The arrival of fall coincides with the IPO frenzy in the consumer goods industry with Sovos Brands, the company behind the iconic Rao’s pasta sauce, aiming to raise as much as $373 million in its initial public offering, joining manufacturing design/
Who’s going public?
- Sovos Brands, backed by private equity firm Advent International, is seeking to raise as much as $373 million in its IPO. The company plans to sell 23.3 million shares for $14 to $16 apiece, its filing with the U.S. Securities and Exchange Commission shows. – Bloomberg
- ESG-focused jewelry maker Brilliant Earth Group that offers blockchain-enabled diamonds has begun trading on Thursday (NASDAQ: BRLT). The company, which is already very profitable with 14% Ebitda margin, aims for long-term revenue growth of 25%-30% driven by customer and category expansion. – Press Release
- Nepra Foods has announced an oversubscribed Initial Public Offering, raising gross proceeds of $7.5 million at an offering price of $0.47 CAD. – Press Release
Who acquired who?
Kraft Heinz has entered into an agreement to acquire Brazilian condiments and sauces company Companhia Hemmer Indústria e Comércio (a.k.a. ‘Hemmer’). Through the acquisition, which is subject to regulatory approvals by Brazil’s Administrative Council for Economic Defense, Kraft Heinz will acquire more than 250 “meal-enhancing” products including chili sauces, mayonnaise, and zero sugar ketchup. – FoodNavigator-USA
HumanCo, a mission-driven holding company focused on backing and building health and wellness brands, has acquired a majority stake in grain-free foods maker Against the Grain. Financial terms were not disclosed. HumanCo has just raised $35 million in bridge round funding. – Food Business News
- Private equity investment company Ardian has acquired a majority stake in Florida Food Products (FFP) through its US Buyout team from MidOcean Partners for an enterprise value in excess of $1 billion. MidOcean initially invested in the business in 2018 and will retain a significant stake in FFP alongside Ardian. Additional terms of the transaction, which is expected to close in the fourth quarter of 2021, were not disclosed. – Food Business News
- Tekni-Plex has acquired Keyes Packaging Group from Arbor Investments in a deal that will elevate its ability to provide innovative solutions enabling customers to keep their food products fresher, longer. – Press Release
Who’s raising money?
- Pea protein-fueled brand Ripple Foods has raised $60m in an oversubscribed Series E round that takes its cumulative funding to almost $250m, and will help the plant-based firm enter new categories, channels, and overseas markets, and extend its proprietary protein extraction technology beyond peas, says CEO Laura Flanagan. – FoodNavigator-USA
- Gardyn Inc., a fast-growing pioneer in homegrown food, announced today that JAB Ventures, an affiliate of JAB Holding Company, has increased its non-controlling stake in Gardynthrough an additional investment of approximately $5 million. This brings Gardyn’s total raise this year to $15 million. The investment will be used to further develop Gardyn’s revolutionary technology platform, strengthen distribution and accelerate customer acquisition. – Press Release
Who’s on the move?
- Hot on the heels of a Series B funding round that raised $10 million, Quinn, a Boulder-based natural foods company known for reimagining classic snacks, has announced the addition of John Foraker from Once Upon a Farm and Michele Meyer, the former President of the Snacks Operating Unit at General Mills, to its Board of Directors amidst new product innovation.