Tag Archives: Agri & Food

Bridgepoint agrees sale of investment in Vitamin Well

Bridgepoint
  • Since Bridgepoint partnered with Vitamin Well in 2016, the business has grown revenue twelvefold through international expansion and new product development.
  • The Bridgepoint funds will retain a significant minority stake in the business with a compelling opportunity for substantial value creation in the years ahead.
  • Bridgepoint welcomes Cinven as new lead investor with a mutual vision to continue to support Vitamin Well’s growth aspirations through further international expansion and continued product development.

 

Bridgepoint, one of the leading private asset growth investors, is pleased to announce that the Bridgepoint funds have agreed the exit of their investment in Vitamin Well, the high-growth functional food and beverage business, welcoming Cinven, the international private equity firm, as new lead investor. Through the transaction, Cinven will become the largest shareholder in the company, while Bridgepoint will retain a significant minority shareholding.

Established in 2008 and headquartered in Stockholm, Vitamin Well is a fast-growing functional food and beverage business, offering premium products for health-conscious and active consumers. Today, the company has c. 500 employees, with a broad product portfolio across several brands, including core brands Vitamin Well (vitamin and mineral-enriched drinks), NOCCO (performance energy drinks) and Barebells (protein bars and shakes), which are sold internationally across more than 40 markets.

Since Bridgepoint partnered with the Vitamin Well founders and management in 2016, the company has experienced a period of exceptional growth and development. Bridgepoint has supported the founders and the management team in pursuing international growth, gaining traction in several international markets, including the DACH region, the UK, Spain and the US.

The investment in Vitamin Well was initially made in 2016 by a fund managed by Bridgepoint Development Capital (“BDC III”), Bridgepoint’s lower middle-market strategy. It has been co-owned with Bridgepoint Europe (“BE VI”), Bridgepoint’s middle-market strategy, since 2021 following additional investment. Both funds will retain a significant minority stake in the business going forward.

Christopher Bley and Johan Dahlfors, Partners and Co-Heads of the Nordics at Bridgepoint, said:

“We are proud to have been part of the remarkable growth and transformation that Vitamin Well has achieved, with revenue increasing twelvefold during our partnership, and the company expanding from 50 employees in 2016 to 500 employees today. The Vitamin Well management team and the broader organisation are exceptionally strong and highly motivated, and we have strong conviction in the company’s ability to sustain its growth momentum. We look forward to continuing to work with Vitamin Well and welcome Cinven as a new partner to help support the continued global expansion.”

Jonas Pettersson, CEO and Co-Founder at Vitamin Well, said:

“With Bridgepoint as a partner, we have strengthened our presence in our core market, the Nordic region, and expanded our international presence. We look forward to continuing our journey with both Bridgepoint and Cinven as we further expand our presence globally. With their continued support, we are confident in our ability to innovate, grow and develop, bringing our premium products to even more health-conscious consumers around the world.”

Pontus Pettersson, Partner and Head of the Nordic regional team at Cinven, commented:

“We are delighted to partner with co-founder Jonas Pettersson, the management team and Bridgepoint to support Vitamin Well in its next stage of growth. This is an exciting time for the business – while it has achieved a huge amount in its first 15 years, we think its journey has just begun. Cinven has significant experience investing in both the Consumer sector and the Nordic region, including backing leading businesses to expand internationally, and we believe that we can use this knowledge to support the management team to effectively deliver and achieve their ambitious targets.”

The transaction is subject to customary conditions and regulatory approvals. It is expected to complete in the second half of 2024.

Bridgepoint was advised by Jefferies (M&A), Vinge (Legal), McKinsey (Commercial), PwC (Financial and Tax).

Bridgepoint is one of the world’s leading quoted private asset growth investors, specialising in private equity, infrastructure and private credit.

With over €67bn of assets under management and a strong local presence in Europe, North America and Asia, we combine global scale with local market insight and sector expertise, consistently delivering strong returns through cycles.

Bridgepoint Advisers Limited, a subsidiary of Bridgepoint Group plc, is authorised and regulated by the Financial Conduct Authority.

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Portfolio company Serpis acquires brands Ibérica and Maestro de Oliva to boost international growth

Miura Capital
    • Following these acquisitions, Miura Partners creates the holding Olive&Co to consolidate the olives and healthy snacks space

 

Cándido Miró, a leading company in high-quality olives, best known for its flagship brand Serpis, has completed the acquisition of brands Ibérica and Maestro de Oliva, specialized in the distribution of olives, olive oil and pickles.

 

This initiative will enhance the group’s international footprint, leveraging Ibérica’s and Maestro de Oliva’s strong position in Europe and the Asia-Pacific region.

 

Following the acquisition of Cándido Miró last June 2023, Miura Partners has now created Olive&Co, a platform aimed at consolidating the market and building value through the acquisition of leading, high-quality brands in the natural and healthy snack categories.

 

Olive&Co expects to reach combined revenues in excess of €70 million in 2024, with each brand keeping its commercial identity, operations and value chain.

 

Fernando Clúa, partner at Miura Partners:

“We are integrating two brands with significant presence and exposure in key segments like olives, olive oil, and pickles, which complement Candido Miro’s categories and other brands within the group. This is the first step in a growth plan where, through Olive&Co, we will continue to incorporate new brands, value, and geographic presence.”

 

About Miura Partners

 

Miura Partners is a purpose-driven Private Equity firm. With offices in Barcelona and Madrid, the firm specializes in investing in small and medium-sized family-owned and entrepreneurial companies. Miura provides attractive growth and innovation plans with a clear focus on sustainability and internationalization, under its three investment strategies: Buy-outs, Impact and Long-Term Capital.

 

Since 2008, Miura has invested in more than 70 companies, for a total value in excess of €3.0bn. Currently, the firm has more than €1.5bn of Assets under Management.

 

About Candido Miro

 

Serpis is the flagship brand of the company Candido Miro specializing in the production and distribution of olives and pickles. This family-owned business, based in Alicante, was a pioneer in Spain, commercializing anchovy-stuffed olives in 1926. Since then, it has grown to become a market leader domestically and has established a significant international presence, exporting to over 40 countries.

 

Its facilities span 16,000 square meters dedicated to the production and storage of high-quality products, offering an extensive catalog.

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Fantini Group portco days offer chances for employee education. They also explain why Platinum Equity invested in Italian wine producer’s growth

Platinum

BEVERLY HILLS, Calif. – Earlier this year, Platinum Equity employees gathered for an elevated happy hour, featuring the Fantini Group.

The Italian wine producer and Platinum Equity portfolio company presented a tasting experience with its award-winning wines, the firm’s third portco day where portfolio companies are invited to demonstrate products and technology. It is part of a program that brings the firm’s diverse portfolio to life and provides a way to engage with employees through a shared learning experience.

This portco day was also a continuation of a similar event held in Europe last year. The London headquarters event was led by Co-President Louis Samson, and both events offered an opportunity for Platinum Equity executives to explain the thesis behind the 2020 investment, highlight the work of company co-founder, Valentino Sciotti, and recognize the firm’s deployment of resources to the European market.

The events also provided chances to simply taste good wines.

“One day in 2019, on a Monday morning call, we’re just going through these different deals that are coming through and I’m hearing about this company which had critical mass in a market where there really wasn’t a ton of critical mass, and we had this vehicle in our Small Cap Fund that could actually address the size of the company,” Samson said.

“What we got with Fantini was everything we fell in love within the California (wine industry), plus scale, plus the Italian taste.”

Increasing employee engagement, awareness

At the recent event, employees in the Beverly Hills headquarters partook in a selected array of charcuterie that paired nicely with the fruity Rosato Merlot as Platinum Equity Partner Bryan Kelln provided an in-depth presentation of the wine’s production, business model and how Fantini Group has progressed since its acquisition in 2020.

The first portco day occurred in 2022 when utility vehicle manufacturer Club Car visited Platinum Equity offices. Kelln, who first broached the possibility of portco days, said they aim to further educate Platinum Equity employees about the portfolio, increase employee engagement and shed light on certain deals.

“Many of us on the deal and ops teams have both the pleasure and obligation to travel around the world to be with our portfolio companies. But some of the people who work in our offices don’t have the opportunity to travel so we’ve decided to bring the portfolio to them and share with our Platinum employees what we’re buying, why we liked the deal and how it’s currently doing.”

Bryan Kelln, Partner, Platinum Equity

“Many of us on the deal and ops teams have both the pleasure and obligation to travel around the world to be with our portfolio companies,” Kelln said during the tasting. “But some of the people who work in our offices don’t have the opportunity to travel so we’ve decided to bring the portfolio to them and share with our Platinum employees what we’re buying, why we liked the deal and how it’s currently doing.”

The Rosato Merlot was one of five wines served by Fantini Group. Employees also learned about the different flavor notes, aromatics and varying grape regions in Italy from local sommelier John Paul Masaryk who explained the difference between Pecorino cheese and Fantini’s Calalenta Pecorino Terre di Chieti wine.

“Pecorino actually means sheep and the cheese comes from sheep’s milk,” Masaryk said. “But they also gave the name to this grape because the farmers would come through all the mountains and the hillsides of beautiful, lush valleys. Sheep would eat these grapes and that’s how it got its name.”

Pecorino is a crisp, refreshing white wine with a strong fruit concentration on the palette.

The presentation helped to create an entertaining and educational afternoon, according to Head of Human Capital Lindsey Calautti said.

“It’s important that employees have the opportunity to come together, hear from senior leadership and increase their awareness on how their day-to-day activities are driving progress for Platinum,” Calautti said.

‘We got enamored with a business model that was asset-light’

Following Kelln’s Beverly Hills presentation, the European panel discussion played on the TV. Samson hosted the event with Sciotti, Senior Vice President Filippo Rossi and Managing Director Fernando Goni. Before turning it over to Platinum Equity Principal, Samson opened the discussion with a brief history of the investment.

Samson said the firm once looked at investing in American wine industries, but the business, which typically is dependent on high capital and Mother Nature, wasn’t a good fit.

“About maybe 15 years ago, we looked at our first wine deal; we didn’t really have a thesis around it,” Samson said. “We learned a little bit about the American market, and we got enamored with a business model that was asset-light, that was getting around the weather constraints, and really putting an emphasis on wine-making and good marketing.

“By the time we fell in love with this business model inside of an industry that is largely dependent on high capital and Mother Nature, our Fund got too big, and these companies were too small.”

But that changed with Fantini Group.

Sciotti explained to the London audience that he developed relationships with winemakers, comparing producers to the chefs who are the main attractions at Michelin-starred restaurants.

“The process of transformation from grapes to wine is the most delicate process,” Sciotti said during the European event. “It’s there that you create quality, which means that when there’s a glass in front of you, I want to see the smile on your face.”

Kelln added: “Fantini doesn’t own vineyards, but they source grapes from all over Italy and then they develop, blend, bottle and distribute the wines all over the world.”

Those are some of the reasons why Platinum Equity, which has steadily grown its resources and support for the Europe market, was attracted to the deal during a late 2019 meeting with bankers in Milan.

Platinum Equity was able to emerge with the deal during a competitive bid process, able to reach an agreement in four weeks toward the end of 2019. But to complete the closing, Platinum Equity had to navigate the initial stages of the pandemic. Without face-to-face meetings, phone calls and video conferencing were the modes of communication. The process demanded strong collaboration between Platinum Equity teams in Beverly Hills, New York, Greenwich and London.

That created a sense of accomplishment when the deal was completed in Milan on March 31, 2020. The firm believes the business is also an operational success story.

“There’s a lot of work that goes into the margins over the last 10 years between winemakers, sourcing, etc.,” Goni said. “Another key is our ability to react to everything that was thrown at us and keep that performance. COVID, inflation, the market, but we have a winning team at Fantini, a great asset.”

“It’s also a vote of confidence to Platinum the way that we apply resources to different industries, different situations, and Fantini is a great example of that.”

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Tomato giants Agro Care and CombiVliet merge: together towards 1000 hectares

NPM Capital

NPM-participation Agro Care, one of the largest and most modern tomato growers in the Netherlands, announces a merger with industry peer CombiVliet. Together, they will operate under the name Agro Care and will manage nearly 500 hectares of greenhouses, with ambitions to grow to 1000 hectares, both in the Netherlands and internationally.

Tomato giants Agro Care and CombiVliet merge: together towards 1000 hectares

 

The merger is driven by the desire to operate more efficiently and sustainably. By scaling up, the companies hope to better meet market demands for sustainability and local production. Kees van Veen, co-founder of Agro Care, will become the CEO of the new entity, while Roy van Vliet, who succeeded his father at CombiVliet, will be the managing director for the Netherlands. Philip van Antwerpen will remain the managing director for Tunisia.

The companies plan to merge their staff services and open a joint headquarters. This aims not only to improve efficiency but also to become more attractive to talented employees. Additionally, they will continue to use joint purchasing and project management agencies and sales channels​.

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IK Partners enters exclusive negotiations to sell Mademoiselle Desserts to the Emmi Group

IK Partners

IK Partners (“IK”) is pleased to announce that the IK VIII Fund has entered into exclusivity to sell its stake in Mademoiselle Desserts (“the Company”), a leading European manufacturer of frozen pastries, to the Emmi Group (“Emmi”). Financial terms of the transaction are not disclosed.

Established in 1984 and headquartered in Montigny-le-Bretonneux in France, Mademoiselle Desserts has rapidly grown to become a leading European manufacturer of premium frozen pastries, including mini beignets, mini muffins, choux-based pastries, tarts, flans and pastry bases.

From its 12 production facilities in France, Benelux and the UK, Mademoiselle Desserts serves over 900 customers in more than 45 countries globally. The Company employs approximately 2,000 people who collaborate closely with its customers to develop bespoke desserts meeting the highest food standards.

In partnership with IK since 2018, Mademoiselle Desserts has achieved several strategic objectives and successfully executed the acquisitions of: Pâtisserie Michel Kremer in 2018; Les Délices Des 7 Vallées in 2019; Planète Gourmet in 2021; and Galana in 2023. These acquisitions have enabled the Company to expand internationally, particularly in the US and Europe, while enhancing its product portfolio towards mini products.

IK also supported the Company with an operational excellence programme centred around purchasing, site specialisation and logistics. Investments in production lines were also made to further expand the business’s capacity. These initiatives, coupled with the expertise of the management team, have resulted in substantial growth and expansion for the group.

Didier Boudy, CEO of Mademoiselle Desserts, commented: “We would like to thank IK for all their support in the past six years. This period has seen us navigate several significant global crises, but we have managed to emerge as a stronger business through the dedication of our own employees and the expertise and financial backing of IK. We are very excited about the next chapter which will see us working closely with Emmi.”

Rémi Buttiaux, Managing Partner at IK and Advisor to the IK VIII Fund, said: “Since investing in Mademoiselle Desserts in 2018, we have been extremely impressed with the professionalism and expertise of the entire team. Together, we have implemented organic growth initiatives and executed several bolt-on acquisitions, solidifying the Company’s position as one of Europe’s leading manufacturers of frozen pastries and desserts. We wish Didier and his team continued success for the next stage of their already impressive growth story.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

Mademoiselle Desserts

Mademoiselle Desserts is a leading frozen bakery player in Europe. Founded in 1984, the Group has grown through an active build-up strategy in France, the UK and Netherlands. It operates 12 production sites and employs approximately 2,000 people. For more information, visit http://www.mademoiselle-desserts.com

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 €16.5 billion of capital and invested in over 180 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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Blue Earth Capital provides $ 16 million credit financing to Samunnati to improve access to finance for farmer collectives and agricultural enterprises in India

Blue Earth Capital

aar-Zug, Switzerland, June 11, 2024

Blue Earth Capital (“BlueEarth”), the specialist global impact investor, today announces it has completed a $ 16 million direct credit investment into Samunnati Financial Intermediation & Services Private Limited (“Samunnati” or “the Company”). Samunnati, India’s largest agri-enterprise, is an integrated platform offering financial and advisory services to underserved Indian farmer collectives and agricultural enterprises.

The investment from BlueEarth’s investment vehicles and partners will enable Samunnati to expand its financial support to a wider network of farmer collectives and agricultural enterprises across India.

Agriculture remains central to the Indian economy, accounting for over 16% of the country’s GDP in 2022, and employing 43% of the workforce.12 While agriculture financing and market access have improved substantially in recent years, finding adequate financing and suitable buyers remains challenging for smallholder farmers and participants in the agriculture sector.

Samunnati plays a crucial role in solving these problems by providing financing, market linkages, and advisory services to more than 6,000 farmer collectives and 3,500 agricultural enterprises across 28 states in India. It does this through a range of initiatives such as delivering academy programs to farming collectives and their promoters, developing commodity research reports, enabling capacity building, improving financial literacy, and embedding sustainable farming practices. This direct, targeted support helps collectives in the country scale their operations and apply more sustainable practices, working to unlock the full potential of Indian agriculture.

Amy Wang, Head of Private Credit at Blue Earth Capital, stated: “We’re delighted to start our partnership with Samunnati to help expand their loan book and enhance the adoption of climate-smart agricultural practices across their portfolio. BlueEarth is proud to support a first mover in agriculture value chain financing in India, and contribute to Samunnati’s overall mission to strengthen the agriculture ecosystem, benefitting millions of smallholder farmers in the country.”

Mr. Anil Kumar SG, Founder and CEO of Samunnati, expressed his gratitude, stating, “We deeply appreciate the commitment demonstrated by Blue Earth Capital, in providing the opportunity to create the impact through their credit financing. This credit facility will significantly bolster our resolve to amplify our efforts, empowering all stakeholders in the agricultural value chain and ultimately transforming the lives of smallholder farmers across India. We look forward to a successful partnership in delivering a sustainable value addition in India’s agricultural sector”.

-END-

Notes to editors

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. 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 Samunnati
India’s largest agri-enterprise, Samunnati is an open agri-network to unlock the trillion-dollar-plus potential of Indian agriculture with smallholder farmers at the center of it. Staying true to its name, Samunnati stands for collective growth & collective prosperity for the agri-ecosystem. Serving the entire value chain, Samunnati’s agri-commerce and agri-finance solutions enable affiliated Farmer Collectives and the larger ecosystem to be more efficient and productive. Samunnati has a presence in more than 100 agri-value chains spread over 28 states in India. Samunnati currently has access to 6500+ Farmer Collectives with a member base of over 8 million farmers and envisions impacting 1 in every 4 farming households through its network by 2027.

 

Media contact

Blue Earth Capital
Kekst CNC
Blueearthcapital@kekstcnc.com

Samunnati
Saravanan K
saravanan.k@samunnati.com

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GoodLife Foods to acquire Audens Group

GoodLife Foods B.V. and its affiliates (‘GoodLife Foods’) is pleased to announce that an agreement was signed to acquire Audens Group Solutions S.L. (‘Audens’ or the ‘Company’), a leading manufacturer in the Iberian frozen food market. The combination will result in a highly complementary group producing and selling innovative frozen food snacks and meal components across Europe. Financial terms of the transaction are not disclosed and completion is subject to legal and regulatory approvals.

Headquartered in Granollers (Barcelona area), Spain, Audens offers a broad portfolio of branded and private label products focused mainly on frozen snacks/appetizers and ready-meals.

The Company specializes in the production and distribution of branded and private label products, serving a customer base active in the Retail and Foodservice channels, mainly in Iberia next to a growing international presence.

Audens employs over 800 employees and operates five state-of-the-art manufacturing plants in Spain and Portugal. The Company’s CEO David Sala Coll will become non-executive director at GoodLife Foods and will remain active as strategic advisor to Audens. Carles Bosch will be appointed as General Manager of Audens and will manage the daily business operations in Iberia.

This strategic move represents a significant milestone for GoodLife Foods, as it allows to further diversify its product offerings and tap into new geographical growth opportunities. The combination will result in a leading frozen savoury food group with a pan-European sales and production network offering high levels of innovation and service levels to its customers.

Dirk Van de Walle, CEO at GoodLife Foods, said: ‘We believe that by combining the resources of Audens and GoodLife, talents, and innovative spirit, we can create a powerhouse in the food sector that is primed for success. Together, we will leverage our collective strengths to better serve our customers, drive operational excellence, and fuel growth in both existing and emerging markets’.

David Sala Coll, at Audens, said: ‘We are delighted to join forces with GoodLife Foods and become part of a dynamic and forward-thinking organization. This transaction presents exciting opportunities for our employees, customers, suppliers and partners alike. Together, we will continue to deliver exceptional appetizer solutions while maintaining our unwavering commitment to quality and customer satisfaction’.

Frederik Jacobs, Partner at IK, said: ‘We are pleased to have helped bringing both companies together. Part of our investment strategy at GoodLife Foods is to accelerate internationalisation and expand our presence to faster growing frozen food categories. The combination of GoodLife Foods with Audens is a significant accelerator of our ambition to create a strong and structurally growing frozen food business across select savoury categories’.

About Audens Group Solutions S.L.

Audens is a leading manufacturer in the Iberian frozen market of both branded and private label snacks/appetizers. The Company has its headquarters in Granollers, Spain, with production sites in Spain and Portugal. For more information, visit https://enaudensfood.com

About GoodLife Foods B.V.

GoodLife Foods is one of Europe’s largest producers of both branded and private label frozen savoury food products. GoodLife Foods has its headquarters in Breda, the Netherlands with production sites in the Netherlands, Belgium and Denmark. For more information, visit https://glfoods.com/en/

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 €14 billion of capital and invested in over 170 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 www.ikpartners.com

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Anders Invest Food & Agri Fund participates in Poultry Company Hillco B.V.

Anders Invest

nders Invest Food & Agri Fund has acquired a majority stake in Hillco Poultry Company B.V. The company produces and sells chicken products for the Dutch, Belgian, and German foodservice markets. Together with the new management team – Jaap Randewijk and Dinand Heijkamp – as well as the existing Hillco team, the focus will be on further growing the business in existing and new markets.

Hillco Poultry Company B.V. is a Dutch family-owned business that has specialized in processing responsible chicken products for over 40 years. Under the brand Family Chicken, Hillco offers a thoughtfully curated range of chicken products aimed at the foodservice sector. Particularly, restaurants, fast-food chains, caterers, and gas stations are among the key target groups. With a strong focus on taste, quality, stability, and clear pricing policies, Family Chicken has secured a strong position in the Dutch foodservice industry. Additionally, Hillco aims to significantly expand its own brand “Smikkelkip” in the coming years.

The company has been transferred from the Van den Brink family to Anders Invest, Dinand Heijkamp, and Jaap Randewijk. The reason for this is that the Van den Brink family sees ample growth opportunities for Hillco and is seeking a suitable new owner to realize these growth opportunities. Therefore, it has been agreed that Dinand Heijkamp and Jaap Randewijk will lead the management and, together with Anders Invest, implement the growth strategy. After a transition period, the Van den Brink family will focus on other activities.

Evert Hein Schuiteman, partner at Anders Invest, is pleased with the arrival of Hillco: “They are a major player in the market with a substantial turnover and solid margins. I am impressed by the high-quality products and the team’s expertise in product development and sales. The market is also interesting; although meat consumption per capita is slightly declining, we see growth in the consumption of high-quality chicken snacks, especially in the foodservice channel. This inspires confidence, and we anticipate a wide range of opportunities for Hillco’s positioning and strategy.”

Ap van den Brink, one of the sellers, says, “We are glad that we could transfer it this way. The enthusiasm and energy of Jaap, Dinand, and the whole team, together with the ambitions and professional support of Anders, provide confidence for the future. Additionally, it is our desire that the Biblical truth of Psalm 127:1 will not be forgotten in the future. Unless the Lord builds the house, the builders labor in vain. Unless the Lord watches over the city, the guards stand watch in vain.”

For more information:

Anders Invest: http://www.andersinvest.nl/

Evert Hein Schuiteman (Partner Anders Invest food & agri fund) – +31 6 55 766 513 / Evert Hein Schuiteman ehschuiteman@andersinvest.nl

Jurjen van der Werf (Investment Manager Anders Invest) – +31 6 23 80 27 83 / jvanderwerf@andersinvest.nl

Hillco Poultry Company: www.hillcopoeliersbedrijf.nl

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Greenhouse Projects in Scandinavia

NPM Capital

Scandinavia has the potential to become a significant market for vegetable production in greenhouses. NPM participant KUBO, a leading supplier of high-tech greenhouses, has partnered with WA3RM to establish 200 hectares of modern greenhouses powered by residual heat from industrial processes. This collaboration aims to transform Scandinavia into a hub for vegetable production by utilizing large-scale industrial projects to develop greenhouses using waste heat. These initiatives are expected to significantly improve self-sufficiency in vegetables for Sweden and Scandinavia, potentially even turning them into net exporters.

Greenhouse Projects in Scandinavia

WA3RM has developed a circular model that makes it profitable to grow vegetables in colder climates by using residual heat from industrial production. Together with KUBO, WA3RM is working on a first greenhouse project in Sweden, covering approximately twenty hectares for tomato production, compared to the current forty hectares of greenhouse area for tomato production in the country. The growing demand for sustainably produced plant-based food drives this initiative, addressing global issues around food production such as water shortages and fossil fuel emissions. By partnering with KUBO, WA3RM gains access to decades of valuable expertise in building advanced greenhouses, ensuring a sustainable and efficient solution for vegetable cultivation.

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REDUCED secures EUR 6 million financing led by Novo Holdings to scale its natural food ingredients business

Novo Holdings

REDUCED, a Copenhagen-based company that uses fermentation technology to transform food and agriculture industry side streams into natural food ingredients, today announced it has secured EUR 6 million in new financing. The funds were raised from a range of investors, including new investment from Novo Holdings and the Nordic flavour house Einar Willumsen, as well as existing investors EIFO and Rockstart Agrifood.

 

Proceeds from the round will be used to further develop its technology platform, broaden its portfolio of savoury ingredients, secure production capacity, implement certifications, and increase sales and marketing efforts.

 

Since REDUCED was founded in 2020 by William Anton Lauf Olsen & Emil Munck de Voss, the Company has developed proprietary processes that use novel fermentation technology to derive unique umami flavours from food industry side streams at a lower cost, due to shortened process time scales, and with a significantly lower CO2 impact.

 

Rooted in gastronomy, REDUCED’s Head of Research & Development, Lorenzo Tirelli, and Head of Product, Bram Kerkhof, both previously worked in the fermentation lab of the internationally acclaimed Danish restaurant Noma, which was frequently rated as one of the World’s 50 Best Restaurants1.

 

REDUCED’s technology enables the extraction of the savoury umami flavours from both vegetable and animal side streams and convert them using fermentation into clean label ingredients. The global market for savoury food ingredients is estimated to be worth more than EUR 31.5 billion, and EUR 8.8 billion for global clean label savoury flavourings2.

 

REDUCED’s wide range of products include organic chicken stock concentrates made from retired laying hens, and a stock concentrate made from vegetables that don’t meet the strict appearance or size criteria of supermarkets, along with fermented umami sauces which add complexity and a lingering aftertaste to food.

 

REDUCED currently supplies more than 100 food service businesses and delivers ingredients to food manufacturers in collaboration with leading food ingredient suppliers.

 

Emil Munck de Voss, Co-Founder & CEO of REDUCED, said:
“This investment will be transformative for the Company as we expand and extend the range of products we can offer, drawing on our gastronomic heritage to create unique flavours. Not only will this bring great new products to the market, but it will also help to reduce CO2 emissions and make the most of the side streams available in the food production chain. We are ready to continue the work we have started and accelerate the impact we can make on the food industry.”

 

Thomas Grotkjær, Partner, Bioindustrial Investments, Novo Holdings commented:
“REDUCED brings an exciting combination of strong Nordic cuisine and fermentation technology to the growing trend of sustainability in food production. With delicious natural products, that are already in demand from over 100 customers, we are pleased to support the REDUCED team in their journey from innovative start-up to industrial scale.”

 

Jan Grøndal, Chief Executive Officer, Einar Willumsen said:
“REDUCED has the potential to make a significant impact in the food ingredients industry and we want to be a part of that. We are impressed by the Company’s ability to convert technology to commercial products and their approach to flavour creation. In Denmark, we have a tradition for creating high-value food ingredients companies, and we strongly believe REDUCED could be the next one.”

 

About REDUCED
Founded in 2020, REDUCED is challenging the flavour industry, by creating intense natural flavour solutions from side streams and surplus produce from the food and agricultural industry.

The Copenhagen-based company has developed unique fermentation processes, allowing the utilisation of various side streams to create umami-rich flavour solutions. REDUCED’s mission is to deliver flavour solutions with low carbon impact by repurposing side streams and provide cost-effective, natural, and flavour-rich food ingredients.

 

About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S (Novozymes A/S) and manages an investment portfolio with a long-term return perspective.

 

In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seeds, Venture, Growth, Asia, Bioindustrial and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2023, Novo Holdings had total assets of EUR 149 billion. www.novoholdings.dk

 

About Einar Willumsen A/S
Einar Willumsen is a Nordic flavour house with more than 123 years of experience. Ever since its establishment in 1901, EW has been practicing its slogan: “When taste and speed matter”. The company uses nature’s recipes to create unique and authentic taste experiences for beverages, dairy, confectionery, and bakery industries, based on a strong skillset within e.g. Flavour creation, application technology, distillation, bio solutions, and extraction technology. On top of creating the perfect taste solutions and final applications, the company assists with e.g. regulatory and compliance assistance and is therefore a full solutions provider.

Further information

Marie-Louise Jersin, Senior Communications Partner,
+45 3049 4957
maj@novo.dk

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