Tag Archives: Agri & Food

Arbor Investments Announces Recapitalization of Food Ingredient Supplier, Dr. G’s Creations

Arbor Investment

Arbor Investments (“Arbor”), a specialized private equity firm that focuses exclusively on investing in food, beverage and related industries announced today the recapitalization of food ingredient supplier Dr. G’s Creations (“Dr. G’s” or the “Company”). The transaction marks the third platform investment for Arbor Fund V. Terms of the deal were not disclosed.

Founded in Athens, Georgia in 2008 by renowned food science engineer Bahman Ghavimi, Ph.D., Dr. G’s Creations has established itself as the go to solution provider for QSR, casual restaurants and food processors. Its customers include the largest national chains and best-known brands in North America. The Company’s broad range of offerings consist of functional ingredients, flavors, and batter & breading systems that help customers achieve their desired product texture, appearance, and taste. As CEO, Ghavimi has built the business with unique products, innovative technology, clean label ingredients and personalized customer service.

“As a life-long inventor, I’ve spent my career providing solutions to the foodservice and food manufacturing sector and am extremely proud of the Company we’ve built over the last 13 years” said Ghavimi. “At Dr. G’s, we pride ourselves on our ability to stay ahead of growing demand and changing customer needs. Bringing on Arbor as a partner will allow us to stay at the forefront of our industry and provide our superior products and service to even more customers. Arbor shares our vision for growth, has a proven playbook for success, and brings an army of resources and expertise that will help us get there quickly. We can’t wait to get started working together.”

“We were fortunate to have met Bahman several years ago,” stated Arbor Partner Alan Weed. “As prolific investors in food, we quickly admired the highly technical and in-demand applications that Dr. G’s develops for chicken offerings at the who’s who of QSR chains and industrial customers. Consumers can taste the difference when an item contains Dr. G’s products and the sales growth that customers experience when they convert to Dr. G’s is remarkable. We look forward to adding additional infrastructure, systems and people to support the oversized demand and interest from customers.”

Operating Partner Peter Bradley will oversee the new investment for Arbor. Bradley brings more than three decades of executive leadership experience in the food and beverage, ingredient, and specialty chemical industries.

“Dr. G’s was an early leader in proprietary clean label ingredient solutions for proteins and has smartly recognized and capitalized on the chicken sandwich consumer trend,” said Bradley. “By combining culinary expertise and proprietary application science, Dr. G’s technologies and capabilities are second to none – delivering the processing efficiency, better eating qualities, and superior taste consumers crave.”

Kirkland & Ellis LLP served as Arbor’s legal counsel in connection with the transaction and Eversheds Sutherland served as legal counsel for Dr. G’s.

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EQT Ventures and EQT Growth to exit its holdings in Wolt, a leading food delivery platform operating across 23 countries

eqt

DoorDash (NYSE: DASH) is acquiring Wolt in an all-stock deal worth approximately EUR 7 billion; EQT Ventures and EQT Growth will exit their holdings in Wolt and receive DoorDash stock as part of the transaction

EQT Ventures led the early Series-A financing round for Wolt in 2016 and has since been a close partner and advisor to Wolt, participating in all subsequent financing rounds. EQT Growth invested in Wolt’s latest USD 530 million round of financing in January 2021

Since its founding in Finland in 2014, the Helsinki-based company has expanded to 23 countries and today employs over 4,000 people

Today it was announced that DoorDash (NYSE: DASH) has entered a definitive agreement to acquire Wolt (the “Company”) for approximately EUR 7 billion in an all-stock transaction, subject to regulatory approval and other customary closing conditions for transactions of this type. As part of the transaction, the EQT Ventures I fund (“EQT Ventures”) and EQT Growth are exiting their holdings in Wolt and receiving shares in DoorDash. DoorDash is a technology company that connects consumers with their favorite local and national businesses in more than 7,000 cities across the United States, Canada, Australia and Japan. With the acquisition of Wolt, DoorDash will add a significant international presence.

Wolt was established in 2014 in Helsinki, Finland, by CEO Miki Kuusi and co-founders, who had a vision of creating a truly tech-oriented company that would make it easy and fun to discover great food delivered directly to home or office. Wolt’s platform and data-driven delivery infrastructure provide customer convenience and new revenue opportunities for both restaurants and retailers. It has grown rapidly and today operates across 23 countries and employs over 4,000 people.

EQT Ventures was one of Wolt’s earliest investors and has participated in all subsequent financing rounds, during which it has played a pivotal role in supporting the Company to become one of the largest private technology companies in Europe. EQT Growth joined the journey in January 2021 as part of Wolt’s latest growth financing round, showcasing EQT’s ability to “back its winners” over time and across the EQT platform. Today, EQT Ventures and EQT Growth combined are Wolt’s largest shareholders.

Johan Svanström, Partner within EQT Growth’s Advisory Team and Wolt board member since 2018, and Lars Jörnow, Partner within EQT Ventures’ Advisory Team and part of the initial investment team for Wolt when the fund lead the Series A, commented, “We are thrilled to see Wolt and DoorDash join forces. EQT Ventures originally invested in a small, tech-obsessed and gritty Finnish team that was looking for a hands-on and involved investment partner. Through our close working relationship and supported by capital investments from EQT Ventures, and subsequently EQT Growth, today Wolt is one of Europe’s most successful private technology companies. It has been a pleasure supporting CEO Miki Kuusi and the team in building and scaling the company and we look forward to following them for years to come.”

Miki Kuusi, CEO of Wolt, said, “The entire EQT platform has been critical in our growth and success over recent years. EQT Ventures were one of our earliest backers and have remained with us ever since. In 2021, we were delighted to welcome EQT Growth to the fold as part of our latest funding round. Today, I’m incredibly excited to announce that Wolt is joining forces with the DoorDash team to start our next chapter.”

The transaction is subject to regulatory approval and other customary closing conditions for transactions of this type. The DoorDash equity issued as part of the transaction will be valued at $206.45 per share, based on DoorDash’s 30 day VWAP as of November 3, 2021.

EQT Ventures and EQT Growth were advised by law firm DLA Piper.

EQT Press Office
press@eqtpartners.com, +46 8 506 55 334

DoorDash Investor Relations Contact
ir@doordash.com

DoorDash Press Contact
press@doordash.com

Wolt Contact
press@wolt.com

Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events, including the timing of the proposed transaction and other information related to the proposed transaction. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern the proposed transaction and our expectations, strategy, plans or intentions regarding it. Forward-looking statements in this communication include, but are not limited to, (i) expectations regarding the timing, completion and expected benefits of the proposed transaction, (ii) plans, objectives and expectations with respect to future operations, stakeholders and the markets in which Doordash and Wolt and the combined company will operate, and (iii) the expected impact of the proposed transaction on the business of the parties. Expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks, uncertainties and other factors relate to, among others: risks and uncertainties related to our pending acquisition of Wolt, including the failure to obtain, or delays in obtaining, required regulatory approvals, the failure to satisfy any of the closing conditions to the proposed transaction on a timely basis or at all and costs and expenses associated with failure to close; costs, expenses or difficulties related to the acquisition of Wolt, including the integration of the Wolt’’s business; failure to realize the expected benefits and synergies of the proposed transaction in the expected timeframes or at all; the potential impact of the announcement, pendency or consummation of the proposed transaction on relationships with our and/or Wolt’s employees, customers, suppliers and other business partners; the risk of litigation or regulatory actions to us and/or Wolt; inability to retain key personnel; changes in legislation or government regulations affecting us or Wolt; developments in the COVID-19 pandemic and resulting business and operational impacts on us and/or Wolt; and economic, financial, social or political conditions that could adversely affect us, Wolt or the proposed transaction. For additional information on other potential risks and uncertainties that could cause actual results to differ from the results predicted, please see our Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent Form 10-Qs or Form 8-Ks filed with the Securities and Exchange Commission (the “SEC”). All information provided in this communication is as of the date of this communication and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable, and information available to us, as of such date. We undertake no duty to update this information unless required by law.

No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Important Additional Information Will be Filed with the SEC
DoorDash will file with the SEC a registration statement on Form S-4, which will include a prospectus of DoorDash. INVESTORS ARE URGED TO CAREFULLY READ THE REGISTRATION STATEMENT AND OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT DOORDASH, WOLT, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors will be able to obtain free copies of the registration statement and other documents filed with the SEC through the website maintained by the SEC at www.sec.gov and on DoorDash’s website at http://ir.doordash.com.

About

About EQT
EQT is a purpose-driven global investment organization with more than EUR 70 billion in assets under management across 27 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About DoorDash
DoorDash is a technology company that connects consumers with their favorite local and national businesses in more than 7,000 cities across the United States, Canada, Australia and Japan. Founded in 2013, DoorDash enables local businesses to address consumers’ expectations of ease and immediacy and thrive in today’s convenience economy. By building the last-mile logistics infrastructure for local commerce, DoorDash is bringing communities closer, one doorstep at a time.

About Wolt
Wolt is a technology company that makes it incredibly easy to discover and get the best of local restaurants, grocery stores and other local shops delivered to your home or office. Wolt is in 23 countries. The Helsinki-based company was founded in 2014, employs over 4,000 people, and is led by its Co-Founder and CEO Miki Kuusi.

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Finnforel to invest EUR 45 million in new production facilities and build first selective breeding centre for rainbow trout in Finland

Tesi

Finnish technology company Finnforel has become one of the world’s leading ecological fish farms since it was founded in 2017. With the EUR 45 million investment programme today announced, the company channels funds to the expansion of the existing plant in Varkaus, Finland, building of a new breeding centre in Hollola and planning of new international operations.

Finnforel finances these investments totalling EUR 45 million through a EUR 34 million share issue, EUR 4.5 million from the European Maritime and Fisheries Fund (EMFF) and EUR 6 million in loans from banks. The share issue will make significant Finnish and international institutional investors shareholders in Finnforel. These include Ahlström Invest, Tesi (Finnish Industry Investment Ltd), the European Investment Bank (European Fund for Strategic Investment), The Good Investors (Ireland/France) and other European family enterprises.

“In addition to being one of the largest greenhouse emission sources globally, food production is also the single largest producer of nutrient discharges in Finland. At Tesi, we want to invest in companies that solve these kinds of sustainability issues. When fish are farmed with water recirculation technology, the production of one type of animal protein becomes more ecological, with lesser carbon footprint. Finland is one of the forerunner countries in water recirculation technology, and Finnforel is a prime example of a sector-specific, deep knowhow. We are happy to invest in what could be a next significant export industry in Finland,” explains Miiikka Salminen, Investment Manager at Tesi.

The company’s products are currently sold in more than a thousand grocery stores in Finland under the Saimaan Tuore brand. Finnforel achieved a significant breakthrough in November 2020, when its million-kilo production plant in Varkaus achieved maximum capacity level for premium fish farming. Tesi made the invesment from its circular economy investment programme.

Read more:

Press release by Finnforel (pdf) 9.11.2021

Additional information:

Miikka Salminen, Investment Manager, Growth and Industrial Investments, Tesi
+358 40 535 4758
miikka.salminen@tesi.fi

 

Finnforel Ltd is a family business which utilises water recirculation in fish faming  and specialises in related genetics and technology. At the moment in Finland, the company has plants in Varkaus, Hollola and Joroinen. www.finnforel.com

Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of transformative economic growth by investing in funds and directly in companies. We invest profitably and responsibly, hand-in-hand with co-investors, to create the world’s new success stories. Our investments under management total 2.1 billion euros. www.tesi.fi | @TesiFII

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Horizons Ventures Leading “In The Moo For Love”, a city-wide moo-vement challenging Hong Kong community to evolve consumption habits and curb climate change

Horizons Ventures

Horizons Ventures Leading “In The Moo For Love”, a city-wide moo-vement challenging Hong Kong community to evolve consumption habits and curb climate change.

(November 1, 2021, Hong Kong).    As world leaders gather in Glasgow this November to discuss commitments to lower greenhouse gas emissions globally at COP26, the United Nations Climate Change Conference, Horizons Ventures is leading a moo-vement in Hong Kong, bringing corporates, communities and individuals together to contribute by making small changes to reduce greenhouse gas emissions, one bite at a time.

 

The In The Moo For Love campaign brings together like-minded people to share their perspectives on climate change – from chefs, corporations, retailers to consumers – and contribute in their own way starting from a public panelist discussion held in Central, Hong Kong.  By pledging to make a change to greener food choices, consumers are encouraged to purchase earth friendly products and chef curated plant-based lunch, sponsored by Horizons Ventures with matching donations from both UBS and Goldman Sachs to beneficiaries that support the earth.

 

The In The Moo For Love campaign kicks off on November 1 with a panelist discussion including renowned chefs, restaurateurs and climate change advocates at Centricity (2/F Landmark Chater, Central).  6 of Hong Kong’s most renowned chefs and founders of plant-based food solutions, will be sitting down with Green Queen Media’s Founder and Editor in Chief, Sonalie Figuerias, to discuss sustainability in the food and beverage industry and how consumer demand continues to evolve and develop with the environment.   The invitation only event will be livestreamed on In The Moo For Love’s Facebook page.   The initiative continues with pledging activities where charity donation will be matched with:

  • Shop & Pledge from November 5 – 14, 2021 at select retailers (see Appendix 2 for list of retailers)
  • Eat & Pledge from November 8 – 12, 2021 (see Appendix 3 for lunch menus)

 

 

Shop & Pledge (November 5 – 14, 2021)

Ice Age! will be offering products sponsored by Horizons Ventures for consumers to showcase how consuming earth-friendly products does not require sacrifice on taste or texture.  Produced with Perfect Day’s animal-free whey protein, Ice Age! ice cream products and Ice Age! x The Cakery mini loaf cakes will be available at City’super, Great, select Fusion, Food le Parc, Taste, ParknShop stores and The Cakery outlets from November 5 – 11 (Ice Age! ice cream) and November 8 – 14 (Ice Age! x The Cakery mini loaf cakes) at a sponsored price of HK$10 each, for consumers to experience alternative dining decisions at minimal barrier.  Matching donation will be made to The Nature Conservancy and World Resources Institute for every purchase by UBS and Goldman Sachs to support the initiative.

 

In collaboration with The Cakery, Ice Age! will produce two limited edition mini loaf cakes in  Ginger & Orange and Dark Chocolate flavours.  This will be the first appearance of Perfect Day’s animal-free whey protein in pastry items in Hong Kong, highlighting the versatility of Perfect Day’s protein. The Ice Age! x The Cakery cakes will be animal-free, lactose-free, hormone-free, egg-free and butter-free.

 

Eat & Pledge (November 8 – 12, 2021)

From November 1st, customers can pre-order 6 of Hong Kong’s most renowned chefs curated plant-based meals for lunch from November 8 – 12, 2021.

 

Chefs Richard Ekkebus of Amber, Umberto Bombana of 8½ Otto e Mezzo Bombana, May Chow of Happy Paradise, Peggy Chan of Grassroots Initiatives, Michael Smith of Moxie and Christian Mongendre of  Treehouse will each be creating a limited quantity of  fifty (50) In The Moo For Love Bentos, served in an ecofriendly, reusable lunch box made of bamboo fibres from Take, a cup of Ice Age! Ice cream and an In The Moo For Love reusable canvas bag.  (Please see daily menus in Appendix 3).

 

Each In The Moo For Love lunch meal is priced at HK$250 and will be sold on a pre-registration basis via inthemooforlove.com website.  Pre-ordering starts from November 1st and for every meal sold, UBS and Goldman Sachs will be donating HK$250 to The Nature Conservancy and World Resources Institute respectively to support the initiatives.

 

Other In The Moo Activities

During the campaign period, other supporting activities include:

  • In the Moo For Love designated Impossible™ Pork meals at MX and select Maxim’s Group Chinese restaurants.
  • Homebake will also be doing a collaboration on November 13, 2021 to create special animal-free baked goods.
  • Part proceeds from sales of the In The Moo For Love meals and Homebake baked goods on November 13, 2021 will be donated.

 

More information about In The Moo For Love can be found at:

Website: inthemooforlove.com

Facebook: inthemooforlove.hk

Instagram: @inthemooforlove.hk

END

 

Contact Information

 

For media queries, please contact:

RSVP Communications

Sissy Wong      sissy@rsvp.com.hk     Tel: 6559 9997

Denise Chiu     denise@rsvp.com.hk  Tel: 6114 6188

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Instacart acquires smart checkout startup Caper AI for $350M

Lux Capital

Instacart today announced that it acquired Caper AI, a startup developing technologies to automate brick-and-mortar checkout experiences, for approximately $350 million in cash and stock. With the purchase, Instacart says that it aims to help retailers “unify in-store and online shopping [flows] for customers.”

Caper’s New York-based workforce will join Instacart, adding hardware engineering talent to Instacart’s existing product development team. Over time, Instacart expects to integrate Caper’s technology into the Instacart app and the ecommerce websites and apps of its retail partners, allowing customers to build online shopping lists and browse recipes ahead of time and check off their lists as they go.

“Over the years, Instacart has continued to expand its retailer enablement services, helping brick-and-mortar grocers across North America move their businesses online, grow, and meet the evolving needs of their customers. As we look ahead, we’re focused on creating even more ways for retailers to develop unified commerce offerings that help address consumer needs across both online and in-store shopping,” Instacart CEO Fidji Simo said in a statement.

AI-powered shopping

Caper was founded in 2016 by Lindon Gao and York Yang. Gao, the president of jewelry manufacturer JPG Crafts, was previously an investment banking analyst at Goldman Sachs and J.P. Morgan.

“The powerful technology we’ve created is intuitive for customers, easy to deploy for retailers of all sizes, and creates a physical retail ecosystem that never existed before,” Gao said in a press release. “We share Instacart’s vision of enabling grocery retailers with new innovations that create step changes for their businesses, and we’re proud to now be joining forces with Instacart to develop even more solutions that help bring the online and offline together for retailers.”

Caper offers two products: the Caper Cart and the Caper Counter.

The Caper Cart is a shopping cart that uses computer vision and cameras to detect and add items to a digital shopping list (a la Amazon’s Dash Cart). When shoppers toss items into the cart’s basket, they’re recognized by an algorithm trained on a database of over 20 million images and analyzed to provide personalized recommendations and nearby deals via a screen mounted to the cart. The cart automatically measures item weight and will soon provide location-based services that let customers search for and receive directions to items in the store.

Caper cart

Above: A rendering of the Caper Cart.

The Caper Counter also employs AI and cameras to scan items barcode-free, replacing a traditional self-checkout counter with a device that scans items from five different angles to complete transactions. The counter offers promotions and provides digital receipts through a digital display and also lets staff monitor activity to prevent theft, as well as add images of unfamiliar items to Caper’s image recognition database.

Caper’s carts — which were the first in the U.S. approved by the federal government’s National Type Evaluation Program (NTEP), which certifies that they can accurately sell items priced by weight and measures — are currently deployed at Kroger and Wakefern, Sobeys in Canada, and Auchan in France and Spain. That’s in addition to Caper’s smart checkout counters in convenience stores.

Caper Counter

Above: The Caper Counter.

Image Credit: Cape AI

Caper had raised $13 million in venture capital from Lux Capital, FundersClub, HCVC, First Round Capital, Red Apple Group, Redo Ventures, Precursor Ventures, and Y Combinator prior to the acquisition.

“[W]e’re thrilled to welcome the Caper AI team to Instacart. We share the same goal of equipping retailers with new and innovative technologies that help them succeed in an increasingly competitive industry, while also providing customers with the best possible experience. We’re excited to bring Caper’s leading smart carts and smart checkout platform to more retailers around the world, as we all reimagine the future of grocery together,” Simo said. “We’ll continue to deepen our investment in our suite of enterprise technology services, unlocking new solutions that help power the comprehensive ecommerce platforms of retailers across North America.”

Smart retail boom

Instacart’s purchase of Caper comes on the heels of its acquisition of FoodStorm, which offers an order-ahead and catering solution for retailers. It’s the latest in a series of investments in Instagram’s enterprise technology services, which the company began offering to partners like Aldi, Costco Canada, Heinen’s, Kroger, Publix, Sprouts, The Fresh Market, Walmart Canada, and Wegmans in 2017 as it looked for new lines of business beyond delivery.

Instacart is one of the largest online grocery platforms in North America, with over 600 retailers delivering from 55,000 stores in over 5,500 cities. (The company estimates its service is available to over 85% of U.S. households and 90% of Canadian households.) Recently, Instacart closed a $265 million funding round at a valuation twice what it was worth last October: $39 billion.

But delivery is an expensive venture, given the challenge of maintaining a dedicated network of shoppers, delivery drivers, and cashiers. This week, the Gig Workers Collective — a network of about 13,000 of Instacart’s 500,000 shoppers — organized a strike protesting the company’s low pay and lack of communication with its laborers. Instacart reportedly turned a profit in the second quarter, netting about $10 million. But as recently as 2019, the company was losing $25 million every month — despite the fact that online grocery purchases have jumped during the pandemic to $1 trillion.

To boost revenue, Instacart has expanded its enterprise offerings including Instacart Advertising, a tool that lets consumer packaged goods companies promote their products to users of the Instacart app. In July, the company launched a new fulfillment solution with Fabric, a startup offering robot-powered “microfulfillment” services designed to operate in dense metropolitan areas. And following the acquisition of FoodStorm, Instacart said it would begin to provide ways for retailers to offer prepared foods for preorder, which are typically more profitable than groceries like produce and packaged goods.

Instacart previously said that expects to grow its corporate headcount by 50% in 2021 as part of its planned expansion initiatives.

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Egeria divests Dutch Bakery after a period of strong growth

Egeria

Amsterdam, 20 September 2021 – Egeria and 3i Group plc (“3i”) have reached agreement on the sale of Dutch Bakery, a leading bakery group specialised in home bake-off bread and snack products. Closing is expected to take place in October, subject to approval of the antitrust authorities.

Raoul Vorage, CEO Dutch Bakery: “We are excited about this new chapter for Dutch Bakery and are looking forward to creating a leading European player in the bake-off market together with our new shareholder. The partnership with Egeria has helped us to grow Dutch Bakery further and to professionalize our way of working over the last years, which forms a strong basis for the future of our company. We are grateful to Egeria for their support.”

Sander van Keken, Director at Egeria: “Dutch Bakery has been part of Egeria since 2017 and we are proud to have supported the company in growing and solidifying their business. We believe that the company is in a good position for the future and are happy that we have found a strong new partner for the next growth phase of Dutch Bakery. It was our pleasure to team up with the management team of Dutch Bakery and would like to thank all employees for their continued dedication to the company.”

Bastiaan Peer, Director at 3i: “We are excited to back the Dutch Bakery management team. They have put the right foundations in place for continued future growth, both organically and through a targeted buy-and-build strategy. We look forward to working with them to realise this ambition.”

About Dutch Bakery
Dutch Bakery has a leading position in the Dutch market for bake-off bread and bread-based snacks. The company was founded in 1936 and operates bakeries in Alkmaar, Eindhoven, Rijen, Tilburg, Waalwijk and Budel. The company is specialised in consumer bake-off bread and annually bakes nearly a billion rolls, including mini-baguettes, Kaiser buns, croissants, baguettes, sausage rolls and pastry with sausage filling. The products of Dutch Bakery are sold to major food retailers, both in the Netherlands and abroad.

About Egeria
Established in 1997, Egeria is an independent Dutch investment company focused on mid-sized companies in the Netherlands and DACH region. Egeria invests in healthy businesses with an enterprise value of between EUR 50 million and EUR 350 million, and believes in building businesses jointly with entrepreneurial management teams (Boldly Building Together). Egeria Private Equity Funds has interests in 13 companies in the Netherlands and Germany, while Egeria Evergreen has investments in 7 companies. Egeria’s portfolio companies generate combined revenues of more than EUR 2 billion and employ circa 12,000 people. Other activities include Egeria Real Estate Investments, Egeria Real Estate Development and Egeria Listed Investments. In 2018 Egeria launched Egeria Do, a corporate giving program that supports projects in the world of art, culture and society, but also within Egeria’s portfolio companies.

About 3i
3i is an international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America. For further information, please visit: www.3i.com

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80 Acres Farms: $160 million funding round secured to expand operations

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Orange Wings Investments

10 August, 2021|80 Acres Farms|Press Release|80 Acres Farms

80 Acres Farms 70k Grow

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.

Mike Zelkind and Tisha Livingston

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.”

80 Acres Farms – Romaine

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Waterlogic enters Finland with Thoreau hospitality solution

Castik Capital

 

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.

Media Contact

Rosanna Turner, Group Marketing Communications Manager

rosanna.turner@waterlogic.com

About Waterlogic

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

About Castik

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.

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Elopak towards IPO in June

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Ferd

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

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.

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Bridgepoint to acquire global fruit genetics, R&D and licensing company Sun World

Bridgepoint

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.

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