News for January 11, 2024

DayDayCook acquires Yai’s Thai

The content-driven food brand DayDayCook will acquire Yai’s Thai, a Thai American food brand known for its pantry staples like curries and stir-fry sauces. The acquisition, financed through a mix of cash and stock, is expected to be finalized by the end of the year. Yai’s Thai, founded in 2014, will expand DayDayCook’s presence in key U.S. retailers, including Costco, Whole Foods Market, Safeway, Sprouts and Kroger. The move aligns with DayDayCook’s strategy to grow its Asian convenient meal solutions in the US market and is the company’s second acquisition in the country.

Two ingredient companies complete acquisitions

Global ingredient firms ADM and Doehler have completed acquisitions to strengthen their portfolios. ADM is set to acquire Wisconsin-based Revela Foods, a dairy flavor firm using enzyme technology for various applications. Doehler has acquired Serbian frozen fruits specialist Frikos, expanding its range of premium freeze-dried berries and enhancing the supply chain.

Mezcla secures $4M funding

Mezcla, a snacking company known for its innovative puff-crispy bars featuring quinoa, has successfully secured $4 million in a Series A funding round led by Dream Ventures and Santatera Capital. Forbes reports the brand has received a total funding of $7.5 million to date. Mezcla’s plant-based protein bars come in unique flavors and culturally inspired packaging. The funds will be used to scale distribution, refresh packaging and enhance the supply chain, aiming for 2x growth in 2024 and moving closer to profitability.

Hello Bello’s bold move

Hello Bello, a leading brand of affordable baby- and family-care products, has announced a strategic move toward long-term success. The company reached an agreement in principle to be acquired by Hildred Capital Management and has filed for Chapter 11 bankruptcy to facilitate the acquisition. Hello Bello aims to expedite the sale process, secure debtor-in-possession financing and continue its operations during the court-supervised sale, ensuring minimal impact on customers, employees and stakeholders.

Cat cash: KatKin secures active backing

KatKin, the European cat-centric brand founded in 2019, has secured investment from venture capital and private equity firm Active Partners, alongside existing investors V3 Ventures and Octopus Ventures. Active Partners cites a projected $40 billion value of the global cat food market by 2030, with over 40% of cat owners expressing interest in fresh food for their pets. KatKin, known for its commitment to cat well-being and its fresh, veterinarian-formulated meals, plans to use the funding to expand its direct-to-consumer channels, boost awareness of fresh cat food, grow its team and invest in product innovation.

Platinum Equity acquires two big names from Danone

Los Angeles-based investment firm Platinum Equity has acquired Horizon Organic and Wallaby from Danone in a deal whose financial details were not disclosed. The acquisition is pending customary closing conditions and regulatory approval. Horizon Organic is the world’s largest USDA-certified organic dairy brand, known for pioneering organic dairy beverages since 1991. Wallaby is an Australian-inspired Greek-style yogurt made with organic ingredients.

Oakberry secures $67M funding

Brazilian açaí brand Oakberry has secured $67 million in a Series C funding round led by BTG Pactual, the largest investment bank in Latin America. The partnership aims to boost Oakberry’s global expansion, particularly in the United States, where the company plans to open over 200 stores focusing on high-demand areas. With over 700 stores in 40 countries, Oakberry anticipates reaching $200 million in revenue and nearly 1,000 stores worldwide by the end of 2024.

Voyage Foods is on a successful funding expedition

Oakland, California-based startup Voyage Foods, specializing in alternative versions of common allergen ingredients and environmentally conscious foods, has secured nearly $22 million in new funding, potentially reaching $30 million in total. The company, known for products such as peanut-free nut spread and cocoa-free chocolate chips, aims to address allergenic and sustainability concerns while maintaining authentic flavors. Despite a recent decline in food tech investments, Voyage Foods’ funding follows a trend of increased activity in the sector, with 2023 witnessing record-high deals in terms of size and valuation.

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