The Urgent Company Acquired, Surperlatus Ramps Up Biz Plans
Animal-free dairy ingredient provider Perfect Day has sold The Urgent Company, its consumer business platform, to publicly traded TRxADE, which is currently also undergoing a reverse merger with food technology and distribution company Superlatus. Terms of the deal were not disclosed.
The Urgent Company’s sale comes less than two months after animal-free dairy protein provider Perfect Day underwent a round of layoffs and told employees that it would shutter the consumer arm of its business and exit all brands by September.
“We are excited to welcome the Coolhaus, Brave Robot, Modern Kitchen and California Performance Co. brands to our portfolio of CPG assets,” said Superlatus interim CEO Tim Alford, in a press release. “Together, our shared interest in the sustainable and equitable food sectors will, we believe, allow us to expand our market presence and pursue a number of new opportunities to grow our brands together.”
While the Coolhaus, Brave Robot, Modern Kitchen and California Performance brands were listed in a press release announcing the acquisition, Perfect Day’s soon-to-launch Hello Dairy brand, which was also up for sale, was not.
TRxADE, meanwhile, is undergoing its own transformation, exiting the health services IT business and, via the reverse merger with Superlatus, “pivot[ing] its business focus and branding to become an industry-leading processing and forming technologies company that creates the latest generation of delicious, high nutrition, high taste and texture plant-based foods and snacks,” a prior release noted.
Following regulatory approval of the deal, the company will trade under the ticker symbol SUPA.
The July merger was announced in tandem with Superlatus’ acquisition of biotech company Sapientia from Eat Well Investment Group for $10 million. Sapientia is a producer of dairy-free milk and yogurt, pulse-based snacks and meat-alternatives. According to today’s statement, Superlatus also is planning for other plant-based offerings including meat alternatives, “puffed and twisted” snacks, and alt-dairy milks and yogurts.
Though the company is new to market, the team behind it is not. In June TRxADE announced the appointment of Dr. Eugenio Bortone, the former founder and president of Sapientia as president and COO. Though a subsequent press release earlier this month announced Bortone’s hiring as president and CTO, both releases note he is the inventor of the Twisted Cheeto, a fact that may expedite the company’s entrance into salty snacks.
TRxAde also announced the appointment of Forbes Fisher as COO in August. Fisher, who most recently was the COO at alt-jerky company Moku, also was formerly the president of the resurrected Steve’s Ice Cream brand.
Meanwhile, there’s also a familiar face joining the team. Today’s press release noted that Natasha Case, the founder of Coolhaus, will return to the brand, serving as chief brand officer and an advisor to Superlatus’ broader portfolio of brands.
