Transactions

Unilever joins biofuel company Solazyme’s Series D Round of Funding

Solazyme raised $52 million in fourth-round fundraising from Chevron Technology Ventures, agribusiness leader Bunge and Unilever, among others. South San Francisco based Solazyme, is a maker of renewable oil from algae that can be used for fueling a car, jet or Navy ship, or as an additive to food, cosmetics and soaps.  The company recently completed a contract to supply 1,500 gallons of algae oil to the Navy this year and its selling at least a small amount of product to food and cosmetics companies.  It now has strategic investors in foods (Unilever, Bunge and Japanese food distributor San-Ei Gen), in fuels (Chevron Technology Ventures, which joined the Series D), in airlines (The Roda Group - in which Richard Branson is an investor) and personal care products (Unilever again).  In March 2010, Unilever (a NCN Cornerstone Investor) entered into an R&D deal with Solazyme to develop an algae-based oil that can be used in its soaps and other personal care products. This follows a year-long collaboration between the two companies that yielded successful tests of renewable algal oils in Unilever product formulations.  Unilever is also looking at next-generation sources of renewable oil for use in its other products. 

Avrio Ventures re-invests in Manitoba Harvest

Manitoba Harvest, an NCN II presenter, announced that it raised additional working capital from Avrio Ventures.  Avrio Ventures initially invested in Manitoba Harvest in their series A round of financing in April, 2009.  During the past five years, Manitoba Harvest’s sales have grown more than 500%. In addition, the company has been on Canada’s Profit 100 list of the fastest growing businesses for four of the past five years.  Founded in 1998, Manitoba Harvest Hemp Foods & Oils is the world’s largest vertically-integrated, farmer owned hemp food manufacturer selling mostly hemp oils, hemp seeds and protein powders.

Catterton Partners buys Montreal-based Alasko Foods

Catterton Partners announced that it has acquired a controlling interest in Alasko Foods Inc., the largest Canadian marketer of frozen fruits and vegetables to both institutional and consumer markets.  20-year-old Alasko, with 100 employees, imports top-quality fruit and vegetables from around the world.  Its  retail products are sold under Alasko and Moov brands as well as private label and reportedly has the broadest product offering with more than 230 SKUs serving all distribution channels. 

Green Mountain Coffee to acquire Van Houtte

Green Mountain Coffee Roasters, Inc. announced that it will acquire all the outstanding shares of LJVH Holdings, Inc. (“Van Houtte”), from an affiliate of Littlejohn & Co., LLC, a private equity firm headquartered in Greenwich, CT, for a cash purchase price $890 million.  Headquartered in Montreal, Quebec, Van Houtte is a leading gourmet coffee brand in Canada in the home and office channels. Van Houtte roasts and markets gourmet coffee and distributes it through its direct-to-store delivery and coffee services networks in Canada and the U.S. The company’s twelve month’s net sales were $433 million.  Green Mountain’s recent acquisitions include Timothy’s, Diedrich and Tully’s.

CRP and Polaris Invest in Athletes' Performance

Capital Resource Partners has invested in a Series C financing round for Athletes' Performance led by Polaris Venture Partners. Athletes' Performance raised a total of $5 million to finance the company's continued expansion in the corporate wellness market.  Athletes' Performance is a leader in providing integrated performance training to professional and other elite athletes, executives, tactical (police, firefighter and military) and collegiate and high school athletes.  The company has made strong inroads into the corporate wellness market with successful programs at companies such as Intel and IBM.  Polaris Venture Partners initially invested in Athlete’s Performance  in October 2006.

Nestle Purina PetCare acquires dog treat maker Waggin’ Train

Nestle Purina PetCare Co. announced that it has acquired Waggin’ Train for approximately $450 million from private equity firm VMG Partners.  Waggin' Train grew its distribution network rapidly, expanding from wholesale mass merchants to several grocery stores and specialty stores, clocking an almost "20-fold" increase in the retail base, according to Kara M. Cissell-Roell, a managing director of VMG.  VMG bought a controlling stake in the company in 2007, along with the company's management.  At the time of this investment, Waggin’ Train’s sales were approximately $90 million.  The company was started by Chris and Gena Weinberg in Anderson, South Carolina in 2000. 

Treehouse Foods acquires S.T. Specialty Foods for $180 million

Treehouse Foods announced that it has entered into a definitive agreement to acquire S.T. Specialty Foods a portfolio company of Windjammer Capital Investors, for $180 million.  S.T. Specialty Foods is a producer of private label macaroni and cheese, skillet dinners, rice dinners and other products and serves a customer base in the grocery retail, discount retail, wholesale, mass merchandiser, and specialty retail channels. The company has annual sales of about $100 million. Windjammer Capital, in partnership with management, had acquired S.T. Specialty Foods in December 2008 from Swander Pace Capital.