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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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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Platinum Equity Completes Acquisition of Horizon Organic and Wallaby from Danone

Platinum

Leading dairy products brands projected to benefit from Platinum Equity’s carve-out experience and operational expertise

LOS ANGELES (April 2, 2024) – Platinum Equity today announced that the acquisition of a majority interest in Horizon Organic and Wallaby from Danone has been completed.

Horizon Organic is the largest USDA-certified organic dairy brand in the world and is a pioneer in dairy beverages, having introduced the first organic milk available coast to coast in the United States in 1991. Horizon Organic’s portfolio of organic dairy products includes milk, creamers and whiteners, yogurt, cheese and butter.

The acquisition also includes the Wallaby brand, an Australian-inspired Greek-style yogurt made with organic milk and premium ingredients.

Platinum Equity Completes Acquisition of Horizon Organic and Wallaby from Danone

“Horizon Organic is an iconic name in dairy that is well recognized and beloved by consumers,” said Platinum Equity Co-President Louis Samson. “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.”

The US dairy category is estimated at $68 billion with milk comprising approximately $17 billion of that total.

“Premium offerings, including organic and value-added products, are driving the growth in the dairy milk category,” said Platinum Equity Managing Director Adam Cooper. “Horizon Organic is a pioneer of that segment and is in position to continue capitalizing on and accelerating the trend.”

Platinum Equity has decades of experience acquiring and operating global businesses that have been part of large corporate entities. The firm recently announced the pending acquisition of Kohler Energy from 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, among others.

“We are excited about Horizon Organic’s potential as an independent business with a renewed sense of focus and a commitment to investing in its success,” said Cooper. “We have a lot of experience supporting food and beverage businesses. We look forward to partnering with Horizon Organic’s management team to ensure a seamless transition and chart a path for continued growth and expansion.”

“With confidence in our brands and people, we are excited to build a bright future for Horizon Organic,” said Horizon Organic CEO Tyler Holm. “Leveraging Platinum’s operational capabilities and expertise, we’re well positioned for growth and accelerated performance to best serve our customers and consumers while deepening our farmer partnerships and focusing on breakthrough product innovation.”

Platinum Equity’s current portfolio includes Biscuit International, a European manufacturer of private-label sweet biscuits, wine producer Fantini Group Vini and seafood provider Iberconsa. Previous Platinum Equity investments include JM Swank, a food ingredients distributor acquired from ConAgra, and Harvest Meat Company, a US distributor of packaged meat and bakery products.

Morgan Lewis served as legal advisor and Alston & Bird served as debt financing counsel to Platinum Equity.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $47 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 Danone (www.danone.com)

Danone is a leading global food and beverage company operating in three health-focused, fast-growing and on-trend Categories: Essential Dairy & Plant-Based products, Waters and Specialized Nutrition. With a long-standing mission of bringing health through food to as many people as possible, Danone aims to inspire healthier and more sustainable eating and drinking practices while committing to achieve measurable nutritional, social, societal and environment impact. Danone has defined its “Renew” strategy to restore growth, competitiveness, and value creation for the long-term. With almost 90,000 employees, and products sold in over 120 markets, Danone generated €27.6 billion in sales in 2023. Danone’s portfolio includes leading international brands (Actimel, Activia, Alpro, Aptamil, Danette, Danio, Danonino, evian, Nutricia, Nutrilon, Volvic, among others) as well as strong local and regional brands (including AQUA, Blédina, Bonafont, Cow & Gate, Mizone, Oikos and Silk). Listed on Euronext Paris and present on the OTCQX platform via an ADR (American Depositary Receipt) program, Danone is a component stock of leading sustainability indexes including the ones managed by Moody’s and Sustainalytics, as well as MSCI ESG Indexes, FTSE4Good Index Series, Bloomberg Gender Equality Index, and Access to Nutrition Index. Danone’s ambition is to be B CorpTM certified at global level in 2025.

About Horizon Organic®

Horizon Organic has been producing great-tasting organic milk since 1991. From the start, Horizon has remained committed to protecting a healthy planet and hasn’t stopped working toward raising the bar as a leading organic milk producer in the U.S. In 2017, Horizon Organic became a brand of Danone North America. Today, Horizon works with more than 600 family farmers across the U.S. For more information on Horizon’s full portfolio of organic dairy products, visit Horizon.com.

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Biotech company Arevo raises SEK 75 million

Industriefonden

Swedish biotech company Arevo AB has secured a SEK 35 million investment from investor Industrifonden. Existing owners Navigare Ventures, Fort Knox, Stora Enso and Kempestiftelserna have also injected a further SEK 40 million into the growing business. The capital will be used to scale up the company’s operations and its portfolio of 58 patents built on award-winning research into organic nitrogen uptake in plants by Arevo founder Professor Torgny Näsholm.

Arevo paved the way for expansion with the appointment of Niklas Åström as its new CEO in the autumn of 2023. With experience from his time as CEO of ÅLÖ AB, the company behind Quicke, Åström brings a potent blend of business and agricultural expertise to his current role as he oversees Arevo’s international growth.

“Backing from our established long-term investors for Arevo’s scaling journey empowers us to accelerate the dissemination of our technology and address urgent global needs. Our precision nutrition products not only mitigate nitrogen leakage but also enhance yields and revolutionize agriculture and horticulture practices currently under legislative and financial pressures”, remarked Niklas Åström.

Nitrogen is a critical nutrient for all forms of plant growth, which is why large amounts of mineral fertilizers containing nitrogen are used today. From an environmental perspective, however, mineral fertilizers have many environmental disadvantages, including a production process dependent on natural gas, nitrogen leakage that causes eutrophication, emissions of the difficult-to-degrade greenhouse gas nitrous oxide and reduced biodiversity.

Arevo’s precision nutrition stimulates a plant’s natural ability to utilize water and nutrients, resulting in stronger plants with an increased resistance to drought. Arevo products, which were originally developed for the forestry industry, have already been used to help grow several hundred million forest seedlings. The company’s technology has also been successfully tested on key crops around the world, such as soy, corn, sunflower, potatoes and tomatoes.

With the world’s population expected to reach 10 billion by 2050, the amount of food produced from agriculture needs to increase by 56%* in order to meet increased demand. As available agricultural land is likely to decrease in the future**, the amount of food per hectare must be maximized.

“Addressing the increasing demand for food to sustain our growing population, while simultaneously mitigating the adverse environmental effects of agriculture remains a pressing global challenge – one that is of paramount importance to policymakers and agricultural stakeholders alike. I am eagerly anticipating the broader utilization of Arevo’s products beyond the forestry sector. Arevo can be an enabler in the transition to more environmentally sustainable agricultural practices. It is a Swedish science-based company with immense potential”, stated Anna Haupt, an investor at Industrifonden.
Agriculture currently makes up 38% of the planet’s total land area and contributes approximately 25-30%*** of man-made greenhouse gas emissions. In Europe there is significant regulatory pressure to mitigate this impact, with initiatives such as The European Green Deal and Farm to Fork aiming to reduce nitrogen leakage by 50% and cut pesticide usage in half by 2030. Further environmental improvement measures are also anticipated.

“This investment marks the start of our international expansion into horticulture and agriculture. Our initial focus will be on Europe, where there is a critical need for scientifically proven climate innovations that benefit farmers”, concluded Arevo’s CEO Niklas Åström.

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Egeria enters new partnership with Meyer Menü

Egeria

Egeria is pleased to announce that it has entered into an agreement to acquire Meyer Menü, a German provider of a meals on wheels lunch service, together with its management team.

The transaction follows the succession of the current majority shareholder and member of the founding family, Thomas Meyer. The two Co-CEOs Marcel Hoffmann and Christian Seidel will reinvest alongside Egeria and continue to drive the success and growth of Meyer Menü. Financial terms of the transaction, which is subject to regulatory approval, are not being disclosed.

Meyer Menü is a leading provider of a meals on wheels lunch service founded in 1963 by the Meyer family. Over the years, the company has expanded its geographical reach to six industrial kitchen sites and twenty additional distribution hubs across Germany. The company is characterized by a high level of vertical integration from meal production in its commercial kitchens to the delivery of meals through its in-house vehicle fleet and drivers. The Meyer Menü brand is well known for industry-leading meal quality among its customer base which includes senior households, children daycare facilities, schools, and corporate clients.

Under the current management team, consisting of Co-CEO Marcel Hoffmann and Co-CEO Christian Seidel, the company has made multiple strategic acquisitions and has launched several operational excellence initiatives. Going forward, the management team will partner with Egeria to further increase its presence in existing regions and selectively expand into new regions.

Marcel Hoffmann and Christian Seidel, Co-CEOs at Meyer Menü
We welcome Egeria as a new partner to the Meyer Menü family. Over the last thirteen years, we have continuously developed Meyer Menü into the market leader for meals on wheels in Germany. We believe that Meyer Menü is ready for new growth initiatives and see Egeria as the ideal partner for this new phase.

Hannes Rumer, Partner at Egeria
We are very impressed by Meyer Menü’s historic development and excited to team up with Mr. Hoffmann and Mr. Seidel for the company’s next chapter. The management’s entrepreneurial spirit and Meyer Menü’s strong value proposition are the foundation for its high reputation among customers and its market leadership. We are honored that Mr. Meyer trusts us in continuing his family heritage and we look forward to contributing to the future success of the company.

About Egeria
Established in 1997, Egeria is an independent investment company focused on mid-sized companies in the DACH region and the Netherlands. Egeria invests in healthy businesses and believes in building businesses jointly with entrepreneurial management teams (Boldly Building Together). Egeria has interests in 22 companies in Germany, the Netherlands and the U.S. Egeria’s portfolio companies generate combined revenues of more than EUR 3 billion and employ more than 12,500 people.

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CVC funds invest in Monbake Group to support its growth strategy

CVC Capital Partners
  • Ardian, Alantra, Artá, and Landon have agreed to sell their stake in Monbake to CVC funds after successfully completing the objective they set themselves, in which the Monbake Group has consolidated its position as one of the three main producers and distributors of frozen dough at national level.
  • Monbake’s management team has found in CVC its ideal partner to further pursue its strategic plan. CVC’s expertise will contribute significantly to the company’s global expansion strategy and enhance its innovation capabilities.

CVC, a leading global private markets manager, announces CVC funds’ investment in Grupo Monbake, a leader in the frozen dough sector in Spain, to support its continued growth. CVC funds are acquiring the entire stake in Grupo Monbake that was previously held by Ardian, one of the world’s leading private equity firms, and its co-investors in this project (Alantra, Artá, and Landon).  The price of the transaction has not been disclosed.

Monbake was created in February 2018, when Ardian bought the companies Berlys and Bellsolá, independently, with the aim of leading the frozen dough sector in Spain. For months, the Ardian team worked to validate that the union of Berlys and Bellsolà represented an excellent industrial and strategic opportunity to consolidate a group with greater production capacity and commercial coverage, greater growth potential and innovation capacity. During the years that Ardian has been part of Monbake, the company has consolidated its position as one of the three main producers and distributors of frozen pastry at a national level, with a solid commercial and industrial structure and a wide network of shops.

After six years of supporting the domestic and global growth of the company and with the initial objectives achieved, Ardian considers that the investment cycle has ended, and will now allow CVC to spearhead the next phase of Monbake’s growth. Monbake’s new shareholder, CVC funds, has deep experience in the sector and endorses the roadmap set out for the company. CVC will support the company’s day-to-day operations, and is fully committed to the current management team and the company’s global expansion strategy. It will also uphold the company’s current focus on employment, quality, innovation, commitment to long-term relationships with suppliers and service to customers in more than 30 countries where it currently operates.

Aurelio Antuña, Monbake CEO, comments “We would like to thank Ardian for their strong support and commitment to Monbake’s growth over the past six years. At the same time, we are proud of CVC’s decision to support our company in its consolidation and continued growth phase. We are convinced that CVC is the right partner to take Monbake to the next level, and we look forward to working with them over the coming years”.

We are honoured to become Monbake’s new partner, offering our experience and proven track record in the sector to support the next phase of growth. We have full confidence in the management team and we will work closely with them to implement the company’s global growth strategy and strengthen its innovation capabilities to secure its position as an industry leader.” Stated José Antonio Torre de Silva, Partner at CVC

“It has been an incredible journey with a fantastic team of professionals and management. We are very proud to have contributed to the creation and development of Monbake, which is now a strong, innovative international group with operations in over 30 markets”. Concluded Gonzalo Fernández Head of buyout Spain & Portugal & Managing Director, Ardian Spain (Advisor to Ardian France).

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CVC funds invest in Monbake Group to support its growth strategy

Ardian

Ardian, Alantra, Artá, and Landon have agreed to sell their stake in Monbake to CVC funds after successfully completing the objective they set themselves, in which the Monbake Group has consolidated its position as one of the three main producers and distributors of frozen dough at national level.
Monbake’s management team has found in CVC its ideal partner to further pursue its strategic plan. CVC’s expertise will contribute significantly to the company’s global expansion strategy and enhance its innovation capabilities.

CVC, a leading global private markets manager, announces CVC funds’ investment in Grupo Monbake, a leader in the frozen dough sector in Spain, to support its continued growth. CVC funds are acquiring the entire stake in Grupo Monbake that was previously held by Ardian, one of the world’s leading private equity firms, and its co-investors in this project (Alantra, Artá, and Landon).  The price of the transaction has not been disclosed.
Monbake was created in February 2018, when Ardian bought the companies Berlys and Bellsolá, independently, with the aim of leading the frozen dough sector in Spain. For months, the Ardian team worked to validate that the union of Berlys and Bellsolà represented an excellent industrial and strategic opportunity to consolidate a group with greater production capacity and commercial coverage, greater growth potential and innovation capacity. During the years that Ardian has been part of Monbake, the company has consolidated its position as one of the three main producers and distributors of frozen pastry at a national level, with a solid commercial and industrial structure and a wide network of shops.
After six years of supporting the domestic and global growth of the company and with the initial objectives achieved, Ardian considers that the investment cycle has ended, and will now allow CVC to spearhead the next phase of Monbake’s growth. Monbake’s new shareholder, CVC funds, has deep experience in the sector and endorses the roadmap set out for the company. CVC will support the company’s day-to-day operations, and is fully committed to the current management team and the company’s global expansion strategy. It will also uphold the company’s current focus on employment, quality, innovation, commitment to long-term relationships with suppliers and service to customers in more than 30 countries where it currently operates.

Aurelio Antuña, Monbake CEO, comments “We would like to thank Ardian for their strong support and commitment to Monbake’s growth over the past six years. At the same time, we are proud of CVC’s decision to support our company in its consolidation and continued growth phase. We are convinced that CVC is the right partner to take Monbake to the next level, and we look forward to working with them over the coming years”.

“We are honoured to become Monbake’s new partner, offering our experience and proven track record in the sector to support the next phase of growth. We have full confidence in the management team and we will work closely with them to implement the company’s global growth strategy and strengthen its innovation capabilities to secure its position as an industry leader.” Stated José Antonio Torre de Silva, Partner at CVC

“It has been an incredible journey with a fantastic team of professionals and management. We are very proud to have contributed to the creation and development of Monbake, which is now a strong, innovative international group with operations in over 30 markets”. Concluded Gonzalo Fernández Head of buyout Spain & Portugal & Managing Director, Ardian Spain (Advisor to Ardian France).

ABOUT CVC

CVC is a leading private equity and investment advisory firm with a network of 29 offices throughout EMEA, the Americas, and Asia, with approximately €186 billion in assets under management. CVC has seven complementary strategies across private equity, secondaries, and credit, for which CVC funds have secured commitments in excess of €230 billion from some of the world’s leading institutional investors. Funds managed or advised by CVC are invested in over 125 companies worldwide, which have combined annual sales of approximately €166 billion and employ more than 590,000 people.

All figures as of 10 December 2023, and adjusted to reflect the agreed acquisition of DIF Capital Partners announced in September 2023 (closing of which is subject to regulatory approvals), unless otherwise indicated.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $164bn of assets on behalf of more than 1,600 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility. At Ardian we invest all of ourselves in building companies that last.

ABOUT MONBAKE

The MONBAKE Group is one of the largest companies producing frozen dough and Bakery Café products in Spain. It manufactures, distributes and markets bread, pastry and cake products both for the home market and abroad, with a presence in over 30 countries.

PRESS CONTACT CVC

MARIBEL ALONSO RITA PORTUGAL

malonso@grupoalbion.net+34 91 531 23 88

PRESS CONTACT ARDIAN

LLORENTE Y CUENCA

ANTONIO GARCÍA

ardian@llorenteycuenca.com

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CVC funds invest in Monbake Group to support its growth strategy

Ardian

Ardian, Alantra, Artá, and Landon have agreed to sell their stake in Monbake to CVC funds after successfully completing the objective they set themselves, in which the Monbake Group has consolidated its position as one of the three main producers and distributors of frozen dough at national level.
Monbake’s management team has found in CVC its ideal partner to further pursue its strategic plan. CVC’s expertise will contribute significantly to the company’s global expansion strategy and enhance its innovation capabilities.

CVC, a leading global private markets manager, announces CVC funds’ investment in Grupo Monbake, a leader in the frozen dough sector in Spain, to support its continued growth. CVC funds are acquiring the entire stake in Grupo Monbake that was previously held by Ardian, one of the world’s leading private equity firms, and its co-investors in this project (Alantra, Artá, and Landon).  The price of the transaction has not been disclosed.
Monbake was created in February 2018, when Ardian bought the companies Berlys and Bellsolá, independently, with the aim of leading the frozen dough sector in Spain. For months, the Ardian team worked to validate that the union of Berlys and Bellsolà represented an excellent industrial and strategic opportunity to consolidate a group with greater production capacity and commercial coverage, greater growth potential and innovation capacity. During the years that Ardian has been part of Monbake, the company has consolidated its position as one of the three main producers and distributors of frozen pastry at a national level, with a solid commercial and industrial structure and a wide network of shops.
After six years of supporting the domestic and global growth of the company and with the initial objectives achieved, Ardian considers that the investment cycle has ended, and will now allow CVC to spearhead the next phase of Monbake’s growth. Monbake’s new shareholder, CVC funds, has deep experience in the sector and endorses the roadmap set out for the company. CVC will support the company’s day-to-day operations, and is fully committed to the current management team and the company’s global expansion strategy. It will also uphold the company’s current focus on employment, quality, innovation, commitment to long-term relationships with suppliers and service to customers in more than 30 countries where it currently operates.

Aurelio Antuña, Monbake CEO, comments “We would like to thank Ardian for their strong support and commitment to Monbake’s growth over the past six years. At the same time, we are proud of CVC’s decision to support our company in its consolidation and continued growth phase. We are convinced that CVC is the right partner to take Monbake to the next level, and we look forward to working with them over the coming years”.

“We are honoured to become Monbake’s new partner, offering our experience and proven track record in the sector to support the next phase of growth. We have full confidence in the management team and we will work closely with them to implement the company’s global growth strategy and strengthen its innovation capabilities to secure its position as an industry leader.” Stated José Antonio Torre de Silva, Partner at CVC

“It has been an incredible journey with a fantastic team of professionals and management. We are very proud to have contributed to the creation and development of Monbake, which is now a strong, innovative international group with operations in over 30 markets”. Concluded Gonzalo Fernández Head of buyout Spain & Portugal & Managing Director, Ardian Spain (Advisor to Ardian France).

ABOUT CVC

CVC is a leading private equity and investment advisory firm with a network of 29 offices throughout EMEA, the Americas, and Asia, with approximately €186 billion in assets under management. CVC has seven complementary strategies across private equity, secondaries, and credit, for which CVC funds have secured commitments in excess of €230 billion from some of the world’s leading institutional investors. Funds managed or advised by CVC are invested in over 125 companies worldwide, which have combined annual sales of approximately €166 billion and employ more than 590,000 people.

All figures as of 10 December 2023, and adjusted to reflect the agreed acquisition of DIF Capital Partners announced in September 2023 (closing of which is subject to regulatory approvals), unless otherwise indicated.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $164bn of assets on behalf of more than 1,600 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility. At Ardian we invest all of ourselves in building companies that last.

ABOUT MONBAKE

The MONBAKE Group is one of the largest companies producing frozen dough and Bakery Café products in Spain. It manufactures, distributes and markets bread, pastry and cake products both for the home market and abroad, with a presence in over 30 countries.

PRESS CONTACT CVC

MARIBEL ALONSO RITA PORTUGAL

malonso@grupoalbion.net+34 91 531 23 88

PRESS CONTACT ARDIAN

LLORENTE Y CUENCA

ANTONIO GARCÍA

ardian@llorenteycuenca.com

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Cibus Capital raises USD 600m to invest in the sustainable food and agriculture transition

Cibus Capital

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4 March 2024, LONDON UK – Cibus Capital LLP (‘Cibus’), the specialist investment advisory firm focused on sustainable food and agriculture, is pleased to announce the successful close of its second mid-market private equity fund, Cibus Fund II (‘CF II’) with over USD 510 million in commitments, and its second venture fund, Cibus Enterprise Fund II (‘CE II’) with over USD 135 million in commitments.

The fundraise attracted investment from a diversified investor base consisting of returning and new participants. Investors in the two funds include Los Angeles County Employee Retirement Association (‘LACERA’) and Retail Employees Superannuation Trust (‘Rest’), one of Australia’s largest profit-to-member superannuation funds, amongst other major institutional investors.

“Rest expects our investment in Cibus Fund II to deliver long-term value for our members while growing our exposure to companies at the forefront of sustainable agriculture practices. It also brings us closer to our target of achieving a one per cent allocation to impact investments across our total portfolio by 2026,” said Rest’s Head of Responsible Investment & Sustainability, Leilani Weier.

CE II invests in late-stage venture through innovative companies driving technologies with the potential to disrupt food production or processing, increasing resource efficiency and sustainability. The Fund has already made ten investments across sectors, including robotics, precision chemistry for crop protection, and natural capital.

Rob Appleby, Founder and CIO of Cibus Capital comments: “Farmers and landowners have taken centre stage in the debate about food security and environmental conservation. This coincides with a clearer view of the risks and opportunities faced by investors and stakeholders alike in food production. We thank our original supporters and those looking at Cibus for the first time, for the support they have provided us as we direct capital to those companies contributing to carbon reduction, increasing biodiversity and making compelling financial returns.

Alastair Cooper, Head of Venture of Cibus Capital comments: “Agri-Food Technology provides the potential for unprecedented positive change across resource efficiency, GHG emissions, biodiversity, food security, human health and animal welfare. We are excited about the possibilities to come, deploying capital to innovative companies supporting the technological revolution much needed in our food system.”

 

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About Cibus Capital LLP

Cibus Capital LLP is the London-based investment advisor to the Cibus funds. The Cibus funds partner with food and agriculture companies that provide investors with a risk-adjusted return on capital and a sustainable competitive advantage. Cibus has raised over USD 1bn to invest in two strategies: mid-market growth/buyout investments in food production and processing businesses and late-stage agrifood technology companies. For more information visit cibusfund.com.

For more information, please contact:
Montfort Communications
+44(0)7752 329 851
cibus@montfort.london

 Legal References and Disclaimer:

References herein to  “Cibus Fund II” are references to Cibus Fund II LP; “Cibus Enterprise Fund II” refers to Cibus Enterprise Fund II LP, which are both managed by Cibus Investments II Limited and advised by Cibus Capital LLP.  References to “Cibus” are to Cibus Capital LLP.  None of Cibus or Cibus Investments Limited make any representation as to the accuracy, reliability or completeness of this Press Release. This release does not constitute an offer to subscribe for interests in the Cibus funds or any other actual or prospective fund advised by Cibus Capital LLP.

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Bene Bono closes a funding round of 10 million euros

AXA

Bene Bono closes a funding round of 10 million euros to accelerate the fight against food waste at its source and to become the undisputed leader in the European market.

As a service of sustainable groceries, Bene Bono saves farmers and manufacturers products from waste, to offer them to its clients at a cheaper price. The company marks a significant milestone in its green and social commitments. The foodtech player announces a 10 million euro fundraising led by AVP (AXA Venture Partners) with the participation of 2050 and historical investors (Stride VC and Project A).

1- Bene Bono: a strong appetite for combating waste at its source

As 1.6 billion tons of food are lost or wasted each year (BCG study), Bene Bono intends to fight this number for good. The company has already saved more than 2,600 tons of products. Their magical recipe? Selling all the good products that do not fit aesthetic or logistical standards. Since 2020, Bene Bono has thus been helping organic farmers and manufacturers in selling their qualitative products directly to consumers.

This way, the brand has provided access to organic, local, and seasonal fruits and vegetables, as well as over 500 grocery items that also need to be saved, such as grocery food, drinks, wines, beers, sweets, hygiene, beauty, and cleaning products, all at a discount up to 40%.

The service now covers nearly 300 cities in France, following its recent expansion to Toulouse and Bordeaux, in addition to the four metropolitan areas where it was already active (Paris, Lyon, Marseille, Lille, and their surroundings). This growth has led to the preparation of several thousand orders per week for the benefit of 30,000 active clients in 2023, three times more than the year before.

While food price inflation, reaching 21% over the last two years(1), would prevent 9 million French people from eating healthily(2), Bene Bono has enabled its loyal customers to save an average of 200 euros per year.

On the supplier side, the brand now collaborates with over 400 local organic producers, twice as many as in 2021, and 150 committed manufacturers, thereby contributing to providing them with an additional revenue and a long term professional relationship made of trust.

2- Recognized and supported commitment with a 10 million euro investment

This 10 million euro funding round was led by AVP (AXA Venture Partners) with the participation of 2050 and historical investors – Stride VC and Project A. This new funding round will allow Bene Bono to strengthen its position as a major player in the fight against waste at its source.

With this capital raise, the Foodtech player aims to:

  • Recruit new talents for strategic positions, such as a Director of Purchasing, a Head of Product, and a Lead Data Manager.
  • Expand its range of saved products to new categories, aiming for 1,000 references by the end of the year and further develop its private label (already 7 products).
  • Expand its business activities in the French market and continue the expansion of its service in Spain (particularly in Seville and Malaga).
  • Reduce its environmental footprint by implementing reusable bags and delivery by electric vehicles and bicycles, amongst other things.
  • Develop new features to continue satisfying a maximum number of customers and optimize its logistics processes.

These new features have been initiated at the end of 2023, transforming Bene Bono’s operational mode to fully customizable weekly orders, leveraging a unique technology. Indeed, customers can now fully customize their groceries, choosing from over 500 available saved products.

Sven Ripoche, co-founder of Bene Bono – “This funding round follows the very successful year of 2023 marked by our successful launch in Spain and over 2,100 tons of products saved by our users. It will allow us to fight against waste on a larger scale, offering even more good products at reduced prices to the French and Spanish people!

François Robinet, Managing Partner at AVP – “We are delighted and extremely proud to have been selected by the founders of Bene Bono, a major player in Foodtech, to accompany them in the next chapters of their story and this new phase of growth. We have been impressed by the intrinsic merits of the company and its remarkable development so far. This investment also demonstrates AVP’s commitment to investing in key sectors for the sustainable development of our societies, such as the fight against waste. The sector in which Bene Bono operates is at the heart of the challenges of transforming everyone’s food habits. We are pleased, along with current investors and 2050, to provide Bene Bono with the means to continue developing the platform in France and Spain and to support Grégoire, Sven, Claire, and all their teams in this new stage. »

About AVP (AXA Venture Partners)

AVP (AXA Venture Partners) is a global venture capital firm specializing in high-growth, technology- enabled companies, managing $1.3 billion in assets across four investment strategies: Venture, Growth, Late Stage, and Fund of Funds. Since its establishment in 2016, AVP has invested in more than 60 technology companies in Venture and Growth stages in the US and Europe.

With offices in New York, London, and Paris, AVP supports companies in expanding internationally and provides portfolio companies with tailored business development opportunities to further accelerate their growth. AVP operates under AXA IM- Alts, the alternative investment business unit of AXA IM.

For more information, visit axavp.com
Contact: Sébastien Loubry, Partner Business development (sebastien@axavp.com)

About Project A

Project A is one of the leading early-stage tech investors in Europe with offices in Berlin and London. In addition to $1bn assets under management, Project A supports its portfolio companies with a team of over 120 functional experts in key areas such as software and product development, data, brand, design, marketing, sales and recruitment. The venture capital firm was founded in 2012 and has backed more than 100 startups. The portfolio includes companies such as Trade Republic, WorldRemit, sennder, KRY, Spryker, Quantum Systems and Voi.

About 2050

2050 (Paris, France) is a new breed of investment fund that combines performance and company alignment. It empowers those who are building a fertile future, a world aligning economic, social and ecological challenges. Through its unique structure of a stewardship-owned evergreen model, and its ecosystem investments, the fund aims to invest over one billion euros by 2030, catalyzing positive change for a better future. The young portfolio includes companies such as Sweep, Peabbl, Fifteen and Kickstarter.

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