The Checkout: Memphis Meats Rebrands to UPSIDE Foods; B&G Reports Strong Q1, Names New CEO

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Memphis Meats Rebrands to UPSIDE Foods, Aims to Launch Chicken This Year

California-based cell-cultured meat maker Memphis Meats this week announced it has changed its name to UPSIDE Foods and plans to launch cultured chicken as its first commercial product pending regulatory review.

With the new name, the company aimed to capture “the optimism and the tremendous potential to transform our food system and our favorite foods for the better,” CEO and founder Uma Valeti, wrote in a LinkedIn post this week, calling the rebrand an “emotional process,”

“We’re debuting a new look and a new way to express ourselves with this change,” he wrote. “We’re building an ‘Upside’ world where every person can eat delicious, nourishing food, without compromise.”

According to the company, UPSIDE chicken, grown solely from animal cells, was chosen as its first commercial product because of its popularity among consumers globally as well as its versatility for use in a wide range of recipes and culinary applications. The company hopes to debut the new product later this year.

Memphis Meats scored the largest investment in the cultivated meat place last year, according to a report by the Good Food Institute, raising $186.25 million in a Series B funding round, bringing its total funding to date to $208.31 million. Upside also disclosed this week that investors in the round included Whole Foods and its CEO John Mackey. The company is using the funding to construct a pilot plant in the San Francisco Bay Area, where it will produce, package and ship its cultured meat.

“Consumers are hungry for products that are humane, sustainable and delicious, and UPSIDE Foods is meeting them at the center of their plates with meat they can feel good about,” Mackey said in a press release. “The world 20 years from now may be completely different due to UPSIDE Foods, which is why I’ve personally invested in the company.”

B&G Names New CEO, Reports Strong Q1

B&G Foods reported a strong net sales growth In its first quarter earnings call this week, and also announced a new CEO, Kenneth C. “Casey” Keller, who will succeed interim president and CEO David Wenner, effective June 14.

Keller most recently served as president and CEO of JDE Peet’s NV, the company formed following the 2019 merger of Dutch beverage company Jacobs Douwe Egberts and American coffee company Peet’s, which Keller had led as president and CEO prior to that deal. Keller had also previously served as global president of Mars subsidiary Wm. Wrigley Jr. Company.

Following the transition, Wenner will remain a director of the company.

“We believe that Casey is the right person to lead B&G Foods and drive our organic and M&A growth strategy, promote our core values, promote our ESG and diversity, equity and inclusion (DEI) efforts, and generate value for our stockholders,” Stephen C. Sherrill, chairman of the board of directors at B&G, said in a press release.

Keller added that under his leadership the company will continue to “focus on organic and acquisition growth, innovation, operational improvements, cost reduction efforts and the creation of stockholder value,” as well as corporate social responsibility and sustainability efforts.

On its first quarter earnings call this week, the company saw 12.4% net sales growth for the quarter, led by spices and seasonings, with sales in the category up 20% for the quarter. Its Maple Grove Farms, Las Palmas and Ortega brands also generated notable net sales growth.

In its first full quarter of ownership of the Crisco brand, Wenner said the company was “very pleased” with the brand’s performance at $58.1 million in net sales, though he noted the company is facing temporary cost challenges as the price of oils used in the products has more than doubled year-over-year.

Due to supply chain constraints Green Giant brand canned products, which the company expects will continue until the third quarter, the brand’s sales decreased 16.4%. Clabber Girl sales also dropped 6.8% during the quarter.

Kroger Announces Go Fresh & Local Supplier Accelerator Program

The Kroger Co. this week announced a new accelerator program, The Go Fresh & Local Supplier Accelerator. The goal of the program is to help the retailer , that will allow the retailer to discover new American suppliers for its assortment of to grow its fresh products including departments ranging from produce, deli, bakery, meat, seafood, dairy and specialty cheeses

Set to be held in Cincinnati in August, the program will give 15 finalists (one per region per category) the chance to pitch to a panel of judges. Winners will receive on shelf placement at Kroger, partnerships with Gourmet Foods international and business development coaching from Brian Kelley, CEO of Kroger’s investment platform PearlRock Partners.

“At Kroger, our Fresh for Everyone mission is anchored in consistently and creatively providing fresh and affordable food to our customers,” said Dan De La Rosa, Kroger’s group vice president of fresh merchandising. “We’re dedicated to fostering innovation and investing in local, regional, and small businesses that make the best of food accessible to all.

Applications for the accelerator are open through May 31, and will be reviewed by Kroger’s category management and fresh director team along with ECRM Efficient Collaborative Retail Marketing and RangeMe.

Target Launches Good & Gather Plant-Based Line

Target is continuing to build off the success of its private label offerings, announcing this week the launch of a plant-based line from its Good & Gather brand. The Good & Gather Plant Based line will include more than 30 products including non-dairy chocolate-flavored mousse dip, crispy chick’n tenders, meatless meatballs, vegan mayo and buffalo-style cauliflower wings. Plant-based dips and meat alternatives have already hit shelves, with creamers and salad dressings rolling out through the fall. Most items will be priced under $5, the retailer said.

“Guest demand for plant-based offerings is incredibly high and continues to grow,” Rick Gomez, EVP and chief food and beverage officer at Target said in a press release. “By adding Good & Gather Plant Based to our curated assortment of plant-based offerings, we’re giving guests more of what they want.”

Target joins several retailers that are growing their plant-based private label offerings. Kroger, for example, rolled out plant-based burgers and grounds under its Simple Truth brand in 2020, while Trader Joe’s added a pea protein burger to its lineup last year.

Good & Gather, which launched in 2019, is the retailer’s best-selling owned brand in food and beverage, generating over $2 billion in sales last year. The private label expansion comes after the retailer launched a new sweets and snacks-focused private label brand, Favorite Day, in March.