The food industry briefing
The latest news, trends, and data you need to know about this month
US-based meat developer Air Protein has secured a $32m investment in a Series A round to launch ‘The Future of Meat’. The company produces meat with air-based protein without the traditional land, water, and weather requirements.
Plant-based shrimp maker New Wave Foods has secured $18m in Series A financing round to further expand its production and operation capabilities. The funding round was led by New Enterprise Associates and Evolution VC Partners.
Europe’s Nomad Foods has completed the acquisition of frozen food brand Findus Switzerland from Froneri International and certain intellectual property from a Nestlé affiliate, for an aggregate consideration of nearly €110m.
The French Government is reportedly set to cull approximately 600,000 poultry birds as part of its efforts to contain the spread of avian influenza virus that is spreading among duck flocks.
Olam Food Ingredients has agreed to acquire Mizkan America’s chilli pepper business for $108m, to meet the demand for Mexican flavours.
Outstanding Foods raises fresh funds for retail expansion
Better-for-you snack manufacturer Outstanding Foods has raised $10m in a Series A financing round to expand its retail footprint and direct-to-consumer marketing efforts.
Plant-based firm LIVEKINDLY acquires Iceland Foods’ No Meat
Plant-based food company LIVEKINDLY Collective has expanded its meat alternative brand portfolio with the acquisition of British supermarket chain Iceland Foods’ No Meat for an undisclosed sum.
Mondelez International acquires snacking firm Hu Master Holding
Mondelez International has acquired Hu Master Holdings, the parent company of Hu Products, a US-based maker of premium snacks and chocolates. Financial details of the deal have not been disclosed, but according to a Wall Street Journal report, the deal values the chocolate bar maker at more than $250m.
Tyson Foods to build new production facilities in China and Thailand
Turkish flour producer Ulusoy Un has secured a fresh round of financing from the European Bank for Reconstruction and Development (EBRD) and Turkiye Sinai Kalkinma Bankasi (TSKB). EBRD and TKSB will offer a joint loan of €4.4m to finance the working capital needs of the flour producer.
Further reading, and some bonus listening
Bruce Friedrich talks alternative proteins
Bruce Friedrich, co-founder and executive director of The Good Food Institute, appears on the Hear This Idea podcast to talk about the future of alternative proteins, the inefficiencies of meat production and the Good Food Institute's mission. Also featuring a thoroughly interesting accompanying write-up.
Read and Listen: Hear This Idea