TNS Food
Squarefield acted as exclusive financial advisor to TNS Food on the sale to GoodLife Foods
On June 16, 2025, the shareholder of TNS Food (or “TNS”) entered into an agreement to sell its shareholding in the company to GoodLife Foods (or “GoodLife”), a portfolio company of IK Partners. The partnership between TNS and GoodLife unlocks mutual synergies, allowing both companies to benefit from enhanced scale, shared product development expertise and complementary operational capabilities.
Since its founding by Daphne Aers in 2000, TNS has grown into a leading Belgian private label player in high-quality convenience products, serving both the retail and foodservice sectors. By combining culinary tradition with a forward-thinking approach, TNS delivers consumer-relevant savoury snacks, appetisers and meal components. TNS’ strong innovation DNA is demonstrated through its in-house developed 100% oven prepared crumb technology.
By joining GoodLife, TNS will gain access to a broader pan-European commercial platform, a larger operational scale and a complementary product portfolio that enhances its growth potential. In turn, TNS adds significant value to the GoodLife platform through its highly innovative and customer-focused approach, artisanal product offering and 100% oven prepared crumb technology. With its flexibility and strong track record in new product development, TNS strengthens GoodLife’s ability to respond to evolving consumer preferences and drive category innovation.
This transaction further highlights Squarefield’s strong track record as an independent corporate finance advisor to leading entrepreneurs and family-owned businesses across the European food and agri sector.
TNS Food
TNS Food (or “TNS) is a Belgian developer and producer of premium savoury snacks, appetisers and meal components, including croquettes, crumbed tapas bites, filled oven pastries and seafood shells. Its products are developed for versatile preparation methods, such as oven, traditional fryer, airfryer, microwave and BBQ. The company serves leading European food retailers, with a strong presence in its home market. TNS operates two fully certified production sites in Eeklo (BE) and Lokeren (BE), enabling artisanal-quality production at scale. With a focus on product quality and innovation, the company leverages in-house R&D capabilities and a flexible operating model to develop on-trend, tailor-made products. Under the leadership of founder and CEO Daphné Aers, and supported by a lean, entrepreneurial team, TNS has grown into a recognised category leader since its establishment in 2000.
Daphne Aers – Founder & CEO of TNS“TNS has been my life’s work and deciding to sell, was one of the toughest decisions I’ve ever made. Throughout the journey, Squarefield stood by me not just as an advisor, but as a true partner. Their strategic expertise, unwavering dedication and personal commitment gave me a deep sense of comfort and trust. I truly believed TNS would find the right home, and GoodLife has proven to be just that.”
GoodLife Foods
GoodLife Foods is a leading producer of frozen snacks, catering to foodservice providers, retailers and quick-service restaurants across Europe. Headquartered in Breda (NL), GoodLife offers a diverse portfolio of branded and private label products, including croquettes, spring rolls, meat snacks and plant-based alternatives. With a strong regional presence through well-established brands such as Beckers, Bicky, GoodLife (UK), Daloo, De Vries and Van Oers, GoodLife combines local consumer insight with pan-European scale, a.o. through recent acquisitions of Audens Group and Pure Ingredients. GoodLife operates a network of production facilities in the Netherlands, Belgium, the United Kingdom and Denmark. GoodLife is backed by IK Partners, a pan-European private equity firm with c. EUR 14bn in assets under management.