Novastone-backed CEO Daniel Coutinho completes successful exit following transformational growth strategy.
July 30, 2026 – Novastone Partners is pleased to announce the successful exit of Foo Seng, led by Novastone CEO Daniel Coutinho, following the acquisition of the newly formed Almma by European private equity firm Apheon.
Daniel acquired Foo Seng through the Novastone Operator-Led Buyout Program in 2023 with the ambition of building a leading platform in the premium frozen food sector. Under his leadership, the company underwent a significant transformation, strengthening its operations, expanding its commercial capabilities, and broadening its product offering.
A key milestone in that journey came earlier this year with the acquisition of Varachaux, a complementary manufacturer of frozen meat-based and plant-based food components. The combination of Foo Seng and Varachaux created Almma, a differentiated platform serving the fast-growing premium frozen snacks market with a particular strength in world foods and halal products.
The transaction with Apheon marks the successful culmination of Daniel’s ownership journey with Novastone and provides Almma with an experienced strategic partner to support its next phase of growth across Europe.
“When I joined Novastone, my goal was simply to acquire and build a great business. Over the past few years, we’ve transformed Foo Seng, expanded through the acquisition of Varachaux, and created the foundation for Almma. NCA’s support throughout every stage of the journey, from acquisition to growth and now exit, has been invaluable. Partnering with Apheon marks an exciting new chapter, and I’m proud of everything we’ve accomplished together,” said Daniel Coutinho, CEO of Foo Seng and Almma.
“This transaction is a great example of what can be achieved when exceptional operators are paired with the right business and supported throughout the ownership journey,” said Christian Malek, Founder and CEO of Novastone.
“Daniel executed a thoughtful growth strategy, successfully completed an add-on acquisition, and built a stronger platform that attracted a leading institutional investor. We congratulate Daniel and the entire Almma team on this outstanding achievement and look forward to following the company’s continued success.“
The exit represents another milestone for Novastone’s Operator-Led Buyout Program, demonstrating how experienced operators can create lasting value by acquiring, growing, and ultimately transitioning lower middle-market businesses to their next stage of ownership.
ABOUT 
Almma is a French premium frozen snacks platform formed through the combination of Foo Seng and Varachaux. Headquartered in the Paris region, the Group manufactures and distributes premium frozen snacks and food products for wholesalers, specialty distributors, foodservice operators, and retail customers. With a strong position in world foods and halal products, Almma is well positioned to accelerate its growth across the European market.
For more information visit www.fooseng.com or www.varachaux.com
ABOUT 
Apheon is a pan-European mid-market private equity investment company managing ~€4.5 billion of assets from select global institutional investors and families. Apheon is characterized by its partnership approach, providing “patient and friendly capital” and industrial know-how to entrepreneurs and management teams, preparing their companies for the future. Through its pan-European footprint, the firm acts as a gateway into Europe for companies in the mid-market.
Learn more about Apheon: www.apheon.com
ABOUT NOVASTONE
Novastone is a global firm tackling SME succession challenges through its Operator-Led Search Fund Program. Novastone partners with mid-career professionals to identify, acquire, and lead established SMEs. The firm provides operational support, capital, and governance throughout the investment lifecycle.
Learn more at www.novastone-ca.com
ABOUT NOVASTONE PARTNERS (NP)
Novastone Partners is the exclusive Fund Advisor to the NP Operator-led Buyout Funds (Lux RAIF). The fund targets buyouts in the lower mid-market across Europe and North America and exclusively invest in acquisitions from Novastone to ensure seamless execution and long-term value creation through succession-driven investments.
Learn more at www.novastonepartners.com
