Dr. Praeger’s Appoints New CEO, Prepares To Release New Chicken Alternative Product Line
Dr. Praeger’s Sensible Foods announced today that long-time CPG executive Andy Reichgut has been appointed as the company’s new CEO, filling the position from founder Larry Praeger who has held the role since 2013. Praeger will move into a Special Advisor role and will remain an active board member.
The Praeger and Somberg families will retain their ownership stake in Dr. Praeger’s.
Reichgut has over 25 years of experience in the better-for-you packaged food sector, most recently working as general manager for vegan cheese company Violife. Before that he led the Veggies Made Great business at New Classic Cooking as executive vice president. Reichgut also worked for Pinnacle Foods, Mars and Reckitt Benckiser.
“Dr. Praeger’s is a brand I have admired for many years and am excited and honored to join the organization as its CEO,” Reichgut said in the company’s press release. “At a time when consumers are searching for healthier and more environmentally friendly foods, Dr. Praeger’s is positioned extraordinarily well to leverage these tailwinds
The frozen food company, headquartered in Elmwood Park, New Jersey, was founded in 1994 by two former heart surgeons. It has grown as interest in vegan and plant-based meals has trended upwards and was acquired by private equity firm Vestar Capital Partners in January 2021 for an undisclosed amount.
Before Dr. Praeger’s, Vestar had built an investment portfolio that included Simple Mills, a better-for-you cracker, cookie and baking mix brand in the natural and organic channel; Roland Foods, a importer and supplier of specialty foods; Nonni’s, a manufacturer of artisanal cookies and baked goods; and Presence Marketing, the national sales broker dedicated exclusively to representing natural and organic food, beverage and personal care brands.
Dr. Praeger’s is the second largest frozen veggie burger brand behind Morningstar and the second fastest-growing brand behind Impossible Foods, reported Jeffrey Ansell, Dr. Praeger’s Chairman and Vestar Strategic Executive Advisor. (Reichgut worked with Ansell at Pinnacle Foods 15 years ago)
Over the past 52 weeks ending in July 10, the brand has 15.5% market share of the frozen veggie burger segment, according to IRI data provided to Dr. Praeger’s.
Dr. Praeger’s hopes to capitalize on the rapidly growing market for chicken alternatives with a new product line, Ansell said. The brand is preparing to launch a new alternative chicken product line in the fall with commitments from major distributors.
Ansell calls the new products an improvement on the company’s current chicken alternatives and will attract a broader segment of the population in the increasingly competitive alternative chicken segment.
“It’s a significantly preferred product…with substantially upgraded products and a different formula,” he said. “The bar has been raised in chicken alternatives in the past few years.”
Reichgut joins Ken Krasnow, Dr. Praeger’s new chief marketing officer; Dana Hill, the new head of product development; and new board member Rich Greenberg, CEO of Pet Honesty (another Vestar Capital Partners portfolio company).
