Tag Archives: Agri & Food

Bluegem Capital Partners and AREV to acquire Pinard Group from IK Partners

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IK Partners

Bluegem Capital Partners (“Bluegem”), the value-oriented consumer staples private equity fund, and AREV today announce that they have completed the joint acquisition of Pinard Group (“Pinard” or “the Group”), a producer of high-end packaging solutions for the Beauty & Personal care (“BPC”) and Pharmaceutical industries. Bluegem and AREV are acquiring their respective stakes from the Pinard Management Team and IK VIII Fund, a fund managed by IK Partners (“IK”).

Bluegem and AREV will be co-majority shareholders, owning the company alongside the Pinard Management Team and the founding family members who are reinvesting.

Pinard Group specialises in the design and manufacture of packaging solutions for prestige and luxury brands in the BPC space through its Pinard Beauty Pack (PBP) subsidiary and for pharmaceutical customers through its Lablabo subsidiary, the inventor of the bag-in-bottle airless technology.

Since IK’s acquisition of Pinard in July 2017, the company launched and delivered several successful initiatives including: the strengthening of the Group’s management with the recruitment of a CFO and several key managers; continued investment to increase capacity, including eco-friendly packaging solutions; and the accretive acquisition of Lablabo. The collaboration between IK and the Pinard Management Team delivered robust organic growth in the ownership period, as well as the expansion into the Healthcare sector.

Bluegem and AREV’s strategy is to capitalise on the technical know-how and strong IP of the Group to build a high-end supplier of fully circular plastic packaging solutions for the BPC and Pharmaceutical sectors. PBP is a Platinum EcoVadis manufacturer of sustainable plastic packaging solutions ranked within the Top 1% globally. As plastics become increasingly circular, with three major plastic recycling facilities being built in France, the Group will be ideally placed to supply its customers with high-end sustainable plastic solutions.

Thomas Pinard, CEO of Pinard, commented: “We are looking forward to working with our new shareholders as we consolidate our position as a leading provider of high-end solutions to the world’s most prestigious and most dynamic brands, building on our unique combination of customer-focus, operating excellence, global reach, technical know-how, and passion. We would like to thank the team at IK for their continued support over the past seven years.”

Mathieu Develay, Partner at Bluegem, commented: “We are delighted to invest in Pinard Group alongside its founding family, its management team and our co-controlling partner AREV. We have closely followed the progress of the company in recent years and have been very impressed by the successes achieved by its management team. Pinard Group is a unique player in the packaging industry, with market-leading positions in prestige Beauty and Pharmaceuticals, thanks to over 50 years of industrial knowhow and circular plastic innovations. We are looking forward to supporting an accelerated growth strategy, both organically and through acquisitions, in what is a highly fragmented market.”

Emilio Di Spiezio Sardo, Founding Partner at Bluegem commented: “Pinard is a great example of the Bluegem strategy to invest earlier in the entire value chain within the non-discretionary consumer staple space. With the Consumer sector accounting for over 50% of global GDP, we see a vast opportunity to make investments which are underpinned by solid fundamentals (strong R&D and IP), structural tailwinds (fully circular plastic solutions and nearshoring of high-end manufacturing) and have the ability to perform consistently through the cycle.”

Xavier Geismar, Co-Founder of Arev Partners added: “We are excited about our partnership with Thomas and Pierre-Olivier Pinard and the management team, and we have high ambitions for the company. We are very impressed with Pinard Group’s strong market positioning based on its superior customer orientation and operational excellence, which is reflected in the company’s growth and performance over the years. We will work with the management team to continue strengthening Pinard’s ESG innovation capabilities, accelerating expansion, and by pursuing a synergistic buy-and-build strategy to tap into adjacent market segments and to broaden the product portfolio.”

Julien Lammoglia, Co-Founder of Arev Partners declared: “The acquisition of Pinard Group is AREV’s third transaction in France and marks another milestone in the development of the fund’s strategy to build a concentrated portfolio of high-quality assets operating in markets with attractive fundamentals, strong management teams and where we identify significant opportunities for AREV to support and accelerate growth, organically and through buy and build. The Group is positioned in the growing and resilient end markets of prestige cosmetics and pharmaceuticals and is a high-end packaging innovation leader. Pinard Group is notably an ESG front-runner in the packaging space and this transaction is a great example of AREV’s objective to invest in companies that have a positive impact on society.”

Dan Soudry, Partner at IK Partners and Advisor to IK VIII Fund, commented: “We are pleased with the progress the business has made in the past seven years, overcoming market challenges to deliver robust growth, while the acquisition of Lablabo has also allowed for the diversification of the product range. We wish the team at Pinard as well as their new owners, the very best of luck in the next stage of its development.”

About Pinard Group

Founded in 1970 in France, Pinard Group specialises in the design and manufacture of packaging solutions for prestige and luxury brands in the BPC space through Pinard Beauty Pack (PBP) subsidiary and for pharmaceutical customers through its Lablabo subsidiary, the inventor of the bag-in-bottle airless technology, acquired in 2019. The Group addresses prestige and masstige brands, while serving a long-standing clientele. Distribution is primarily focused in France (60%) where most trades are, followed by the Rest of Europe (30%) and US (10%).

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About Bluegem Capital Partners LLP

Bluegem is a pan-European specialist private equity firm investing in value-oriented consumer staple businesses across the value chain (B2C; B2B2C; B2B) underpinned by non-discretionary demand and supported by megatrend tailwinds. The Bluegem Investment Team work alongside experienced Portfolio Management and Functional Experts, to deploy a proven toolkit for accelerating value creation. The Bluegem value acceleration playbook is underpinned by data analytics and includes, among other things, 360-degree digitalisation of the businesses (including the use of artificial intelligence), international expansion and product innovation. With a track record of investing across Europe through different economic cycles, Bluegem focus on businesses with characteristics of consumable products; low ticket but premium products; non commodity items; with repeat purchase patterns within seven distinct segments: Beauty & Personal Care, Home Care, Baby Care, Pet Care, Food & Beverage, Consumer Health and Enthusiast Products. For more information, visit: bluegemcp.com

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About AREV

AREV I SCA, SICAV-FIAR invests in European private companies across the Healthcare, Digital & Technology, BtoB Services & Products, and Consumer sectors. We target businesses that we can significantly transform or scale, partnering with ambitious entrepreneurs and management teams. Our approach combines strategic, financial and operational expertise, in conjunction with our wide-reaching industry network. Founded by two experienced private equity executives and with more than €300m under management, AREV I seeks to deploy capital in companies that have an EBITDA comprised between €5m to €15m, with equity tickets ranging from €25m to €75m. For more information, visit: arevpartners.com

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About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €17 billion of capital and invested in over 190 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com

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The Rise of Cultivated Meat and the Role of Private Equity in its Development

Grow Meat

Over the past decade, technological innovation has been reshaping the food industry. One of the most groundbreaking advances has been the development of cultivated meat, also known as lab-grown or cultured meat. This revolutionary approach to producing meat aims to address some of the most pressing global challenges, including food security, environmental sustainability, and animal welfare. Behind the scenes, private equity (PE) has played a critical role in accelerating the commercialization and scaling of this nascent sector.

The Science Behind Cultivated Meat
Cultivated meat is produced by taking a small sample of animal cells and growing them in a controlled environment outside the animal’s body. This process mimics natural tissue development, using a bioreactor to provide the cells with essential nutrients, oxygen, and the right conditions to proliferate. Over time, the cells grow into muscle fibers, which can be harvested to create meat products.
The technology offers a way to produce real meat without the need to raise and slaughter animals, which has immense implications for sustainability. Livestock farming is responsible for significant greenhouse gas emissions, deforestation, water usage, and other environmental impacts. By contrast, cultivated meat promises to dramatically reduce the carbon footprint and resource consumption of meat production.

Industry Growth and Challenges
The journey from lab concept to commercial reality has been long and fraught with challenges. In the early stages, the technology was prohibitively expensive. The first lab-grown burger, produced in 2013, cost over $300,000. Since then, costs have plummeted due to advancements in cellular biology, bioreactor design, and scaling methods. However, the sector still faces hurdles such as regulatory approvals, consumer acceptance, and further cost reductions to make the product competitive with conventional meat. Despite these challenges, the cultivated meat industry has been gaining momentum. Companies like Upside Foods, Eat Just, and Mosa Meat are at the forefront of innovation, working to bring cultured meat products to market. Governments have also begun to take notice. In 2020, Singapore became the first country to approve the sale of cultured chicken, marking a significant regulatory milestone.

The Role of Private Equity in Cultivated Meat
Private equity firms have played a pivotal role in the growth of the cultivated meat industry. By providing critical funding during the development and commercialization stages, PE investors have helped bridge the gap between laboratory breakthroughs and mass-market availability. The need for substantial capital has drawn interest from investors who see the potential for high returns in the long run, especially as the demand for sustainable food sources continues to grow.

1. Early-Stage Funding
Initially, cultivated meat startups relied on venture capital and public funding. However, as the industry matured, private equity firms began to step in with larger capital infusions. This shift allowed companies to scale up their operations, invest in large-scale production facilities, and pursue strategic partnerships.

2. Strategic Guidance
Beyond financial support, private equity investors bring valuable strategic guidance to startups in the cultivated meat sector. These investors often have deep experience in scaling companies, navigating regulatory landscapes, and expanding into new markets. By leveraging their expertise, PE firms help companies refine their business models and navigate the complex challenges of commercializing a novel product.
3. Focus on ESG (Environmental, Social, Governance)
Many private equity firms have increasingly incorporated ESG criteria into their investment decisions. Cultivated meat aligns well with these goals, as it addresses environmental sustainability, reduces the ethical concerns surrounding traditional livestock farming, and promises to create a more secure global food system. This alignment makes cultivated meat an attractive target for impact investors who are not only looking for financial returns but also seeking to drive positive environmental and social outcomes.

4. Accelerating Market Entry
Private equity-backed companies in the cultivated meat space are in a race to get products on the market. PE funding enables firms to ramp up production and accelerate timelines for market entry, often with the aim of achieving first-mover advantages. This is critical in an industry where regulatory approvals and consumer trust are key to success. For instance, the aforementioned approval in Singapore signaled the importance of navigating complex regulatory environments—a process that can be significantly eased with well-funded, well-connected investors.

Private Equity and the Future of Cultivated Meat
As the cultivated meat industry continues to grow, private equity’s involvement is likely to deepen. In addition to the economic drivers, there are broader social and environmental imperatives that make this industry particularly compelling for long-term investment. With global meat consumption expected to rise by nearly 73% by 2050, according to the Food and Agriculture Organization (FAO), the pressure on traditional meat production methods will only increase. Cultivated meat could emerge as a critical solution to meet this demand without exacerbating environmental degradation.
Private equity’s role in this evolution cannot be understated. By providing the capital, expertise, and strategic support needed to overcome regulatory, cost, and scalability challenges, PE investors are helping to turn the vision of cultivated meat into a viable, scalable, and profitable reality. As more private capital flows into the sector, cultivated meat companies will be better positioned to bring their products to consumers, potentially revolutionizing the food industry in the process.

Conclusion
The development of cultivated meat represents one of the most promising innovations in sustainable food production, with the potential to reduce the environmental footprint of meat consumption and address ethical concerns associated with traditional livestock farming. Private equity firms have played a crucial role in funding and supporting the industry’s growth, helping to bridge the gap between scientific innovation and commercial success. As the technology continues to advance and consumer acceptance grows, the synergy between cultivated meat and private equity investment could redefine the future of food.
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CDPQ increases its stake in Saputo Inc.

Cdpq

CDPQ, a global investment group, today announced an additional investment of approximately $378 million in Saputo Inc. (TSE: SAP), a world leader in the processing, production, marketing and distribution of dairy products.

CDPQ’s stake in the company now totals approximatively 4.5%, following the acquisition of 13.5 million shares at a price of $27.96 per share. CDPQ’s first stake in Saputo dates back to 1997.

Founded in Montréal in 1954, Saputo is now one of the top ten dairy processors in the world. The Québec company produces and distributes a wide range of dairy products in Canada, Australia and Argentina, among other countries. Saputo is also one of the three largest cheese manufacturers in the United States, and the largest manufacturer of branded cheese and dairy spreads in the United Kingdom.

“CDPQ is proud to continue supporting Saputo, a leading Québec company, by increasing its stake in this world leader in dairy processing,” said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ. “We’ve been a shareholder of the company for nearly 30 years, and this investment aligns with our strategy to foster the emergence of North American and international champions while generating benefits for Québec.”

About CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, CDPQ works alongside its partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2024, CDPQ’s net assets totalled CAD 452 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

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Platinum Equity Carveout Experience, Expected Growth in Organic Milk Market Fuels Horizon Investment

Platinum

The organic dairy market is expected to grow because of rising demand and other factors.

In an interview shortly after Platinum Equity closed on Horizon Organic, the largest USDA-certified organic dairy brand in the world, Managing Director Adam Cooper cited that trend.

“The brand has earned a reputation for quality and innovation that is unmatched in the industry. We appreciate Danone’s confidence in our ability to build on that legacy and support Horizon Organic’s growth as a standalone company.”

Louis Samson, Co-President, Platinum Equity

“Broadly speaking, the milk industry is in secular decline, but premium, organic milk products show moderate growth because of the health-conscious categories in food and beverage.”

Earlier this year, Platinum Equity acquired a majority interest in Horizon Organic from Danone. The deal also included the Wallaby brand, an Australian-inspired Greek-style yogurt made with organic milk and premium ingredients.

“Horizon Organic is an iconic name in dairy that is well-recognized and beloved by consumers,” Platinum Equity executive Louis Samson said after the April closing. “The brand has earned a reputation for quality and innovation that is unmatched in the industry. We appreciate Danone’s confidence in our ability to build on that legacy and support Horizon Organic’s growth as a standalone company.”

Financial terms of the deal were not disclosed, although the deal is structured as a joint venture where Danone retains a minority interest.

Platinum Equity has decades of experience acquiring and operating global businesses that have been part of large corporate entities. Earlier this year, the firm closed on Kohler Energy, an investment partnership with Kohler Co. In recent years Platinum Equity has also acquired businesses from firms like Ball Corporation, Caterpillar, ConAgra, Emerson Electric, Ingersoll Rand and Johnson & Johnson.

In the case of Horizon Organic, Platinum Equity adds a company with a recognized name among consumers.

“Horizon’s been in my house, it’s something we all raised our kids on,” Cooper said. “It’s an iconic brand with amazing brand recognition in the consumer market. The opportunity to acquire the market-leading brand coupled with the complex transaction dynamics and meaningful operational lift made us feel like it could be a Platinum deal.”

Samson and Cooper provided additional details about the investment.

(Questions and answers have been edited for length and clarity). 

Q: Why did Platinum do this deal?

Cooper: It’s a complex carveout, an area where Platinum has great experience. It’s clearly a well-known brand. We also like the food and beverage space when we can get them at attractive values. When Danone announced it wanted to exit the fluid milk business, we decided the business interested us.

Q: Why the food and beverage space? Platinum Equity’s current portfolio includes Farnese Vini (wine), Biscuit (cookies) and Iberconsa (shrimp)?

Samson: Food and beverage is a relatively stable category. Businesses tend to be recession-resistant so the downside is not as extreme. People have to buy food. Even with COVID, which was a major shock to the economy, food and beverage remained relatively stable.

Q: Speak to Platinum Equity’s experience with carveout transactions with large corporate sellers, specifically the firm’s ability to negotiate joint ventures.

Samson: Our experience suggests that corporate sellers can benefit from a structure that allows for a partial sale at the outset of their divestment process, with the opportunity to deliver incremental value by participating in the upside we can create. An example is the Ball Metalpack partnership with Ball Corporation, which became a successful outcome for all stakeholders. There are multiple examples throughout our history.

Q: Why did Danone divest? Why were Horizon Organics and Wallaby on the market?

Cooper: Danone is a huge food and beverage company, and Horizon came to them through a larger transaction in 2016. Fluid milk is just non-core to Danone, and Wallaby is a small organic product for them. Fluid milk has very low growth prospects. Danone is focused on deploying their resources and capital toward their higher growth and margin products.

Q: Describe Horizon Organics’ market position.

Cooper: The company is the market-leading organic milk producer in the U.S. They have about a 40% – 45% market share. It varies between 40% and 45%, depending on time of year and the sourcing of organic milk.

Q: What are the challenges with creating a standalone business with Horizon Organics?

Cooper:  From a transaction documentation perspective, it was very complex to negotiate. And the next few years will be a tough lift. The company’s manufacturing, marketing and transportation/logistics functions were largely co-mingled with Danone, so there’s a lot that must be done to get this business carved out and operating as a standalone business.

We need to move milk-producing capacity that’s currently produced at Danone sites to other locations. On the back end, these products are stored in warehouses, loaded on trucks and taken to customers in the same trucks. We have to set up our own transportation and logistics functions to deliver products to customers in the most efficient manner. There are heavy-duty complexities associated with that. And remember these products are heavy and perishable.

Q: Why does Platinum Equity seek out these types of transactions?

Samson: If anything, we get more excited when we see that complexity. We aren’t intimidated by size or complexity. We tend to think of these transactions as giving us a competitive advantage because we have the operational bench, we have the functional experts, we have the expertise and lots of experience. It’s an approach that works across multiple categories, multiple spaces.

Q: Are there any headwinds associated with this deal?

Cooper: It’s incumbent upon the company to continue to market the product and continue to show consumers the value proposition in premium products. The other headwind really is that organic milk supply is constrained. Unlike the endless supply of conventional milk, organic milk is relatively limited. It’s expensive to farm from the feed to production. As a company, they need to work with the milk supply base to expand production and continue to differentiate and drive the value proposition of premium milk to drive top line growth.

Q: With some of the negative attention the dairy industry receives, is there an ESG story with Horizon Organic?

Cooper: Horizon works with farmers to minimize the impact milk production has on the environment. Also from an ESG perspective, Horizon takes a 360-degree approach to ESG. The company believes it’s an important differentiator from a commercial standpoint because it’s important to customers. It’s not just what they’re doing relative to those things in the market, but it also puts the burden on the company to consider the standards it maintains as it pertains to its corporate governance, operations, value chain, and stakeholders. The approach creates accountability across the stakeholder universe and requires ongoing transparency with measures of performance across all relevant standards. It’s also very focused on the employees, making sure the company is cognizant of mental health, employees’ financial health and making sure there are opportunities for growth in a safe working environment. I was intrigued when I learned just how deeply this operating philosophy was embedded in the culture at Horizon. These things are important to consumers, the company and its employees, so here’s another case where doing good can be good for business.

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Altor divests Nova Austral

On September 25, 2024, Nova Austral announced a debt restructuring of the company resulting in a change of ownership and exit by Altor.

Altor invested in the world-leading fish feed supplier Ewos with Bain Capital in 2013. The partnership aimed at strengthening the company’s position as a global market leader in salmon feed and identifying further opportunities to grow by focusing on R&D, developing higher quality feed and expanding into new markets. After a successful partnership, Altor and Bain Capital sold Ewos to Cargill in 2015. After the exit of Ewos in 2015, Altor remained invested in the fish farming industry through its ownership of Nova Austral in Chile.

“We began our journey with Ewos in 2013, a successful partnership with the company and co-investors to scale and strengthen their position. As we now, many years later, exit Nova Austral, we would like to extend a thank you to the management team and employees for their contributions and commitment over the years,” said Tom Jovik.

About Altor

Since inception, the family of Altor funds has raised more than EUR 11 billion in total commitments. The funds have invested in just south of 100 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Permascand, Toteme, Trioworld, Carnegie and Vianode.

About Nova Austral

Nova Austral is a leading player in producing and processing sustainable salmon in the Chilean industry. It has operated in the Magallanes and Chilean Antarctica region for over 15 years.

Press contact

Karin Åström

Head of Communications

karin.astrom@altor.com

+46 707 64 86 59

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Platinum Equity to Acquire Polli, Italian Producer of Pasta Condiments and Vegetable Preserves

Platinum

One of EU’s largest pesto producers to partner with Platinum in pursuit of continued growth, international expansion

Founding Polli family to retain stake in 150+ year-old business

LOS ANGELES (September 18, 2024) – Platinum Equity announced today the signing of a definitive agreement to acquire a majority stake in F.lli Polli S.p.A. (“Polli”), a leading producer of pasta condiments and vegetable preserves, from affiliates of the founding Polli family.

Financial terms of the transaction were not disclosed. The Polli family will retain a minority stake in the business together with CEO Marco Fraccaroli, who will continue to lead the company.

 

“Platinum has a lot of experience helping family-owned businesses leverage our M&A capabilities and global operating expertise to capitalize on market opportunities and maximize their potential. Polli has built an exceptional brand with a proud heritage, and we look forward to working together to build on that legacy.”

Louis Samson, Co-President, Platinum Equity

Founded in 1872, Polli is an Italian producer of pasta sauces, food in-oil, olives, pickles, and condiments to customers in over 50 countries, and is one of the largest producers of pesto in the EU. The company operates four state-of-the-art plants in which more than 130 different raw materials are processed, producing approximately 29,000 tons of vegetables and more than 190 million packages every year.

“Platinum has a lot of experience helping family-owned businesses leverage our M&A capabilities and global operating expertise to capitalize on market opportunities and maximize their potential,” said Platinum Equity Co-President Louis Samson. “Polli has built an exceptional brand with a proud heritage, and we look forward to working together to build on that legacy.”

Manuela Polli, Managing Director of Polli and member of the sixth generation of the family, said: “We are excited to continue our ambitious journey with Platinum, an important partner who shares our company’s values and goals. We are confident that together we will take the business to a new level of global leadership.”

“We admire what the Polli family has built across six generations and more than 150 years,” said Platinum Equity Managing Director Fernando Goni. “We believe this business presents a great platform to continue investing in organic growth and to pursue additional acquisitions that can expand or fill in gaps in the company’s product lines, provide new technological capabilities, or further extend the company’s geographic reach in Europe and United States. We look forward to partnering with the management team and the Polli family on the next chapter.”

The Polli investment was led by Platinum Equity’s Small Cap investment team, which is experienced in acquiring businesses in Europe and in the food and beverage sector in particular.

Platinum Equity’s current portfolio includes private label sweet biscuits manufacturer Biscuit International (Paris); wine producer Fantini Group (Ortona, Italy); seafood provider Iberconsa (Vigo, Spain); and premium rum blending specialist E&A Scheer (Amsterdam).

Deloitte and Clearwater are serving as financial advisors to Platinum Equity on the acquisition of Polli. Latham & Watkins LLP is serving as Platinum Equity’s legal advisor and E&Y is providing tax counsel on the transaction.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.

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Platinum Equity and Butterfly to Acquire Rise Baking Company

Platinum

Leading operational private equity firms partner to accelerate Rise’s next chapter of growth

LOS ANGELES, CA – September 17, 2024 – Global investment firm Platinum Equity and Butterfly, a Los Angeles-based private equity firm specializing in the food sector, today announced the acquisition of Rise Baking Company (“Rise”).

Platinum Equity and Butterfly will be equal partners in the investment. Financial terms of the transaction were not disclosed.

Founded in 2013 and based in Minneapolis, Minnesota, Rise is a leading supplier of bakery products, including cookies, pies, cakes, icings, muffins, crispy bars, and more, to in-store bakeries and foodservice customers throughout North America. Rise will continue to operate under its current management team, led by Chief Executive Officer Brian Zellmer.

“We view Rise as an established leader with impressive scale and a strong foundation with a lot more room to grow both organically and through additional M&A. Beyond the quality of its products, we believe the quality of Rise’s people helps set it apart. The team’s creative spirit, deep understanding of market trends, and hands-on, in-store expertise provide its customers tremendous value. We look forward to deploying our financial and operational resources to help the company expand its reach.”

Jacob Kotzubei, Co-President, Platinum Equity

“We have built this company into one of the leading bakery platforms in North America thanks to the contributions of our incredible team over the years,” said Zellmer. “We welcome the opportunity to partner with Platinum Equity and Butterfly as we continue to grow Rise Baking Company to serve our customers as their total bakery partner.”

Rise has completed 10 acquisitions since its founding and today serves a blue-chip customer base with a well-diversified portfolio of bakery products. The company has created a scalable manufacturing and logistics network that allows it to effectively service national and regional accounts.

“We view Rise as an established leader with impressive scale and a strong foundation with a lot more room to grow both organically and through additional M&A,” said Platinum Equity Co-President Jacob Kotzubei. “Beyond the quality of its products, we believe the quality of Rise’s people helps set it apart. The team’s creative spirit, deep understanding of market trends, and hands-on, in-store expertise provide its customers tremendous value. We look forward to deploying our financial and operational resources to help the company expand its reach.”

“We are honored to partner with Brian and the full Rise team to support their expansion by turbo-charging growth both organically and through strategic acquisitions,” said Butterfly Co-Founder and Co-CEO Adam Waglay. “As a food-focused and operations-driven investment firm, we have taken a keen interest in the attractive bakery sector, and we are excited to bring our specialized expertise and deep food network to bear to help amplify and accelerate the company’s mission to Rise above its customers’ expectations one bite at a time.”

The transaction is expected to close in Q4 2024.

Rise was advised by Morgan Stanley & Co. LLC as lead financial advisor in addition to Harris Williams. Houlihan Lokey and Stifel are serving as financial advisors to Platinum Equity and Butterfly, and Bank of America Securities is providing financing for the acquisition. Gibson, Dunn & Crutcher LLP and Simpson Thacher & Bartlett are serving as legal advisors to Platinum Equity and Butterfly and Willkie Farr & Gallagher LLP is providing debt financing counsel.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.

About Butterfly

Butterfly is a Los Angeles, California-based private equity firm specializing in the food sector, spanning the entire food value chain from “seed to fork” via four key segments: upstream & processing, B2B service providers, multi-site and branded goods. Butterfly manages over $4 billion of assets to date and aims to generate attractive investment returns through deep industry specialization, a disciplined and data-driven investment process and a hands-on approach to portfolio transformation. For additional information about Butterfly, please visit its website at www.bfly.com.

About Rise Baking Company

Rise Baking Company, based in Minneapolis, MN, is a North American bakery manufacturer that produces a broad portfolio of products for in-store bakeries and foodservice customers, including leading national grocery chains, convenience stores, QSRs, and mass merchandisers. Rise operates with an unparalleled customer-first culture, resulting in best-in-class product innovation, quality, and service. Rise Baking Company believes “our finest ingredient is our people.” For more information, please visit risebakingcompany.com.

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Blue Earth Capital partners with Quona Capital to support Indian smallholders

Blue Earth Capital

India’s Leading Grain Commerce Platform Arya.ag Raises $29 Million in Pre-Series D Funding

Blue Earth Capital leads the round, with participation from existing investors Asia Impact and Quona Capital

Delhi, India, July 10, 2024 — Arya.ag, India’s largest integrated grain commerce platform, today announced that it has raised $29 million (INR 242 crore) in a Pre-Series D funding round. The round was led by Switzerland-based investment firm Blue Earth Capital, a new investor in Arya, in partnership with Quona Capital. The round also included participation from existing investors Asia Impact and Quona Capital.

Arya.ag offers a comprehensive agri-commerce platform that seamlessly connects sellers and buyers of agriproducts to facilitate and streamline commerce, driving efficiencies and reducing waste, to the benefit of the entire market. The platform integrates warehouse discovery, farmgate-level storage, finance and market linkages, providing a comprehensive solution across the entire value chain while addressing market inefficiencies.

Arya.ag plans to utilise the Pre-Series D funds to gain market share and improve its profitability. ​​The Group plans key strategic initiatives, including the deployment of satellite technology for improved farm productivity, reduced waste, and greater transparency and visibility across the value chain. The company will also use the funding to initiate partnerships to improve Package of Practices (PoP) on-farm and measures to reduce food loss across the supply chain, which will enhance climate resilience for its farmer base, improving the incomes of over 1,200 Farmer Producer Organisations (FPOs) while also delivering improved climate outcomes.

Arya.ag is the only Indian agritech platform at scale to report profits (INR 17 crore) over revenue of INR 360 crore in FY24. The company saw a profit growth of over 36% compared to FY23.

Rohan Ghose, Director of Private Equity Partnerships at Blue Earth Capital, commented: “We are incredibly proud to invest in Arya.ag, a company that is helping create a more dynamic and resilient agricultural market in India. This investment aligns perfectly with Blue Earth Capital’s mission of addressing some of the world’s most pressing social and environmental challenges and, by backing this innovative company and its exceptional management team, we are not only fostering agricultural advancements but also contributing to the economic growth and sustainability of rural communities and farmers across India.”

Christian Banno, Chief Investment Officer of Asia Impact remarked, “At Asia Impact, we believe that leveraging private capital for the public good can help build a more equitable and sustainable future for all. Arya.ag’s work with farmers, FPOs and ‘climate champions’ to build trust, optimise resource allocation, and minimise adverse environmental impacts has been extremely impactful, especially in the face of climate-induced stress in agriculture. We hope that together we can strengthen these networks and create value for all stakeholders in the agricultural ecosystem.”

Prasanna Rao, Arya.ag’s CEO and Co-founder, stated, “The Pre-Series D funding from Blue Earth Capital, along with the continued support from Asia Impact SA and Quona Capital, validates our philosophy of creating a commercially attractive business model delivering value to all stakeholders in the agri-ecosystem, especially the smallest of stakeholders at the fringes of inclusion. This investment will help accelerate our growth trajectory. With these funds, we plan to expand our reach, serve more farmers and buyers, and introduce innovative offerings to strengthen our position as India’s most trusted agri-commerce platform.”

The company aims to impact over 10 million farmers by empowering them to sell their produce at the right time and to the right buyer in the next 3-4 years. It will facilitate over $3 billion in agri-loans, and create commerce linkages of over $4 billion while increasing its storage footprint by over 4X by 2028.

Setuka Partners served as the strategic advisor for this equity round.

 

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About Arya.ag
Arya.ag is India’s largest and only profitable grain commerce platform. It enables freedom of choice for farmers and their organizations to decide ‘when’ and ‘to whom’ they would want to sell their produce post-harvest by offering access to farmgate-level storage, seamless finance and transparent commerce. It eliminates the trust deficit in grain commerce through its exponentially growing layer of visibility and control, currently stretching across 60% of Indian districts, covering over 11,000 agri-warehouses. Arya.ag aggregates and stores USD 3 billion of grain annually while enabling disbursement of over USD 1.5 billion of loans to small-holder farmers, their organizations and other stakeholders. Arya.ag works towards creating equitable value chains in agriculture, assuring inclusive growth and greater transparency.

About Blue Earth Capital
Blue Earth Capital is a global, independent, specialist impact investor, headquartered in Switzerland, with operations in New York, London, and Konstanz. Blue Earth Capital seeks to address the world’s most pressing social and environmental challenges by delivering measurable impact alongside aiming for attractive and market-rate financial returns. The company operates dedicated private equity, private credit, and fund solutions as well as separately managed accounts. Blue Earth Capital is owned by the Blue Earth Foundation, a Stiftung (charity/trust) registered in Switzerland that focuses on deep impact to support initiatives and business ventures to help deliver a more equitable and sustainable future.

About Asia Impact Invest
Asia Impact SA is a Luxembourg-based investment company promoting impact investments in India and SEA, in different sectors and at different development stages, from start-up to growing/maturing. Among the leading initiatives where Asia Impact is actively involved we are particularly proud to mention all CreditAccess’ microfinance companies in India and Southeast Asia. Further, Asia Impact structures investment initiatives in single business/companies (club deals) and is currently promoting a new Luxembourg SICAV fund, investing in public listed equity securities of Indian companies.

About Quona Capital
Quona Capital is a leading venture firm focused on fintech for inclusion in emerging markets. Quona’s global partners are experienced investors and operators in both emerging and developed markets, and back entrepreneurs whose companies have the potential to generate outstanding financial returns while promoting breakthrough innovation in financial inclusion for both consumers and SMEs. Quona has supported over 70 financial technology companies expanding access for underserved consumers and small businesses in India and Southeast Asia, Latin America, Africa and the Middle East (MENA).  More at quona.com.

 

Press Contacts:

Ann Thomas for Arya.ag (India)
ann.thomas@arya.ag
+91 9158222248

Simon Markebeck,Kekst CNC for Blue Earth Capital
blueearthcapital@kekstcnc.com
+46761279072

Shannon Austin for Quona Capital (US)
shannon@quona.com
+1 (703) 338-8813

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Tapì and Ganau announce Ganau’s entry into the Tapì Group, creating a leading operator in the high-end wine and spirits closure sector

Stirling Square

Massanzago/Milan, 12 September 2024 – Tapì, a global leader in closures for premium, super-premium, and luxury spirits, and Ganau, a renowned Italian producer of high-end wine corks, are proud to announce that Ganau has joined the Tapì Group. Together, they are poised to make a significant impact in the industry by offering a comprehensive range of high-end sustainable closures.

The integration of Ganau into the Tapì Group creates a synergy that will enable both companies to offer a comprehensive range of closure solutions and better serve the increasing demand for innovation, quality, and superior service across the wine and spirits sectors.

Tapì will be incorporating Ganau’s high-end natural and micro-agglomerated cork stoppers into their closure offerings, while Ganau will gain access to Tapì’s extensive international network, facilitating global expansion and broadening their customer reach.

Ganau’s decades-long experience in cork closure production has established the company as a key reference in the industry. This legacy has guided the rebranding strategy, leading to the adoption of a new tagline –  ‘Cork Another Way’ – which succinctly defines Ganau’s core values and mission within the cork closure sector. Ganau aims to be recognized for its excellence, innovation, and commitment to sustainability while placing great value on the Italian supply chain.

Roberto Casini, CEO of the Tapì Group, commented on the acquisition: “This strategic partnership consolidates Tapì’s position as a leading innovator in closure solutions for the luxury spirit segment. While we’re already at the forefront of synthetic closures, this merger propels us into a leadership role in natural and micro-agglomerated cork stopper manufacturing, particularly in the high-end segment.

“Ganau’s reputation in exceptional quality makes them an ideal partner. Together, we’re prepared to elevate our service to premium spirits clients around the world.”

The Ganau Family added: “We are delighted to join the Tapì Group as a natural evolution of our long-standing collaboration. This union will enable us to offer our clients even more innovative and high-quality wine cork closures. Furthermore, it marks a significant milestone in our global expansion strategy, reinforcing our position in international markets.”

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The Tapì Group

Tapì Group, acquired by the private equity firm Stirling Square Capital Partners in February 2023, is a global leader in the design, production, and distribution of innovative closure solutions. While primarily focused on the premium beverage sector, Tapì’s expertise extends beyond spirits to include wine, beer, condiments, and cosmetics. With a workforce of over 900 professionals worldwide, Tapì serves more than 5,000 clients across 80 countries. The company’s global footprint encompasses production facilities, commercial offices, research and development laboratories, and an extensive distribution network, solidifying its position as an industry innovator on an international scale.

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Ganau

Founded in Sardinia in 1941, Ganau relies on nine decades of experience and the integration of modern technologies to produce high-quality wine closures. With headquarters in Tempio Pausania (Italy) and divisions in Epernay (France) and Sonoma (United States), Ganau is the preferred choice for discerning winemakers around the world.

The Ganau family will retain partial ownership of the Ganau group. Adema, Francesco, Mauro, and Mariella Ganau will continue to manage Ganau S.p.A. and its subsidiaries, ensuring continuity in leadership and maintaining the company’s longstanding commitment to quality and innovation.

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Biotalys Receives Approval for Large-Scale Demonstration Trials of EVOCA in the Netherlands

GIMV

Ghent, BELGIUM – 2 September 2024, 07:00 CEST – Biotalys (Euronext: BTLS) an Agricultural Technology (AgTech) company developing protein-based biocontrols for sustainable crop protection, today announced it received approval by the Dutch regulator CTGB (College voor de Toelating van Gewasbeschermingsmiddelen en Biociden) for large-scale demonstration trials in greenhouses of its first biofungicide candidate, EVOCA™*. Importantly, the harvested fruits and vegetables can be sold for human consumption.

Jeannette Vriend, Plant protection specialist at Dutch growers association Glastuinbouw Nederland, said: “We are very pleased that this innovative technology can now be tested at large scale by growers. Given the many challenges to adequately control fungal diseases in tomatoes, cucumbers and strawberries, due to a sharply shrinking crop protection product package, we really need the acceleration of new, green solutions. These trials offer an ideal opportunity to properly implement such solutions in these high-value integrated crops.”

The CTGB granted Biotalys the approval to test EVOCA against powdery mildew in 40 hectares of tomatoes, 20 hectares of cucumbers and 10 hectares of strawberries. Produce from these greenhouse trials is allowed to be sold for human consumption, an exemption to standard practices requiring crop destruction when a crop protection product is used that has not yet received regulatory approval.**

*download the complete PR

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