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Food and beverage industry news.
Albertsons: Inflation Boosts Q3 Revenue & Sales, While Margins Tighten
Albertsons Companies released its quarterly earnings on Tuesday, reporting net sales and other revenue reached $18.2 billion in Q3, a 1% increase from Q2 results, with growth largely driven by retail price inflation and higher fuel sales.
People Moves: KeHE Shares CEO Succession Plan, Impossible Hires Head of Demand, Jennifer Jorgensen Heads Newly-Acquired Back to Nature
KeHE Distributors last week unveiled its management succession plan, in which current CEO and 15-year company veteran Brandon Barnholt will transition to executive chairman of the board, effective April 1, with current board member Deb Conklin taking over the top executive role.
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ICR 2023: Black Rifle, UNFI, SunOpta & Zevia Share Updates
This week, a cross-section of public and private companies from across industries is meeting in Orlando, Florida for the 25th edition of the annual ICR conference. The invitation-only event featured a full-slate of daily presentations from publicly traded companies on its opening day today.
Birch Benders Acquired By Hometown Foods As Sovos Narrows Focus
Less than two years after the baking mix brand was sold to Sovos Brands, Birch Benders announced today it has been acquired by baking platform Hometown Food Company.
Hometown Food Company Acquires Birch Benders
Hometown Food Company, (“Hometown Foods”) home to an iconic portfolio of American baking brands, controlled by Brynwood Partners VIII L.P., has completed the acquisition of Birch Benders from Sovos Brands, Inc. (NASDAQ: “SOVO”) (“Sovos Brands”), a public company listed on the NASDAQ exchange.
RodeoCPG Sells R&D To JPG Resources, Seeks To Scale Sales
JPG Resources has acquired RodeoCPG’s Brooklyn-based R&D team allowing JPG to better serve brands in the Big Apple, while Rodeo pivots toward becoming a targeted, tech-forward sales management platform.
Study Sparks Debate Over Heavy Metals in Dark Chocolate
Both organic and conventional chocolate makers came under fire when a Consumer Reports study found potentially hazardous levels of lead and cadmium in 28 dark chocolate products. The issue became more complex when Trader Joe’s and Hershey’s, were served with class action lawsuits.
Notable New Products: Monster Mixes & Blenderless Smoothie Cubes
In this week’s roundup of notable new products, Tom’s Perfect 10 releases a dessert-inspired granola, Sambazon unveils shaker bottle-friendly smoothie cubes and Chobani expands its yogurt lineup with zero sugar offerings.
News Roundup: Pickle Wars, Low-Carbon Beef
Grillo’s is taking Wahlburgers to court over pickles, a data company unveils its cattle carbon credits at the CES Convention, Jenny Craig launches a ready-made, meal delivery platform and precision fermentation company Liberation Labs closes seed funding round.
Butterfly Jumps Into Ingredients Acquiring Milk Specialties Global
Private equity firm Butterfly is expanding its “seed to fork” strategy with its acquisition of vertically integrated dairy ingredient maker Milk Specialities Global.