News

The brewing industry produces 9 million metric tons of spent grain annually, and rather than discard it, Anheuser Busch InBev-backed ingredient supplier EverGrain is giving the nutrient-rich brewing byproduct a second chance as a food and beverage ingredient.

The company that owns Mauna Loa feels there’s power in the “mighty mac.” With a goal to transform the Hawaiian macadamia nut line from occasional treat to nutritional powerhouse, the brand’s leadership team has embarked on an ambitious plan, launching a new look, marketing campaign and innovation strategy earlier this month. The change follows yesterday’s sale of parent company Hawaiian Host Group to a consortium of private investors.

The year 2020 was challenging in ways that few of us could possibly have anticipated. We have seen food and beverage industry members face a global pandemic that upended worker safety, the supply chain, retailing and distribution networks. The ongoing lockdowns have tested endurance and resources, but have pushed us all to find creative ways to survive and evolve.

High Road ice cream founder Keith Schroeder said his company has acquired the organic ice cream brand’s name and other assets; the brand deal follows a November purchase of the company’s Wisconsin manufacturing plant.

Plant-based seafood brand New Wave Foods announced this week the close of an $18 million round of funding as the brand prepares to “disrupt an enormous market” with its seaweed-based shrimp alternative. New Wave plans to launch the line later this year.

In this week’s Checkout, plant-based snack brand Outstanding Foods and meal delivery service Thistle close funding rounds; citrus-derived CBD brand Peels secures investment from KarpReilly; and Benford Capital Partners recapitalizes Brothers International Food Corporation.

Allergen-friendly snack brand Partake Foods today announced it had raised $4.8 million from investors including Marcy Venture Partners, FF2032 (the investment arm of Lotus Bakeries), CircleUp Growth Partners, and others. The investment comes after the brand announced earlier this week that it would expand beyond the cookie category, launching an all-purpose baking mix.

Plant-based milk maker Oatly is expected to launch an initial public offering this year that could raise as much as $1 billion, according to media reports this week. On Tuesday, CNBC reported that Oatly has hired Morgan Stanley, JPMorgan Chase and Credit Suisse to manage the offering.

According to founder Greg Willsey, Los Angeles-based consumer brands holding company Venice Brands has always had a “unique business model,” launching in 2017 with a plan to found and incubate its own brands while also investing in others. But the firm is narrowing its focus, with a plan to outright acquire majority stakes or build out its own companies, such as its latest venture, online CBD marketplace Arrive Market.

Today snacking and confection powerhouse Mondelēz International announced it was acquiring Hu Master Holdings, the parent company of Hu Products. In 2019 Mondelēz took a minority stake in the company, which included a right of first refusal to acquire the company in an eventual sale. Hu will operate as a separate business, continuing to produce all products at current manufacturing facilities.