Final scoop: 🍨
This isn’t about dessert. It’s about discipline.
Private equity is rewriting its exit playbook —
and secondaries are on the front page.
(10/10)

#Argo #Deals #foodandbev #Goldman #sustainability #ESG

Argo’s take:
This is liquidity without weakness.
A smart way to monetize gains without giving up position.
The winners don’t leave the table — they just change seats.

Continuation vehicles are now the third liquidity rail in PE:
1.LPs exit cleanly
2.GPs stay long
3.Buyers get de-risked upside
Everyone avoids the clock.

The structure reflects the new reality:
❌ Scarce IPOs
❌ Choppy M&A markets
✅ Long holds
✅ Institutional capital stepping in early

Goldman’s rationale:
→ Known asset, proven GP = low execution risk
→ Access to strong cash flows
→ Retains future upside (IPO, strategic buyer, dividend recap)

This isn’t tail-end cleanup.
It’s premium continuation — a sharp evolution in secondaries:
→ Top-tier asset
→ Top-tier GP
→ Top-tier buyer

Instead, they’re recapping it via a continuation vehicle. GSAM steps in as lead buyer.

Froneri’s financials justify it:
→ Revenue has doubled since 2019
→ Now at €5.5bn, global #2 after Unilever’s spin-out
→ Cash-yielding, brand-heavy, recession-resilient.

What was once seen as a threat is now a lifeline.

It’s the kind of journalism that doesn’t need to shout.
It invites reflection—on what endures, what shifts, and what slips quietly away.

on.ft.com/44R8Ab0
On thin ice: a two-day trek down the Alps’ biggest glacier

The article is rich in detail but never preachy. It shows—
the physics of melt,
the silence of 2,850m altitude,
the practical cost of disappearance.

Locals once prayed for the glacier to stop advancing. Now their prayers are reversed.

𝘛𝘩𝘦 𝘒𝘰𝘯𝘬𝘰𝘳𝘥𝘪𝘢 𝘏𝘶𝘵, built beside the glacier in 1877, now sits over 150m above it.

To reach it requires 526 steel steps bolted to bare rock—59 added just this June.
The stairs aren’t symbolic. They’re a physical archive of vanishing ice.

What begins as a midsummer hike across the Alps’ longest glacier unfolds into a quietly devastating chronicle of accelerated loss.

The Aletsch isn’t just shrinking. It’s sinking, retreating, and leaving behind infrastructure and memory that can’t keep up.

If you’re thinking about the next chapter—exit, growth, or just cleaning up the cap table— Let’s talk.
We keep it sharp, discreet, and built around your goals.

📩 DM us or email at office@argo-advisory.com

#Argo #Deals