Malaga Investment has acquired and delisted What’s Cooking?

July 2026 — Malaga Investment SCSp has acquired and delisted What’s Cooking Group N.V./S.A. (What’s Cooking?), providing the group with a stable ownership structure and increased flexibility to execute its strategic growth ambitions, including continued investment in its production footprint, product innovation and selected acquisition opportunities.

Malaga Investment was established by Malaga GP, Famcoo Invest and Efic and represents the founding families of What’s Cooking?. Through its ownership approach, the founding families seek to support the group’s long-term development as a privately held company, enabling management to pursue its growth strategy, strengthen its market position in the European ready meals sector and continue investing in operational excellence and innovation.

What’s Cooking?, formerly Ter Beke, is a Belgium-based European fresh food group specializing in the development, production and sale of fresh and frozen ready-made meals for retail and foodservice customers. Following the divestment of its savoury division in 2025, What’s Cooking? is fully focused on fresh and frozen, innovative and nutritionally balanced ready-made meals. With strong brands such as Come a Casa® and Vamos®, as well as various private label brands, the group offers a broad range of lasagnas, pasta dishes, pizzas, sauces, innovative international cuisine dishes, local specialties, vegetarian and plant-based meals and meal components. The group operates an extensive network of specialized production facilities across Belgium, France, Poland and the UK, complemented by sales offices throughout Europe. It employs approximately 1,650 people and operates six production sites across Europe. What’s Cooking?’s strategy focuses on delivering tasty, convenient and sustainable meal solutions, supported by product innovation, operational excellence, strong private label capabilities and targeted growth initiatives.

Our role in the transaction

Oaklins’ team in Belgium acted as the exclusive financial advisor to Malaga Investment in connection with its voluntary and conditional public takeover bid for What’s Cooking?.