural and cost-effective ways to manage excess nitrogen from the ocean and help fight climate change.

20-30% of the North Sea used to be covered by oyster reefs, but 150 years ago they were considered cheap food and were overharvested to near extinction without realising the damage that would cause. Now, 95% of these reefs are gone, and much of the ocean floor is a marine desert not suitable for oysters to grow on.

The first scalable solution to regrow lost oyster reefs: The Mother Reef

Founded in 2021 by George Birch, 32, Oyster Heaven is turning the tide by regenerating oyster reefs at a large scale. With extensive scientific research, the startup is able to unlock the biggest bottleneck for oyster restoration by creating a low-cost and efficient substrate for oysters: the Mother Reef. This natural reef system made of clay is scaffolding pre-loaded with baby oysters essential for repopulating the deserted sea floor.

After successful lab and field testing to prove the efficiency of the Mother Reef over the last two years, on-land tests continue at Stichting Zeeschelp in Zeeland in order to prove beyond a doubt the effectiveness of the technology. So far, 10,000s of baby oysters (spats) have attached to the Mother Reefs and are thriving.

Ocean conservation meets financial scalability

Oyster Heaven was born out of a desire to combine ocean conservation with financially scalable models that are independent of philanthropy. With his unusual background, a mix of both marine and terrestrial conservation and financial management, Birch is well-prepared to lead the startup to success.

“Sustainability has been the sole ambition of my career. I have been obsessed with finding a way to get mainstream finance to invest in the health of our oceans. Oyster Heaven is the opportunity to make this happen. Today, countries are in various stages of recognizing the value of ecosystem services. Oyster Heaven is leading the way, preparing for a society willing to pay for the services oyster reefs can provide.” says George.

By partnering with local fishing communities to plant the Mother Reefs into the ocean and protect the new marine oases, the startup anticipates a boon to the new circular economy.

Support from Orange Wings Investments

The €800,000 investment in Oyster Heaven is backed by Orange Wings Investments, an early-stage VC supporting changemakers with brilliant ideas and giving wings to future champions. “Our operations should bring back millions of oysters and other marine life to the seas,” according to Orange Wings Investments founder Shawn Harris. “We are really excited about investing in a cost-effective solution that can reverse the losses we are having in the seas globally.”

The most impactful oyster restoration project in Europe

The startup is positioned to deploy 5 million oysters in Europe and the US in 2024, and aims to have regenerated 100 million oysters by 2027, anticipating significant improvement in marine biodiversity, water quality and waste management in various industries.

Their success will be the first financially sustainable solution to help our oceans by restoring marine life, making them the most scalable and impactful oyster restoration force in Europe.

About Oyster Heaven

The Rotterdam startup and nature conservation organisation Oyster Heaven – founded in 2021 by George Birch – is a regeneration first organisation whose central mission is to regenerate oyster reefs on a large scale. Birch obtained his MBA from Erasmus in Rotterdam and has worked at Blue Marine Foundation and Janus Henderson, among others. Oyster Heaven’s vision is a society where people can continue to live comfortably by helping the environment and vital industries, such as housing and food suppliers, continue to exist in the future. The company is supported by Blue Oyster Environmental, DTU Aqua, Newcastle University, Mantis Consulting, Metabolic, Rewilding Britain, Stichting Zeeschelp, WWF, and a scientific advisory board.

Categories: News