News for December 27, 2023

Chobani acquires La Colombe

Chobani, the prominent food and beverage company known for its Greek yogurt, has acquired La Colombe for $900 million, marking its entry into the high-growth ready-to-drink coffee category. La Colombe, a leading independent coffee roaster, operates across various channels, including retail, cafes, food service and direct-to-consumer. The acquisition is expected to provide long-term growth opportunities, synergy benefits and expedite Chobani’s expansion into a diversified next-generation food and beverage company.

AI device detects bacteria

Spore.Bio has secured €8 million in pre-seed funding, led by LocalGlobe and strategic investors, for developing the “world’s first” device capable of rapidly detecting bacteria in consumer products using AI. The device, designed for use on the factory floor, employs advanced machine learning to identify bacteria concentrations in food, drinks, pharmaceuticals and cosmetics. The device provides almost real-time insights and reducing sampling times from 20 days to minutes. The funding will be used to accelerate technology development and expand the Spore.Bio team with plans to deploy the device globally in the coming year.

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SP Nutraceuricals’ strategic partnership

SP Nutraceuticals has partnered strategically with ChopraX Ventures, led by Dr. Deepak Chopra, to drive metabolic health awareness and product innovation. The multi-year agreement designates SP Nutraceuticals as the exclusive metabolic health company of ChopraX, granting access to global wellness events and corporate finance activities. Additionally, Darren Contardo, the current President and CMO of SP Nutraceuticals, has been appointed as the new CEO, and a new Board of Directors has been appointed to further the company’s commercial success and innovation in the metabolic health industry.

Amyris brands auction a success

Amyris has successfully auctioned off four of its brands, including Biossance, Pipette, MenoLabs and 4U, as part of its Chapter 11 bankruptcy proceedings. Notable sales include Biossance to THG Beauty for $20 million, Pipette to HRB Brands for $1.75 million, MenoLabs to Dr. Reddy’s Laboratories for $3 million and 4U to Scent Theory Products for $600,000. The company filed for Chapter 11 bankruptcy in August, aiming to restructure by selling consumer product brands and has extended the deadline for objections to the proposed sales until December 11.

Kerry acquiring lactase business

Kerry Group PLC is set to acquire a portion of the global lactase enzyme business from Chr. Hansen Holding A/S and Novozymes A/S. The deal, pending approval from the European Commission, is part of the merger approval process for Novozymes and Chr. Hansen. The acquisition includes specific assets of Chr. Hansen’s lactase enzyme business and the entire share capital of Novozymes’ Chinese subsidiary, Nuocheng Trillion Food (Tianjin) Co., Ltd., with an expected closing in the first half of 2024. This move is driven by the rising global demand for lactase due to increased awareness of lactose intolerance. The acquisition will allow Kerry to enhance its capabilities in creating lactose-free and reduced-sugar dairy products using enzyme technology

Bain Capital acquires 1440 Foods

1440 Foods, a leading portfolio of sports and active nutrition brands, has announced a definitive agreement for Bain Capital Private Equity to acquire a significant stake in the company alongside existing investor 4×4 Capital. The investment aims to support 1440 Foods’ growth plan, focusing on innovation and expanding the distribution of its market-leading brands, including Pure Protein, MET-Rx and Body Fortress. The company’s vision is to become the go-to choice for people seeking flavorful, functional and convenient nutrition as part of a balanced lifestyle.

Healthtech startup Mirror raises pre-seed

Gorillas founder Kağan Sümer has raised a pre-seed round of $6-8 million for Mirror, a health management app co-founded with Gorillas’ Uğur Samut. The app, currently in beta testing in Germany, integrates physical tests, wearable data and personalized recommendations to help users manage aspects like sleep, fitness and nutrition. The fundraising, led by Atlantic Labs’ FoodLabs and Giant Ventures, marks a return to the fundraising scene for Sümer after Gorillas’ acquisition by Getir in December 2022. Mirror plans to launch in its home market in the first half of 2024 and expand to the UK later that year.

ADM Acquires UK’s FDL

Global nutrition company ADM has agreed to acquire UK-based FDL, a developer and producer of flavor and functional ingredient systems. The acquisition will expand ADM’s range of flavors and functional ingredients, while strengthening FDL’s taste and nutritional solutions portfolio. The transaction is set to be completed by the end of January 2024.

Martie raises $7M funding

Martie, an online discount store founded by four-time entrepreneur Louise Fritjofsson, has raised $7 million in funding, led by Upfront Ventures and with participation from Day One Ventures. Focused initially on reducing packaging waste for small food brands, Martie pivoted in early 2021 to offer a rotating selection of about 500 shelf-stable grocery products at discounted prices, aiming to compete with traditional retailers like TJ Maxx and Instacart. Fritjofsson plans to expand beyond grocery into personal care and home goods, emphasizing affordability and targeting a broader demographic of customers in suburban areas, drawing inspiration from Ikea’s approach.

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