News for August 23, 2023

Gut health company Bactolife raises more than $32 million in funding

Bactolife, a Novo Holdings portfolio company based in Copenhagen, Denmark, raised in excess of $32 million including participation by the Bill & Melinda Gates Foundation to bolster and advance the company’s push toward the commercial launch of gut-health products. Bactolife pursues R&D into binding proteins, which attach to toxins produced by gastrointestinal pathogens. The successful Series A represents “a great example of the strong Danish biotech ecosystem,” said Aleks Engel, a partner in Novo Holdings. “I am very pleased that the international investors share our enthusiasm for finding solutions to the global antimicrobial resistance crisis.”

Campbell Soup aims to purchase Sovos Brands for $2.7 billion

Sovos Brands, a Louisville, CO company that manufactures brands including Rao’s, noosa and Michael Angelos, is being acquired by Campbell Soup. The closing of the proposed $2.7 billion acquisition, anticipated to take place by the end of December, is subject to Sovos Brands stockholders and regulatory approvals. The boards of directors for both companies have already approved the transaction. Among Soros Brands companies, Rao’s generated $580.1 million in sales in fiscal 2022, the largest among Sovos Brands’ companies. Overall, Soros Brands generated $878.4 million in sales in 2022.

Gluten-free sweet treats manufacturer Nom Bites acquired by The Serious Sweets Company

London-based Nom Bites, manufacturers of gluten-, dairy- and nut-free bars including its line of Lexi’s marshmallow and protein bars, has been acquired by The Serious Sweets Company, a Harrogate-based confectionery business. The Serious Sweets Company manufactures private-label products for UK retailers. The company also owns brands like honeycomb treat Mighty Fine and recently purchased Mallow & Marsh.

Cannabis and CPG company Tilray Brands acquires HiBall Energy & seven other beverage brands from Anheuser-Busch

In an acquisition that vaults Tilray Brands into the fifth largest craft brewer in the U.S., the company buys eight beverage brands, including 10 Barrel Brewing and Blue Point Brewing, from beer powerhouse Anheuser-Busch. Among the purchased brands is HiBall, an energy seltzer company with a line of zero sugar, zero calories drinks with organic-certified blends of botanicals such as ginseng, caffeine and guarana.

Fast-growing CA fast-casual chain Urban Plates refinances with $27 million investment

In a move that will accelerate Urban Plates’ planned expansion, the 17-unit, Solana Beach, CA concept closed on a $27 million refinancing deal managed by Morgan Stanley Expansion Capital. The company, which opened restaurants across Southern California before recently expanding into Northern California, anticipates opening two more restaurants in 2023. The company also plans to expand into Arizona, Nevada and possibly Utah soon. Urban Plates leans into from-scratch cooking that leverages ingredients like sustainable seafood, humanely sourced eggs and chicken and antibiotic- and hormone-free meats.

Kommunity Brew acquisition of Cool Cool Beverage Company expands portfolio, opens up export opportunities

The purchase of Melbourne-based Cool Cool Beverage Company by Western-Australia-based Kommunity Brew introduces Liberty Kombucha and the shelf-stable brand Sips Sparkling and into Kommunity Brew’s portfolio. The acquisition marks Kommunity Brew’s second since its purchase of Cold Matter Brew in 2022.

A seed round of investment funding for personal care brand Evolvetogether will lead to scale the business, which was launched during the COVID-19 pandemic to provide people with chic, medical-grade masks. Since its launch in 2029, Evolvetogether has expanded into gender-neutral personal care products that turn to sustainable innovations for their packaging. True Beauty Ventures led the seed round, along with G9 Ventures and Gregg Renfrew, the founder of Beautycounter.

Denver-based Lion Equity Partners, through its affiliate Lion Equity Fund III, LP, has purchased New York-based Country Life, LLC from KI NutriCare Inc., a subsidiary of Japan-based Kikkoman Corporation. The purchase includes the brands Country Life Vitamins, Desert Essence Personal Care and Biochem Protein.

Döhler expands commitment to evolving consumer tastes with purchase of Boon Flavors

Ingredients manufacturer Döhler, a global leader in the natural ingredients industry, acquired Thailand-based flavor company Boon Flavors in a strategic purchase. The purchase gives Boon, which will be known as Döhler Thailand, access to all of Döhler’s taste technologies and application labs in Indonesia and Thailand. Döhler provides technology-driven natural ingredients, systems and solutions for the food, beverage and nutrition industries.

Netherlands-based Meatable announces $35 million in funding

Ingredients manufacturer Döhler, a global leader in the natural ingredients industry, acquired Thailand-based flavor company Boon Flavors in a strategic purchase. Meatable, which crafts plant-based meats, announced $35 million in new funding, raising its total funding to $95 million and accelerating its launch of cultivated pork products. Agronomics led the new investment, along with Invest-NL, BlueYard, Bridford, MilkyWay, DSM Venturing and Wise Chairman and founder Taavet Hinrikus. The Meatable technology harvests animal cells and then fosters the growth of new ones using its patented “opti-ox” technology. The approach allows for continuous and rapid growth of new cells. The new funding will help Meatable launch its first products, including sausages and pork dumplings.

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