News for January 24, 2024

Grupo Bimbo acquires Amaritta

Mexico’s Grupo Bimbo has acquired Spain-based, gluten-free bakery company Amaritta, marking an expansion into the gluten-free bread segment. The financial details of the deal were not disclosed. Grupo Bimbo, the world’s largest bakery company, expressed its commitment to adapting to the diverse needs of consumers. Amaritta, based in Córdoba, Spain, is described as having a leadership position in the gluten-free bakery category there, with a manufacturing space capable of producing 10 million units of gluten-free products.

Tata acquires Capital Foods, Organic India

Tata Consumer Products, the owner of Tetley Tea, has acquired two Indian food groups, Capital Foods and Organic India. The conglomerate spent approximately $614 million to purchase Capital Foods and $229 million for Organic India. With this move, Tata Consumer aims to expand its product portfolio in the fast-growing non-Indian cuisines segment and create a health-and-wellness platform, leveraging the strong brand recall of Ching’s Secret and Smith & Jones, as well as the robust supply chain and trusted brand of Organic India.

Perfect Day secures $90M

Perfect Day, a leader in animal-free dairy tech has secured up to $90 million in a pre-series E funding round and announced a new executive team. Co-founders Ryan Pandya and Perumal Gandhi are stepping down as the company focuses on B2B operations, particularly the manufacture of animal-free whey protein. The shift in strategy aims to scale up and demonstrate unit economics for the brand’s precision fermentation technology, with plans to announce a major consumer packaged goods partner launch in 2024.

Ingredion Ventures brings Better Juice to US

Better Juice and Ingredion Inc. have partnered to bring Better Juice’s sugar reduction solution to the United States. Ingredion Ventures, Ingredion’s venture investment arm, will lead a Series A funding round to support Better Juice’s expansion. Better Juice uses enzymatic technology to convert sugars in juice-based beverages into non-digestible compounds, such as dietary fiber and non-digestible sugars, while preserving the natural profile of vitamins, minerals and organic acids. The collaboration aims to offer healthier sugar-reduction solutions to North American food and beverage companies.

AI-powered fermentation for plant-based ingredients

Israeli startup Mediterranean Food Lab (MFL) has secured $17 million in a series A funding round led by Gullspång Re:food, with participation from PeakBridge, Arancia International and FoodBridge. MFL aims to scale up its artificial intelligence-powered, solid-state fermentation technology, combining it with a computational platform to produce clean-label savory ingredients for plant-based foods. The company uses AI to optimize fermentation, creating unique flavor profiles for ingredients like ‘fermented chickpeas.’ MFL plans to initially focus on the European market, targeting health-conscious consumers seeking clean-label and plant-based options.

Better Foods secures investment

Better Foods, a plant-based subsidiary of South Korea’s Shinsegae Food, has secured investment from Cleveland Avenue, a V.C. firm led by former McDonald’s CEO Don Thompson. The undisclosed deal includes financial investment and active collaboration for Better Foods’ global market entry, focusing on developing plant-based alternatives like milk and cheese. The investment is seen as a recognition of Better Foods’ growth potential in the U.S., a key market for plant-based products.

Inspirit Capital acquires This Works

Inspirit Capital has acquired This Works, a British sleep and skincare brand, from Canopy Growth Corporation in a deal valued at up to £9.3 million. The London-based firm paid an upfront cash amount of £2.7 million, with additional considerations including a loan note and a contingent earn-out. This Works, known for its sleep-promoting products like pillow sprays, was purchased by Canopy Growth for £43 million in May 2019. The sale allows Canopy Growth to concentrate on its North American cannabis operations, aiming for market leadership.

Fenwick acquires Alabama brand Wickles Pickles

Fenwick Food Group, a division of Fenwick Brands Inc., has recently acquired Wickles Pickles to strengthen its position in the consumer packaged goods industry. Wickles Pickles, founded in 1998, has gained significant market share with its unique flavor profile and robust product offering within the billion-dollar pickle category. The deal closed on Nov. 29, with both Wickles and Fenwick’s existing brand, Moore’s Marinades & Sauces, headquartered in Birmingham. Financial details of the transaction remain undisclosed.

WTHN Secures $5M funding

Holistic wellness brand WTHN has secured $5 million in Series A financing led by L Catterton, a consumer-focused investment firm. Launched in 2019 by Michelle Larivee, WTHN offers modern wellness rooted in Traditional Chinese Medicine, providing both in-person treatments and at-home products. With plans to expand its brick-and-mortar presence and product distribution, WTHN aims to capitalize on the growing global wellness market, which is projected to exceed $1.3 trillion by 2025.

MPearlRock acquires Nutpods

MPearlRock, a collaboration between PearlRock Partners and MidOcean Partners, has acquired Nutpods, a prominent plant-based creamer company. The strategic focus of MPearlRock is on high-growth, emerging consumer packaged goods brands. Nutpods, founded in 2013, is known for its non-dairy coffee creamer with diverse flavors and a wholesome ingredient profile, making it a leading brand in the plant-based, non-dairy creamer space. The acquisition aims to support Nutpods’ growth and expansion into new channels and product verticals, capitalizing on its loyal customer base and innovative product offerings.

Compass Diversified partners with Honey Pot

Compass Diversified partnered with holistic The Honey Pot Company in a $380 million deal to expand its feminine care products market offerings. Co-founder Beatrice Dixon will continue to lead the company as CEO and chief innovation officer, expressing excitement about the partnership with CODI, aligning with their values of destigmatizing feminine care through accessible products and promoting holistic wellness. The transaction is set to be finalized in February, marking a strategic collaboration in the growing demand for health-conscious feminine care options.

L’Oréal invests in Timeline

Hi!Papa secures funding

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