Finances and Deals
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Michroma raises $6.4M to speed commercialization of natural red food color
The company, which ferments bioengineered fungi to produce a pigment, received funds from General Mills-backed Supply Change Capital, Dr. Oetker and CJ CheilJedang.
By Megan Poinski • Feb. 2, 2023 -
Retrieved from Dole.
Dole selling its fresh vegetables division for $293M to Chiquita subsidiary
The fresh produce giant said proceeds from the sale of the division, which generated revenue of $1.28 billion in 2021, will be used primarily to pay down debt.
By Christopher Doering • Feb. 1, 2023 -
Retrieved from Danone.
Danone exploring options, including a sale, for US organic dairy business
The review includes the Horizon Organic and Wallaby brands, which represent 3% of the company’s global revenues and have been a drag on growth and margins.
By Christopher Doering • Jan. 30, 2023 -
Former Kind execs launch incubation and investment firm Camino Partners
The entity represents a new name and mission for Daniel Lubetzky’s Equilibra Partners Management, with a goal of helping startups on their journey.
By Megan Poinski • Jan. 24, 2023 -
No Meat Factory raises $42M to expand plant-based protein manufacturing
The Canada-based company makes branded alternative protein items for other companies, and seeks to offer its services globally.
By Megan Poinski • Jan. 13, 2023 -
Kerry negotiating 500M euro sale of sweet ingredients business
The divestment would free the company up to expand in higher-growth areas, and would help potential buyer IRCA become a global leader in components for the segment.
By Megan Poinski • Jan. 12, 2023 -
From cloud to bottle: Richard’s Rainwater turns to raindrops for a sustainable beverage
The company forecasts sales to top $10 million in 2023, and has benefited from growing demand for earth-friendly products and recent water quality concerns.
By Christopher Doering • Jan. 12, 2023 -
Tyson adds 150 more jobs to Illinois plant expansion
The company broke ground on the $180 million addition to its plant — which will now add 400 new positions — in August.
By Chris Casey • Jan. 11, 2023 -
Sovos Brands sells Birch Benders to Hungry Jack pancake owner
The divestiture to Hometown Food for an undisclosed amount will better position the company for growth by allowing it to focus on other premium brands, including Rao’s and Noosa.
By Christopher Doering • Jan. 10, 2023 -
Reese’s enters the frozen aisle through Hershey and Unilever partnership
The collaboration between the longtime business allies allows the peanut butter and chocolate candy to expand its presence in stores, and brings a distinctive offering in ice cream treats.
By Christopher Doering • Jan. 6, 2023 -
Benson Hill sells Fresh division for $21M to concentrate on ingredients
Agribusiness company IMG Enterprises closed on its Florida facility, real estate, and packhouse at the end of 2022 and will complete the transaction through a stock purchase this year.
By Megan Poinski • Jan. 6, 2023 -
Retrieved from Eastern Standard Provisions.
Mondelēz participates in $13.5M funding round for soft pretzel maker
With the investment in Eastern Standard Provisions, Tapan Shah, head of venture capital for the CPG giant’s SnackFutures arm, became a director at the company.
By Christopher Doering • Jan. 5, 2023 -
Oatly sells some manufacturing capacity to co-packer Ya YA Foods for $98.1M
After a year plagued with production problems, the publicly traded company will focus on its proprietary oat base, while the Canadian co-manufacturer will take over its Utah and Texas plants.
By Megan Poinski • Jan. 4, 2023 -
Moolec Science begins trading on Nasdaq
The company is the first to use a process it calls molecular farming — using bioengineered plants to produce animal proteins — to go public.
By Megan Poinski • Jan. 3, 2023 -
2022’s top M&A deals in the food and beverage industry
Last year saw companies turn to dealmaking as a way to quickly gain presence in fast-growing categories or strengthen their position in existing ones.
By Christopher Doering • Jan. 3, 2023 -
IFF sells Savory Solutions Group for $900M
The sale to private equity firm PAI Partners is the first of three divestments CEO Frank Clyburn said were coming soon at the company’s investor day earlier this month.
By Megan Poinski • Dec. 22, 2022 -
Retrieved from Just the Cheese.
John B. Sanfilippo buys baked cheese brand to expand snacking portfolio
The purchase of Just the Cheese for an undisclosed amount brings the nut and dried fruit products maker into new categories and complements its existing portfolio.
By Christopher Doering • Dec. 21, 2022 -
Maple Leaf Foods partners with The Better Meat Co. to develop mycelium products
The agreement, which is the first in alternative protein since the Canadian meat giant cut back on its plant-based division, is focused on R&D and innovation with Rhiza protein.
By Megan Poinski • Dec. 21, 2022 -
Mars acquires better-for-you snack maker Trü Frü
Terms of the deal were not disclosed, but the purchase of the chocolate-covered fruit treat brand will add to a powerful division of healthier options for the global food giant.
By Megan Poinski • Dec. 20, 2022 -
Retrieved from Mondelez.
Mondelēz International to sell gum business for $1.35B
The sale to Perfetti Van Melle Group, a European gum and confectionery maker, includes two manufacturing facilities and brands such as Trident and Dentyne in the U.S., Canada and Europe.
By Christopher Doering • Dec. 19, 2022 -
B&G Foods to sell Back to Nature brand to Barilla America
CEO Casey Keller said the sale is part of the company’s portfolio focusing effort, and can help reduce long-term debt. Terms of the deal were not disclosed.
By Christopher Doering • Dec. 16, 2022 -
Chr. Hansen will merge with Novozymes in a $12.3B deal
The sale, which is expected to close in the fourth quarter of 2023 at the earliest, would create a company with extensive expertise in enzymes and natural microbials.
By Megan Poinski • Dec. 15, 2022 -
Flowers Foods buys Papa Pita Bakery for undisclosed amount
With the purchase of the Utah company, the baking giant adds several regional brands to its portfolio, as well as a state-of-the-art manufacturing facility and distribution network.
By Megan Poinski • Dec. 14, 2022 -
Functional soda Poppi raises $25M
The beverage maker also bulked up its C-suite by appointing former Anheuser-Busch executive Lana Buchanan as its chief marketing officer.
By Christopher Doering • Dec. 13, 2022 -
NotCo raises $70M to make its AI available to other companies
The Chile-based company will build on its recent joint venture with Kraft Heinz to bring the power of its Giuseppe algorithm to an array of manufacturers.
By Megan Poinski • Dec. 12, 2022