Finances and Deals: Page 21
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Courtesy of Molson Coors
Molson Coors expands further into bourbon with Blue Run Spirits acquisition
The deal, the beverage company’s first in the spirits space, is part of an aggressive multi-year effort to expand into other categories beyond beer.
By Chris Casey • Aug. 8, 2023 -
CFO Editorial Staff
Tyson Foods to shutter 4 poultry plants
The closures are the latest announced by the company in 2023 as it faces headwinds caused by slowing sales of its products and higher operating costs.
By Chris Casey • Aug. 7, 2023 -
Retrieved from Sovos Brands.
Campbell Soup to buy Rao’s maker Sovos Brands for $2.7B
The purchase, the largest in five years for the CPG giant, also will allow the soup and snacks maker to expand its portfolio with brands such as Michael Angelo’s frozen meals and Noosa yogurt.
By Christopher Doering • Aug. 7, 2023 -
Rey Del Rio via Getty Images
Kellogg boosts outlook after raising prices
The Corn Flakes and Cheez-It maker said cash-strapped consumers are curtailing purchases, which led to a drop in volumes during the quarter.
By Chris Casey • Aug. 3, 2023 -
Permission granted by Alpha Foods
Livekindly Collective expands with acquisition of Alpha Foods
This is the company’s sixth food brand purchase, and its first in the U.S., as it attempts to build a dominant presence in the plant-based sector.
By Elizabeth Flood • Aug. 2, 2023 -
Getty Images
Beer controversy exacerbates 16% drag in Ardagh’s North American glass shipments
The company is progressing on a planned 15% net reduction in North American glass capacity amid market factors such as lower beer demand, including at customer AB InBev’s brand Bud Light.
By Maria Rachal • Aug. 2, 2023 -
Courtesy of Juicy Marbles
Plant-based meat alternatives continue decline in sales
Alternative meat sales in U.S. retail locations have fallen by 19.8% year-over-year, according to data from Circana.
By Elizabeth Flood • July 31, 2023 -
Mario Tama via Getty Images
Nestlé taps startup to advance regenerative agriculture in beef production
The CPG will work with Grassroots Carbon to pay ranchers for practices that restore soil health and reduce emissions.
By Sarah Zimmerman • July 31, 2023 -
Joe Raedle via Getty Images
Anheuser-Busch lays off hundreds of corporate employees
The job cuts follow months of declining sales for Bud Light, which was dethroned as the best-selling beer in the country after the controversy involving Dylan Mulvaney.
By Chris Casey • July 27, 2023 -
Courtesy of Meati Foods
Eat Meati expands footprint with Whole Foods launch
The mushroom root-based meat alternative continues to scale its fully vertically integrated manufacturing capabilities to support its rapid growth in both retail and food service locations.
By Elizabeth Flood • July 27, 2023 -
Bill Pugliano / Stringer via Getty Images
Kellogg files separation form with SEC
The snacking giant took the next step toward splitting into two businesses, one focusing on cereal and the other on snacking.
By Chris Casey • July 26, 2023 -
Courtesy of Flora Ventures
Former Mondelēz exec launches $80M agtech startup fund
Gil Horsky, who led the CPG's venture capital arm, is helping start Flora Ventures, a new fund to invest in food sustainability.
By Nathan Owens • July 25, 2023 -
Adam Berry via Getty Images
How craft beer saturation led to Anchor Brewing’s demise
The oldest brewery in the U.S. fell victim to a crowded market and high costs as it tried to remain relevant to younger consumers, a Marcum executive told Food Dive.
By Chris Casey • July 25, 2023 -
Retrieved from La Colombe.
Keurig Dr Pepper pays $300M for 33% stake in La Colombe, strikes licensing deal
The beverage giant has been deepening its ties to fast-growing companies with a presence in premium and trendy offerings, having previously invested in Athletic Brewing and C4 Energy drink maker Nutrabolt.
By Christopher Doering • July 20, 2023 -
Michael M. Santiago via Getty Images
USDA teams with states to crack down on anti-competitiveness in food
The department will work with more than 30 attorneys general to address practices viewed as unfriendly to consumers, even as economists remain mixed on consolidation’s effect on inflation.
By Sarah Zimmerman • July 19, 2023 -
Matthew Stockman via Getty Images
JBS plans to list shares in U.S.
The meat giant announced it will pursue a dual listing strategy on the New York Stock Exchange and the São Paulo Stock Exchange, which it believes will attract a wider array of investors.
By Chris Casey • July 13, 2023 -
Brandon Bell via Getty Images
Grocery inflation drops below 5%
Food-at-home prices increased in June at a 4.7% annual clip, down from 5.8% in May, the U.S. Bureau of Labor Statistics reported Wednesday. Overall inflation declined to 3%.
By Sam Silverstein • July 12, 2023 -
Permission granted by Meati Foods
Meati’s wide scale retail launch is here with Dots distribution deal
The mushroom root meat being added to Dot Foods’ catalog is not just a big win for the mycelium maker, it’s also a sign that alternative proteins are moving into their next phase of ubiquity.
By Rose Palazzolo • July 12, 2023 -
Tim Boyle via Getty Images
Traceability company Oritain raises $57M to spur growth
Food and beverage producers, such as A2 Milk and Nestlé’s Nescafe, depend on the firm to assure customers that the items they purchase are genuine and sourced ethically.
By Christopher Doering • July 12, 2023 -
Catherine Douglas Moran/Food Dive
Oatly taps Mars alum for CFO
Marie-Jose David comes to the financial helm of the oat milk maker as the company looks to get “aggressive” this year.
By Elizabeth Flood • July 10, 2023 -
Courtesy of Ynsect
Insect protein company Ynsect names insider as CEO
Shankar Krishnamoorthy, who joined the company in 2021, takes over from co-founder Antoine Hubert. He will be responsible for overseeing the expansion of the fast-growing business.
By Christopher Doering • July 10, 2023 -
Courtesy of Do Good Foods
Upcycled chicken producer Do Good Foods files for bankruptcy
The two-year-old company is the latest food business to file in the last month, following AeroFarms and Tattooed Chef, as upstarts struggle with a challenging economic environment.
By Chris Casey • July 10, 2023 -
Courtesy of Kevin’s Natural Foods
Mars to buy healthy meal maker Kevin’s Natural Foods for an undisclosed amount
The fast-growing startup, which makes chef-inspired sous-vide meals, sides and sauces using whole foods and simple ingredients, will continue to operate as a standalone business.
By Christopher Doering • July 5, 2023 -
Mario Tama/Getty Images via Getty Images
Modelo dethroned Bud Light in America — here’s what the numbers say
While recent controversy played a role in the uncrowning, Modelo’s long-term strategy may have more to do with its success.
By Sara Karlovitch • July 5, 2023 -
Courtesy of Tattooed Chef
Tattooed Chef to file for bankruptcy, plans to sell assets
The company, which entered the public markets in 2020, has been struggling with declining revenue, inflationary pressures, a shrinking cash stockpile and a slowdown in the plant-based sector.
By Christopher Doering • July 5, 2023
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