Food Industry News, Insights, and Education for the CPG Community

Compass Diversified Holdings (CODI) announced yesterday it has reached an agreement to sell hemp food manufacturer Manitoba Harvest to Canadian cannabis company Tilray for C$419 million.

CytoSport, founded in 1998, was acquired by Hormel in a deal valued at $450 million in 2014. The company markets a variety of protein-focused sports nutrition products under the Muscle Milk brand, including powders, ready-to-drink beverages and bars.

The bar set is ever growing, and even familiar brands are looking to change up their looks in order to stay competitive. Today snack company PROBAR announced an outdoor-inspired rebrand of its packaging — one of the first major changes by the company’s new president and investor, Matt Fuller.

The rice category is starting to stretch with even more ingredients trying to define the staple. Today Banza, which is known for its chickpea pastas, announced it will expand into the category with its own line of rice — the company’s first major new product since introducing a line of macaroni and cheese in 2016.

Chickpea snacking brand Biena is ready to stretch out. The company is about to launch a new line of chickpea-based puffs and has made over its packaging to unify the portfolio. To support both initiatives, Biena closed a $2.35 million round in April 2018 and a second internal round of financing later in the year.

In 2007 snack innovator Keith Belling felt guilty eating potato chips and decided to do something about it. The result, which spawned a slew of imitators and helped revolutionize the snack set, was Popchips.

After spending $500 million to acquire a majority stake in Blue Bottle Coffee, it might be surprising to hear that Nestlé is content to let the premium roaster and retailer “just be.” Blue Bottle CEO Bryan Meehan spoke about the company’s relationship with Nestlé, its purposeful innovation strategy and efforts to enhance consumers’ experience with coffee. Also in this episode: an interview with former N’Sync star Lance Bass, who recently launched a cocktail mixer brand.

In response to consumer demand, Tofurky announced today that it will launch two products at Natural Products Expo West: Moocho cheesecakes, the company’s first sub-brand, and a revamp of the previously discontinued Tofurky Pockets. The former may lead to other alternative dairy innovations.

Grain Elevator produces a line of snacks that features upcycled spent grains sourced from local brewers. Founder and CEO Troy Derego uses his experience in baking sourdough bread to craft nutritious crackers for specialty food consumers and craft beer lovers.

Over the past two months, investment group and incubator Sonoma Brands has seen changes to its operating team including the addition of two managing directors. Founder Jon Sebastiani told NOSH the additions are reflective of how the firm has evolved since its inception.

Pete Lescoe chronicled his journey as an entrepreneur, including how he created a foundation for success as the founder of Food Should Taste Good, discussed his perspective on risk and explained why cash will always be king. He also spoke about the eventual sale of the company, why he got back in the food business and why he doesn’t think about happiness as a goal.

Internationally inspired nuts, better-for-you booze and a sesame surge are among the several emerging food and beverage trend predictions for 2019 that were highlighted in a webinar hosted by data technology company SPINS on Wednesday.

Call it the Starbucks effect, but consumers now want their meals and snacks to be customized to their unique needs. As a result, brands offering these solutions found themselves as targets for acquisition and investment this week.

Despite consumers’ insistence that they want to eat healthier, classics like Kellogg’s Pop-Tarts have remained popular. Earnest Eats is hoping to offer consumers a better-for-you take on the classic with the launch of Toasties, a breakfast pastry that it believes can bring health benefits to the category.