Investment in the Middle Eastern bakery business via the Gulf Japan Food Fund, a Private Equity fund set up to promote exports to that region -Supporting expansion of Japanese food and agricultural exports-

In July 2017, the Gulf Japan Food Fund (below: “GJFF”), owned by investors including Mizuho Bank, Ltd. (President & CEO: Koji Fujiwara) and The Norinchukin Bank (President & CEO：Yoshio Kono), invested in Yamanote Atelier Restaurant LLC (below: “Yamanote”; owners: Sheikh Suhail Al Maktoum, Mrs Hamda Al Thani), a firm developing a Japanese bakery business in Dubai, U.A.E.

The GJFF is a private equity fund set up to promote export growth of Japan’s agricultural, forestry and fisheries products and the food security of the six Gulf Cooperation Council countries (below: “GCC”), mainly in financial terms. The fund began investment operations on 3 March, 2016. Fund stakeholders on the Japanese side, apart from Mizuho Bank and Norinchukin Bank, also include the Cool Japan Fund, a public/private fund. Those on the Middle Eastern side include the Gulf Investment Corporation (GIC), and sovereign wealth funds. Together, all these organizations have collectively invested USD 390 million.

Yamanote is a bakery chain established by Dubai’s Ruling Family, based on the concept of “Japanese Bakery”. It emphasizes high quality and food safety, and imports most of the ingredients from Japan. The firm plans to benefit from this time’s investment round by constructing central kitchen facilities and expanding its branch network mainly in the GCC countries.

By supporting Yamanote’s business expansion through investment, the GJFF intends to promote further export growth not only of Japan’s agricultural products like dairy goods, wheat, rice and azuki beans but also the country’s other food and agricultural products like confectionery goods and beverages.

Going forward, Mizuho Bank and Norinchukin Bank plan to continue contributing to the creation of added value and new markets in the agricultural and food business, via the GJFF.

Mizuho Bank, Ltd.

The Norinchukin Bank

Swander Pace Capital Sells Lavo to KIK Custom Products

ONTARIO, CANADA (July 6, 2017) – Swander Pace Capital, a leading private equity firm specializing in consumer products companies, has sold Lavo Inc., a leading manufacturer and marketer of laundry detergent, household cleaners, fabric softeners and bleach in Canada, to KIK Custom Products Inc.

Lavo has been selling high-quality products for more than a century. The company’s brands include La Parisienne, Hertel, Springtime, Old Dutch, Arctic Power and ABC.

“The strong heritage of these brands and world class capabilities served as the foundation of our growth strategy,” said Roger Dickhout, Chief Executive Officer of Lavo. “Our ability to leverage best practices from other Swander Pace companies, continue to build the company’s core competencies, capitalize on growth opportunities, and successfully integrate the Arctic Power and ABC brand acquisitions were critical drivers of value creation. We are pleased that KIK can help create future opportunities for the company.”

“We are grateful to the Lavo team and all of our employees for their hard work and contributions during our ownership,” said Andrew Richards, managing director of Swander Pace. “We look forward to watching the team continue to grow and flourish as part of the KIK organization.”

Sawaya Segalas & Co., LLC served as exclusive financial advisor to Lavo and Swander Pace Capital, and Stikeman Elliott LLP acted as legal counsel to Lavo and Swander Pace Capital on the transaction.

About Swander Pace Capital 

Swander Pace Capital (SPC) is a private equity firm that invests in companies that are integral to consumers’ lives. SPC’s consumer industry expertise informs the firm’s strategic approach and adds value through access to its proven SPC Playbook, senior team and extensive network. The firm partners with management teams to help build companies to their full potential. SPC invests in businesses across three domains of consumer lifestyles: Food & Beverage, Body & Wellness and Home & Family. With offices in San Francisco, New Jersey and Toronto, SPC has invested in more than 45 companies and raised cumulative equity commitments of approximately $1.8 billion since 1996. For more information, visit www.spcap.com.

About Lavo

Lavo is the leading independent manufacturer and marketer of laundry and cleaning products in Canada. Lavo distributes and markets under owned brands La Parisienne, Hertel, Springtime, Old Dutch, Arctic Power, and ABC. These brands carry a strong reputation among Canadian consumers, and are sold in grocery stores, pharmacies, mass retailers, and warehouse clubs. Lavo is also a leading private label laundry product supplier, and markets bulk bleach to the industrial sector.

Gimv invests in Snack Connection, a leading nut supplier

FSN Capital III has signed an agreement to sell its majority shareholding in Lagkagehuset.

Lagkagehuset is the leading premium bakery chain with 66 stores in Denmark and a presence in the UK. The company operates a premium concept focusing on high-quality artisanal breads, cakes and pastries as well as other food, teas and coffee. Its attractive quality products and proven concept is based on a business model with own bakery production and a scalable roll-out strategy. The stores in the UK under the “Ole & Steen” brand are the first phase of an international roll out, proving that the business model is highly scalable.

After several years of significant growth in the Danish market, and a recent launch in London, Lagkagehuset is now well positioned for further internationalisation with Nordic Capital as the new owner of the company. Nordic Capital will acquire the entire FSN Capital’s majority shareholding in Lagkagehuset A/S. At the same time, Nordic Capital will also acquire the two founders, Ole Kristoffersen’s and Steen Skallebæk’s shares in Lagkagehuset.

“Nordic Capital has in recent years made several investments in the food industry and sees great potential in supporting Lagkagehuset in its further expansion. Lagkagehuset has a great customer-oriented concept that delivers quality products every day and has created strong preferences for consumers in Denmark. Following a recent launch in London, the next step is now to evaluate and develop a plan for further internationalisation where we will level further with Nordic Capitals industry expertise within the retail sector. Nordic Capital is looking forward to support Lagkagehuset’s continued development and expansion in partnership with the the company’s strong management team,” says Michael Haaning, Partner at NC Advisory A/S, advisor to the Nordic Capital Funds.

“We started with Ole and Steen and two stores. Today, eight years later, there are 68 stores in Denmark and two in London. Lagkagehuset is above all a fantastic company with a unique culture and quality products. The two stores in London are the first expansion beyond Denmark’s borders. There will be 200 employees in London before this year’s end, so it’s gone far beyond our expectations. Against this background, I can proudly look back on our ownership period,” says Thomas Broe-Andersen, Partner at FSN Capital, advisor to the FSN Capital Funds.

“We have had a really great cooperation with our owners FSN. We are looking forward to the new ownership and we are exited to have found a strong partner in Nordic Capital with both the experience, industry knowledge and capital to support us in our continued growth journey to bring Lagkagehuset to the rest of the world. We have amazing employees and products and we expect continued high growth in the coming years”, says Jesper Friis, CEO of Lagkagehuset

Lagkagehuset has over the last couple of years professionalised the fresh bakery industry and has taken its concept international as a response to the increasing public focus on healthy quality food products. The Lagkagehuset chain has a high degree of flexibility of concept, ranging from large traditional bakery to smaller urban food-to-go outlets. Lagkagehuset’s business model which enables high quality at scale, has along with its strong brand and modern retail concept, been highly successful in the Danish market where the company now has 68 stores. The company reported revenues of DKK 665 million in 2016 and a total of 1,800 employees. The company grew by 20 per cent in 2016.

FSN Capital was advised by FIH Partners, Accura, PwC, and BCG.

The parties have agreed not to disclose the financial terms of the transaction.

The investment is subject to approval by the relevant authorities.

Nordic Capital Fund VIII “Nordic Capital” acquires Lagkagehuset, a leading premium Danish bakery and food-service chain from FSN Capital who is selling its majority shareholding in the company after eight years of ownership. Lagkagehuset has stores throughout Denmark and a newly established presence in London. Nordic Capital sees great potential in supporting the acceleration of Lagkagehuset’s continued growth in Denmark as well as internationally.

Lagkagehuset is a leading premium bakery and food-service chain in Denmark with 67 stores, and a newly established presence in the UK. The company operates a premium concept focusing on high-quality artisanal breads, cakes and pastries as well as other food, teas and coffee. Its unique offering, quality products and proven concept are based on a business model with in-house bakery production and a scalable roll-out strategy. The stores in the UK, trading under the “Ole & Steen” brand, are the first phase of an international roll out and prove that the business model is highly scalable.

After several years of significant growth in the Danish market and a recent launch in London, Lagkagehuset is now well positioned for further internationalisation with Nordic Capital as the new owner of the company. Nordic Capital will acquire FSN Capital’s entire majority shareholding in Lagkagehuset A/S, as well as the stakes held by the two founders, Ole Kristoffersen and Steen Skallebæk.

“Nordic Capital has a track record of investments in the food industry and sees great potential in supporting Lagkagehuset in its further expansion. Lagkagehuset has a great customer-oriented concept that delivers high quality products every day and is a preferred brand for consumers in Denmark. Nordic Capital’s will leverage its industry expertise within the retail sector to further develop the company internationally supporting Lagkagehuset’s continued progress and expansion in partnership with the company’s strong management team,” says Michael Haaning, Partner, NC Advisory A/S, advisor to the Nordic Capital Funds.

“We started with Ole and Steen and two stores. Today, eight years later, there are 67 stores in Denmark and 2 in London. Lagkagehuset is above all a fantastic company with a unique culture and quality products. The 2 stores in London are the first expansion beyond Denmark’s borders. There will be 200 employees in London before year end, so it’s it has gone far beyond our expectations. I can proudly look back on our ownership period,” says Thomas Broe-Andersen, Partner at FSN Capital.

“We have had a really great cooperation with our owners FSN. We are excited to have found a strong partner in Nordic Capital, which has the experience, industry knowledge and capital to support us bringing Lagkagehuset to the rest of the world and we are looking forward to the new ownership. We have amazing employees and products and expect continued high growth in the coming years” says Jesper Friis, CEO of Lagkagehuset.

Lagkagehuset has professionalised the fresh bakery industry responding to the increasing public focus on healthy quality food products, a concept that resonates internationally. The Lagkagehuset chain has a high degree of flexibility of concept, ranging from large traditional bakeries to smaller urban food-to-go outlets. Lagkagehuset’s business model enables high quality at scale, and its strong brand and modern retail concept has been highly successful in the Danish market where the company now has 67 stores. The company has a total of 1,800 employees, reported revenues of DKK 665 million and growth of 20% in 2016.

The parties have agreed not to disclose the financial terms of the transaction.

The investment is subject to approval by the relevant authority.

Conclusion of share sale: Greenyard food group, global player in vegetables and fruit

Paris, 9th June 2017–

Ardian, the independent private investment company, today announces the signing of an agreement to sell its majority stake in IRCA Group to The Carlyle Group. IRCA Group is a leading Italian and European B2B manufacturer and seller of semi-finished products for the pastry, bakery and ice cream markets. With more 300 employees and three production plants near Varese, Lombardy, IRCA has a turnover of 250 million euros.

Ardian, IRCA Group’s majority stakeholder since 2015, has supported the company’s growth and strengthened its leading market position, both at a national and international level.

Nicolò Saidelli, Managing Director and Head of Ardian in Italy, said: “After a number of significant positive developments in recent years, we are pleased that IRCA, with a strong market position in the food sector, can now continue on its growth path with a new partner.”

Yann Chareton, Managing Director at Ardian in Italy , added: “We are very pleased to have supported the Nobili family and IRCA over the past two years, supporting its development and investments to further strengthen the Group’s expansion. We thank them for all their work and commitment, which has allowed us to strengthen the Group’s positioning and create further opportunities for the future.”

Roberto Nobili, IRCA Group CEO, declared: “I am proud to say that these two years together with Ardian have been rich in successes and satisfaction for IRCA. I thank Nicolò and his team for what the y did together”. The closing of the transaction is subject to the authorization by the Antitrust Authority.

ABOUT IRCA

Founded in 1919 by Nobili family, IRCA is a leadingItalian and European B2B manufacturer of semi-finished products for the pastry, bakery and horeca market thanks to a portfolio products composed by more a large variety of SKUs offered to industrial clients, internal bakeries of hypermarkets and pastry and bakery shops. In 2014, IRCA entered into the ice-cream ingredient mark et through the brand Joy Gelato.

The Group operates with three state of the art production sites located close to Varese (Lombardy) with about 306 employees recording a turnover of more than €250 million.

ABOUT ARDIAN

Ardian, founded in 1996 and led by Dominique Senequier, is an independent private investment company with assets of US$62bn managed or advised in Europe, North America and Asia. The company, which is majority-owned by its employees, keeps entrepreneurship at its heart and delivers investment performance to its global investors while fuelling growth in economies across the world. Ardian’s investment process embodies three values: excellence, loyalty and entrepreneurship. Ardian maintains a truly global network, with more than 450

employees working through twelve offices in Paris, London, Frankfurt, Milan, Madrid, Zurich, New York, San Francisco, Beijing, Singapore, Jersey, Luxembourg. The company offers its 580 investors a diversified choice of funds covering the full range of asset classes, including Ardian Funds of Funds (primary, early secondary and secondary), Ardian Private Debt, Ardian Buyout (including Ardian Mid Cap Buyout Europe & North America,

Ardian Expansion, Ardian Growth and Ardian Co-Investment), Ardian Infrastructure, Ardian Real Estate and Ardian Mandates.

www.ardian.com