10 August, 2021|80 Acres Farms|Press Release|80 Acres Farms
80 Acres Farms, a vertical farming producer, has secured $160 million in additional funding in a round led by General Atlantic and joined by Siemens Financial Services, the U.S. financing arm of tech company Siemens.
The company intends to use the capital for continued expansion and product development, building from its current footprint of vertical farms that yield a diverse offering of high-quality produce.
Thriving for impact
Mike Zelkind, CEO of 80 Acres Farms, said: “We are proud of what our team has been able to accomplish and enthusiastic about the road ahead. We are also honored to be supported by such a high-caliber group of strategic investors who are enabling us to continue to lead this evolving and fast-growing industry.” Mike said the investment is a quantum leap for the business to build more farms both nationally and globally.
“80 Acres Farms is building an incredibly exciting vertical farming business that provides high-quality produce through innovative practices,” noted Shaw Joseph, Managing Director of General Atlantic.
Shaw said that with global food consumption increasing and growing threats impacting supply chains and food security, there is a pressing need for healthy, fresh and local foods that are grown in more sustainable and cost-effective ways. He added, “We look forward to working closely with Mike, Tisha and the broader 80 Acres Farms’ team as they scale.”
“The new investment positions the company as the leading proven and profitable technology provider prepared for rapid
expansion,” said Tisha Livingston, CEO of Infinite Acres, and Co-founder of 80 Acres Farms. “In addition, this enables 80 Acres to focus on their operational expertise and deep research and development capabilities beyond leafy greens.”
Combining capital and tech know-how
Jason Thompson, Vice President of Sustainability and Growth Equity at Siemens Financial Services, said, “We are committed to helping scale sustainable vertical farming technology. 80 Acres has demonstrated their ability to build and operate profitable farms.”
According to Jason, Siemens is enthusiastic about the opportunity to support its global expansion with both its capital and technical know-how. Including, their recently established Center of Competence dedicated to supporting companies in realizing their digital transformation.
“We are excited to be partnering with General Atlantic and Siemens to provide growth capital and support to Mike, Tisha and the entire 80 Acres team to help scale their operations within existing and new markets,” said Kayode Akinola, Head of Private Equity Directs at Blue Earth Capital.
New board member
As part of this funding round, Shaw Joseph will join the 80 Acres Farms board. Eli Aheto, former 80 Acres Farms board member, led BeyondNetZero’s contributions to this round. He noted, “I am pleased to be able to continue and grow my support of 80 Acres with this contribution from the BeyondNetZero team. 80 Acres has proven a farm design that is poised to reduce food miles, food waste and the resulting in negative carbon emissions that exist within our food supply chain.”
Waterlogic, a leading global designer, manufacturer, distributor and service provider of purified drinking water dispensers, is pleased to announce the acquisition of the Thoreau business of Mixtec Oy and the beverage service business of Beverage Technology Services Finland Oy.
Located in Petikko, Vantaa, Mixtec Oy launched Finland’s Thoreau franchise serving the premium segment of the HoReCa market in 2014. The acquisition of these businesses comes just months after Thoreau International was acquired by Waterlogic Sweden in January 2021. The well-respected Thoreau brand will help Waterlogic launch its hospitality offering for the first time in Finland alongside their Purezza Premium Water brand, with excellent opportunities to introduce the full range of Waterlogic office hydration solutions to all types of businesses across the country.
Founded in 1992, Waterlogic has pioneered the application of advanced technology in the design of its water dispensers to deliver the safest, best-tasting water proven effective against COVID-19, in the most sustainable way to organisations around the world. Its specialty hospitality solution Purezza delivers premium dispensing solutions that enable venues to utilise their own locally-sourced water supply and reusable glass bottles to offer to their customers, providing valuable revenue and profit-making opportunities as well as long-term environmental value.
Mattias Källemyr, CEO Waterlogic Nordic, says, “This is truly a milestone for us and will complete our vision of creating one consolidated Nordic region with Finland being the last piece of the puzzle. With this acquisition, we will launch our Purezza concept to hospitality venues in the country as well as introduce Waterlogic’s full range of solutions. We welcome our new employees in Finland to Waterlogic and wish them every success in our combined business as we continue to grow our footprint in Finland organically and through further acquisitions.”
The acquisition of Mixtec Oy’s Thoreau business brings staff and hundreds of dispensers to establish a base for Waterlogic in Finland, to include a ready-made service platform. The newly formed Waterlogic Finland Oy becomes part of the Waterlogic Nordic group alongside Norway, Denmark and Sweden, providing hydration solutions for a wide range of organisations from hospitality and HoReCa businesses to small and large offices across many sectors and industries.
Mixtec Oy Managing Director Kristian Von Bonsdorff, whojoins as Country Manager Waterlogic FinlandOy,says, “This is a very exciting opportunity to leverage the combined strength of two very established and valued hospitality brands as well as to introduce Waterlogic’s cutting-edge hydration solutions for all workplaces, ensuring Finnish people can enjoy the safest and most sustainable water wherever they work.”
Waterlogic was acquired in January 2015 by funds managed by Castik Capital, the European private equity investor. Mixtec Oy’s Thoreau business is the most recent acquisition as part of the company’s buy and build strategy since the acquisition by Castik, and following substantial acquisitions in the U.S. and Canada, UK, Australia, Spain, France, Germany, Latin America and Scandinavia.
Rosanna Turner, Group Marketing Communications Manager
Waterlogic is an innovative designer, manufacturer, distributor and service provider of drinking water dispensers and accessories designed for environments such as offices, factories, hospitals,
restaurants, hotels, schools and public spaces. From freestanding, countertop and integrated dispensers to water filling stations, fountains and boilers, every solution focuses on delivering the best quality water in the safest and most sustainable way. An extensive range of consumables and accessories adapts to customer needs and is available on subscription service to guarantee cost savings and continuous supply.
Founded in 1992, Waterlogic was one of the first companies to introduce mains-fed dispensers to customers worldwide, and has been at the forefront of the market promoting product design and water quality, the application of proprietary technologies, sustainability and world-class sales and service.
Waterlogic has its own subsidiaries in 19 countries and its core markets are the U.S, Australia and Western Europe, in particular the UK, Germany and Scandinavia. The company drives growth organically and through M&A to consolidate its lead in existing territories and extend its reach to new markets. In addition, Waterlogic’s extensive and expanding independent global distribution network spans over 50 countries around the world in North and South America, Europe, Asia, Australia and South Africa. Its far-reaching market coverage means Waterlogic is the only water dispenser provider able to cover the full geographical needs of global customers under one roof. More information can be found at www.waterlogic.com
Castik Capital S.à r.l (“Castik”) manages investments in private equity. Castik is a European multistrategy investment manager, acquiring significant ownership positions in European private and public companies, where long-term value can be generated through active partnerships with management teams. Founded in 2014, Castik Capital focuses on identifying and developing investment opportunities across Europe. The investments are made by the Luxembourg based EPIC funds. The first fund, EPIC I, had a volume of €1 billion and was raised in 2014/2015. The second fund, EPIC II, had its final close in October 2020 and a volume of €1.25 billion. The third fund, EPIC I-b, closed in May 2021 with a volume of €700m and is a single asset fund that owns a controlling stake in Waterlogic. The advisor to Castik is Castik Capital Partners GmbH, based in Munich.
Elopak is the largest private company in Ferd’s portfolio. The company was founded in 1957, by, among others, Johan Andresen Sr. Since its inception, the company has become a leading global supplier of carton packaging and filling equipment for liquid food and products.
Elopak has now announced its intention to apply for a listing at the Oslo Stock Exchange. Ferd intends to remain an active and committed shareholder following the IPO and is committed to ensuring Elopak continues to play a major part in the global shift towards a low-carbon circular economy.
For further information, see Elopak’s press release and stock notice.
PALM DESERT, CA – Sun World International LLC (Sun World), the global fruit genetics, R&D and licensing company, today announced an agreement to be acquired by Bridgepoint, an international private equity group. Bridgepoint will become controlling shareholder alongside management and succeed a transformative and successful period of ownership from Renewable Resources Group LLC and Vision Ridge Partners.
The Bridgepoint investment will support Sun World’s plans to accelerate its growth strategy by building a broad-based genetics and technology platform for specialty fruit growers.
CEO David Marguleas, who will serve on the company’s new board and hold an equity position in the company, said:
“Our connection with the Bridgepoint team was undeniable from the first conversation. They understand and appreciate the extraordinary head start we enjoy in the sector after 30 years of breeding superior produce. And they share our vision of the many ways we can grow. To say we’re ‘excited’ undersells what this new partnership means for Sun World.”
“In partnering with Sun World, our ambition is for it to become a broader based platform investment in fruit genetics with a considerable runway for long term growth,” said Andrew Sweet, a Partner at Bridgepoint who leads the firm’s investment activities across North America.
“Sun World was part of the first wave of genetic innovation for produce, establishing a recurring royalty business model that has enabled it to prioritize its R&D innovation. Today it enjoys a market-leading reputation with the largest growers, distribution partners and retailers globally thanks to its cutting-edge molecular techniques, and breeding processes. We expect to continue to invest in new technologies that benefit growers and consumers alike,” Sweet concluded.
In addition to enhancing its intellectual property portfolio and core grape and stone fruit breeding operation, Sun World has begun work in a number of under-served crops and technology solutions that have strong global appeal. The anticipated growth will be both organic and through investment and acquisition of new genetics and emerging technologies, all of which have the potential to add meaningful value for Sun World growers worldwide.
To facilitate the company’s expansion, last year Sun World opened its new Center for Innovation in California’s San Joaquin Valley. The complex features a sophisticated fruit breeding and variety development operation, including specialized facilities for tissue culture and molecular breeding, and a 160-acre experimental research farm. Sun World currently holds 300+ plant patents and the company views the Center for Innovation as an important advantage in advancing their pipeline of fruit genetics.
Sun World divested of its substantial farming, packing and marketing operation in 2019 to concentrate more fully on its breeding and licensing business.
Bridgepoint was advised by RaboBank and HSBC (corporate finance) and Davis Polk (legal). The transaction is expected to close in the second quarter of 2021, subject to customary conditions and terms were not disclosed.
Investment to support Company’s growth in New Zealand and worldwide
CHRISTCHURCH, New Zealand–(BUSINESS WIRE)–
Natural Pet Food Group (the “Company”), a New Zealand-based premium pet food company, and KKR, a leading global investment firm, today announced the completion of KKR’s acquisition of Natural Pet Food Group. The investment will be used to support the Company’s international growth and advance its mission to supply safe, sustainably sourced high-meat pet food from New Zealand to more customers and their pets worldwide.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210502005040/en/
Neil Hinton, CEO of Natural Pet Food Group said, “My team is excited about the opportunities and connections that KKR can provide. Our business is about providing pet owners with the very best in natural, high-meat nutrition for the four-legged members of their families. KKR has an impeccable pedigree in our sector which will help us grow, develop new products and take our brands to new customers and new markets, all over the world.”
“It’s a great result not only for our company but also our supply partners, farmers and seafood suppliers from all over New Zealand and our manufacturing partners in Hawke’s Bay and Gisborne. We also recognize our outgoing shareholders, in particular Pioneer Capital, for their contribution over the years, which laid the foundation for this next exciting phase. This is another fantastic ‘paddock to plate’ New Zealand story that builds on our quality nutrition, safety and ethical credentials and the strong partnerships that underpin our business. KKR’s investment marks the next phase of our evolution and their support is a strong endorsement of the outlook for our business,” added Mr Hinton.
Pet owners around the world are increasingly seeking the highest-quality, low carbohydrate diets for their pets to improve their long-term health and wellness. Natural Pet Food Group brands provide pet owners with a variety of nutritious, 100% New Zealand made pet food produced from high-quality, locally sourced wholefood ingredients.
Michael Robson, Managing Director of KKR Capstone and joining member of Natural Pet Food Group’s Board of Directors, said, “Natural Pet Food Group is a pioneer in New Zealand’s sustainable pet food industry, with a strongly defined mission and set of values. We could not be more excited to work with Neil and his talented team to support the Company’s operations by leveraging KKR’s experience, network, and expertise to strengthen Natural Pet Food Group’s leadership in key markets and create opportunities in new ones. This investment also reflects KKR’s commitment to supporting fast-growing companies in New Zealand that are seeking opportunities to expand into new sectors, verticals, and markets.”
KKR will fund its investment from KKR Asian Fund IV. Additional details of the transaction are not disclosed.
About Natural Pet Food Group
Natural Pet Food is committed to providing premium, nutritious high-meat pet food through its market-leading dog and cat food brands: K9 Natural, Feline Natural, and Meat Mates. Developed by an in-house nutritional team, the Company’s pet food is produced from ethically sourced ingredients such as grass-fed and free-range meat, cage-free chicken, and sustainable seafood. Natural Pet Food Group was launched in 2006 and today serves customers globally in markets including New Zealand, Australia, China, Japan, US and Canada.
About KKR
KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210502005040/en/
Media:
Natural Pet Food Group
Louisa Doig
+64 21 912 384
ldoig@naturalpetfoodgroup.com
KKR Asia Pacific
Anita Davis
+852 3602 7335
Anita.Davis@kkr.com
KKR Americas
Cara Major or Miles Radcliffe-Trenner
+1 212-750-8300
Media@kkr.com
Citadel Magnus (for KKR in Australia & New Zealand)
James Strong
+61 2 8234 0100
jstrong@citadelmagnus.com
Source: KKR
Growth capital to fuel Jüsto’s expansion into a leading online grocer across Mexico and Latin America
February 9, 2021
Jüsto (or “the Company”), a leading online grocer in Mexico, today announced it has raised a USD $65 million Series A investment led by General Atlantic, a leading global growth equity firm, with participation from existing investors including Foundation Capital and Mountain Nazca. The growth investment marks the largest Series A round raised in Latin America[1] and will support Jüsto’s future strategic initiatives, including the expansion of the Company’s geographic footprint across Mexico and Latin America, the enhancement of its last-mile logistics infrastructure, marketing initiatives, and additional working capital needs.
Jüsto was founded in 2019 by CEO Ricardo Weder as one of Mexico’s first vertically-integrated, online grocery platforms with no physical store presence. Over the past 18 months, Jüsto has developed into an emerging leader in the transformation of the digitally-enabled online grocery experience, powered by its cutting-edge technology and seamless purchasing platform. The business experienced significant acceleration over the course of 2020, with 16x revenue growth and positive traction across user retention, frequency, and average order value.
With this growth investment, Jüsto will focus on accelerating its next phase of growth as it aims to disrupt the existing grocery ecosystem in Latin America, a market that represents a USD $325 billion opportunity. Jüsto, which translates to “fair” in Spanish, is committed to providing high-quality products, fair practices, and new distribution avenues to suppliers, as well as competitive prices, lower transaction costs, and improved convenience to consumers by eliminating intermediaries in the supply chain.
“Our mission at Jüsto is to become Latin America’s favorite supermarket within the next decade. We strongly believe that this vision, combined with our expertise in technology, logistics, and customer service, will lead to an even more seamless, more affordable online shopping experience for our consumers,” said Ricardo Weder, Founder & CEO, Jüsto. “We are beyond thrilled to take our vision to the next level alongside General Atlantic and look forward to harnessing the firm’s global resources and expertise in consumer businesses and technological enablement to aid Jüsto in meeting the rapidly-growing demand for our services.”
Mr. Weder brings strategic and digital expertise, having previously served as President of Cabify, a leading ride-hailing platform in Spain and Latin America, where he led its operations and expansion efforts. Mr. Weder has prioritized fostering a socially and environmentally responsible culture at Jüsto, as demonstrated by the Company’s efforts to develop fair trade agreements with its suppliers; leverage AI to forecast demand, create efficiencies, and reduce food waste at its micro-fulfillment centers; and reduce single-use plastic from packaging. Jüsto also contributes to its communities by offering a high-quality, broad offering of products from both large consumer products companies, as well as from smaller local producers – helping to strengthen the economic activity of rural and semi-rural communities – at competitive and fair prices.
“Mexico is at an inflection point in its transition to a digital economy, and we see Jüsto as leading the way in the high-growth online grocery space with its technology-centric, mission-driven approach,” said Luis Cervantes, Managing Director and Head of Mexico City, General Atlantic. “Under Ricardo’s leadership, we believe Jüsto is positioned for significant expansion as it disrupts and transforms the legacy grocery value chain.”
“In the time since its establishment, the Jüsto model has quickly resonated with consumers, who are looking for new ways to buy groceries digitally, as well as with suppliers, who are seeking more direct engagement within the ecosystem,” added Martin Escobari, Co-President, Managing Director and Head of Latin America, General Atlantic. “We look forward to leveraging our deep expertise in helping businesses scale across Latin America in support of Jüsto’s next chapter of growth.”
As part of the transaction, Luis Cervantes and Zeev Thepris, Vice President at General Atlantic, will join Justo’s Board of Directors. Jüsto marks General Atlantic’s fifth investment in Mexico since 2014, when it first entered the country. Since then, General Atlantic has invested nearly USD $1 billion in high-growth Mexican companies.
Since its inception in 2019, Jüsto has raised more than USD $100 million, including a $27 million Seed Round last year led by Foundation Capital, alongside Mountain Nazca and with participation from FEMSA Ventures, S7V, Elevar Equity, Bimbo Ventures, Quiet Capital, Sweet Capital, H2O Capital, and SV LatAm Capital, among others.
Additional terms of the transaction were not disclosed.
[1] Source: Pitchbook. Includes Series A raised in Latin America in the past decade (January 2011 to January 2021) by a technology company.
Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com
Manolo Fernandez
Jüsto manolo@justo.mx
Alliance Etiquettes, the French leader in label printing for the wine & spirits industry, continues its consolidation strategy and announces the acquisition of Etiq’Etains. With this new build-up, Alliance Etiquettes reinforces its leading position in the pewter label printing market in France.
Created in 1998 and based in Nontron (Southwestern France), Etiq’Etains addresses a diversified clientele in the wine & spirits, food and cosmetics label markets.
Alliance Etiquettes thus completes its 9th external growth operation since 2015, bringing its turnover
to over €70m. The group also continues to identify and screen new potential build-ups, both in France and abroad, particularly in Italy and Spain.
Olivier Laulan, President of Alliance Etiquettes, stated: « Etiq’Etains is of great strategic interest to the Alliance Etiquettes group. The strengthening of our positions in pewter, the integration of new customer accounts in the wine, spirits and food-processing segments and the complementarities of production techniques are all assets that will enable us to bring ever greater value and satisfaction to our customers. We are delighted and proud to welcome the Etiq’Etains team to the Alliance Etiquettes group. »
Alexandre Masson et Christophe Parier, Managing Partners of Activa Capital, added: « In line with the plan and ambition of the Alliance Etiquettes project when it was created and in line with previous acquisitions, Etiq’Etains is a further step in the project to consolidate the label publishing and printing sector in France. The company is perfectly in line with our consolidation platform and once again demonstrates Alliance Etiquettes’ ability to unite the best label printing professionals around its project.»
Participants
Buyers
Alliance Etiquettes: Olivier Laulan, Erik de Woillemont
Activa Capital: Alexandre Masson, Christophe Parier, David Quatrepoint, Camille Emin
Financial Due Diligence: 8 Advisory (Bertrand Perrette, Jean-Baptiste Blanco)
Tax and Legal Due Diligence / Legal Advisor: Altaïr Avocats (Sébastien Péronne, Jeanne Mucchielli)
Social Due Diligence: Ellipse Avocats (Arnaud Pilloix)
Sellers
Etiq’Etains: Jacques-Hervé et Olivier Vandenbosch
Legal Advisor: Fimeco (Christophe Alberola, Anaïs Jaumard)
About Alliance Etiquettes
Alliance Etiquettes is a French company specialized in the design and production of premium labels for the wine, spirits, agri-food and cosmetic market. Managed by Olivier Laulan, the group generates a turnover of
more than €70m in France and overseas. For further information, please visit our website www.allianceetiquettes.com
About Activa Capital
Activa Capital is an independent private equity firm, owned by its partners, characterized by a proactive build-up strategy. It currently manages more than €300 million on behalf of institutional investors by investing in French SMEs and ETIs with high growth potential and an enterprise value of between €20 and €100 million. Activa Capital assists them to accelerate their development and international presence. To find
out more about Activa Capital, visit www.activacapital.com
Press contacts
Alexandre Masson Christophe Parier Christelle Piatto
Managing Partner Managing Partner Communications Manager
+33 1 43 12 50 12 +33 1 43 12 50 12 +33 1 43 12 50 12
alexandre.masson@activacapital.com christophe.parier@activacapital.com christelle.piatto@activacapital.com
Ghent, BELGIUM and Research Triangle Park, NC, UNITED STATES – 21 January 2021 – Today, Biotalys NV, a transformative food and crop protection company, announces that it has submitted its first protein-based biocontrol, Evoca™, to the Environmental Protection Agency (EPA) in the United States for approval. Pending EPA registration, this biocontrol will offer U.S. fruit and vegetable growers a new way to combat major diseases to maximize yields and extend the shelf life after harvest of produce with substantially lower residues.
“Biotalys is thrilled to have begun the EPA registration process for its first product. While Evoca targets diseases like Botrytis cinerea and powdery mildew, we are leveraging the flexibility of our technology platform to advance a broad pipeline of products with new modes of action that will safely and reliably address key crop pests and diseases across the food value chain,” commented Luc Maertens, COO of Biotalys.
Evoca will help growers effectively control key pathogens in the field, as well as in the food value chain to protect fruits and vegetables post harvest, extending shelf life and reducing decay and food loss. With its new mode of action and favourable safety profile, Evoca provides growers with additional rotational options to manage resistance in a more sustainable way.
The submission follows Biotalys’ successful completion of an extensive field product development program and regulatory studies on Evoca. More than 200 field and greenhouse trials globally demonstrated high consistency in effective control of key pathogens in fruit and vegetables crops. With this submission and pending regulatory approvals, Biotalys is on track to introduce Evoca to select regions in the U.S. market in late 2022. Biotalys will proceed with international registrations on its own, maintaining full ownership of all rights. Aligned with the go-to-market strategy for Evoca, the submission in the United States will be followed by a submission in the European Union. Major agricultural markets in Latin America and Asia are in scope for future registrations. Evoca™: Pending Registration. This product is not currently registered for sale or use in the United States and is not being offered for sale.
About Biotalys
Biotalys is a rapidly growing and transformative food and crop protection company developing a new generation of protein-based biocontrol solutions, shaping the future of sustainable and safe food supply. Based on its groundbreaking technology platform, Biotalys has developed a broad pipeline of effective and safe candidate products that aim to address key crop pests and diseases across the whole value chain, from soil to plate. Combining the high-performance characteristics and consistency of chemicals with the clean safety profile
of biologicals, Biotalys goal is to provide ideal crop protection agents for both pre- and post-harvest applications. Based in the biotech cluster in Ghent, Belgium, Biotalys was founded in 2013 as a spin-off from the VIB (Flanders Institute for Biotechnology) and has raised €61 million ($66m USD) to date from specialist international investors. More information can be found on www.biotalys.com.
###
Media Contacts:
Erica Camilo
Connexa Communications for Biotalys
T: +1 (610) 639 5644
E: erica@connexacommunications.com
Majority stake in innovative pasta delivery business acquired by Italian food giant
Pembroke VCT, the venture capital trust focused on building the consumer brands of tomorrow, has successfully exited its investment in Pasta Evangelists, which delivers restaurant-quality pasta direct to customers by post. The innovative meal kit business has agreed a deal whereby Italian firm, Barilla Group, will acquire a majority stake. The value of the deal is undisclosed.
Since 2016, Pasta Evangelists has been delivering boxes of fresh, high quality pasta across the UK, to enable customers to prepare five-star homemade dishes in five minutes, using only the freshest ingredients, and Italian where possible.
Pembroke VCT invested £2million in Pasta Evangelists in January 2020. Since then, the home delivery sector has thrived during the pandemic, as consumers have sought interesting ways to cook at home during lockdown.
Pembroke VCT has sold its stake in Pasta Evangelists as part of the deal with Barilla. The exit represents a 2.3x return in the twelve months since Pembroke initiated its investment.
Andrew Wolfson, CEO of Pembroke commented; “Pasta Evangelists is a success story for UK entrepreneurship. Pembroke backs exceptional founders and this outcome demonstrates that innovative companies with strong leadership can flourish in even the most challenging of times. This is an exciting start to the next chapter for Pasta Evangelists and we wish it every success in the future.”
Press Office
Zoe Powell
e: zpowell@sharecomms.co.uk
dd: 020 7071 3932
m: 07866 639014
Sarah Plevnik
e: splevnik@sharecomms.co.uk
dd: 020 7074 3571
m: 07789 725585
Funding Supports Open Farm’s Mission to Deliver Premium, Ethically Sourced Nutrition to More Pets & Will Help Drive Continued Brand Expansion
January 12, 2021
Open Farm, a premium pet food brand committed to raising the bar on the way we feed our pets, has raised $65MM+ USD ($80 MM+ CAD) in its latest round of funding, led by leading global growth equity firm General Atlantic. This marks General Atlantic’s first investment in the pet industry, and they join the company’s leadership team and existing minority partner, Encore Consumer Capital, on Open Farm’s long-term growth journey. The funding will be used to accelerate Open Farm’s mission to Do Some Good for animals and the planet, introduce the brand to millions of new pet parents, and support continued innovation to transform the way pets are fed through high-quality nutrition.
“Today’s pet parent is looking for strong nutrition that also aligns with their values,” said Isaac Langleben, Co-Founder and CEO of Open Farm. “We go to great lengths to create amazing foods, using ethically sourced ingredients, and take pride that every ingredient, in every bag of Open Farm, can be traced back to the source. We are so excited to partner with the team at General Atlantic as we continue to push our mission forward and establish Open Farm as the global leader in the premium pet food space.”
Since 2014, Open Farm has worked to make premium quality pet food offerings accessible and customizable to every pet and pet parent’s needs. With annualized growth exceeding 100% over the last five years, Open Farm can now be found in over 5,500 neighborhood pet retailers across North America, as well as online at OpenFarmPet.com. Open Farm started out with three products and is now recognized as a category-leader in product innovation, with a full suite of premium offerings ranging from dry dog food to fresh meals and supplements.
Throughout this growth trajectory, Open Farm has stayed true to its values, partnering with international recycling leader TerraCycle™ to offer a national pet food bag recycling program, and becoming the first pet food brand in North America to offer reusable packaging on the Loop platform. Additionally, Open Farm works with ethical sourcing partners Certified Humane®, Global Animal Partnership, and Ocean Wise Seafood to not only provide better quality ingredients to pets, but to ensure that the brand is sourcing ingredients in a way that respects farm animals and the planet.
“Mission-driven brands are a key focus for General Atlantic, and we are thrilled to partner with the Open Farm team, a group of passionate entrepreneurs who have built an authentic brand on the global and growing interest in better pet food options,” said Andrew Ferrer, Managing Director at General Atlantic. “Open Farm is well-positioned to deliver on the modern food values of its customers with its diverse portfolio of ethically and sustainably sourced premium products.”
“Open Farm is a highly differentiated brand and a leader within the growing pet food sector,” added Ben Sherman, Vice President at General Atlantic. “We are excited to support the team as they look to drive consumer awareness, enhance retailer support, and continue to deliver new product innovation and transparency around the world.”
Open Farm’s nutrient-dense recipes for dogs and cats include Dry Food, Freeze Dried Raw, Gently Cooked Fresh Meals, Rustic Stews and Blends, Treats, and Supplements such as Bone Broth and Kefir. Open Farm is available in neighborhood pet stores across the US and Canada and online at OpenFarmPet.com.
Open Farm was advised by Cascadia Capital LLC and Goodmans LLP. General Atlantic was advised by McCarthy Tétrault LLP.
About Open Farm
Open Farm is a Toronto-based pet food company on a mission to Do Some Good® for pets, farm animals and the planet. Every Open Farm recipe is designed to deliver high-quality nutrition, and is committed to raising the bar on the way we feed our pets with even stricter standards than what we eat ourselves. Open Farm delivers on its nutritional promise across 7 different product categories with an unmatched approach to ingredient transparency. Since 2014, Open Farm has extended its presence to over 5,500 neighborhood pet stores across North America and at OpenFarmPet.com. Join our mission at OpenFarmPet.com or on Instagram and Facebook.
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.
Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com
Carolyn Kocjan
Open Farm openfarmpet@powerdigital.com
