Tag Archives: Agri & Food

KKR Completes Acquisition of Bettcher Industries and Names Dan Daniel Chairman

KKR

NEW YORK–(BUSINESS WIRE)– Bettcher Industries (“Bettcher” or the “Company”), a leading manufacturer and supplier of food processing equipment and associated aftermarket parts and consumables, and KKR, a leading global investment firm, today announced the completion of KKR’s acquisition of Bettcher from MPE Partners.

Effective upon the transaction close, Dan Daniel, a KKR Executive Advisor, will assume the role of Chairman of Bettcher. Mr. Daniel will support Tim Swanson, CEO of Bettcher, in setting the strategic direction of the company and in overseeing Bettcher’s operating performance.

“Bettcher is a great business and an iconic brand, and I am honored to support the Company in its growth ambitions from here,” said Mr. Daniel. “Through continued growth and accretive acquisitions, we can together build Bettcher into a scaled leader in food processing automation equipment and I look forward to working alongside the Bettcher management team and KKR to do exactly that,” said Mr. Daniel.

Mr. Daniel has three decades of experience leading U.S. industrial companies, most recently serving as an Executive Vice President at Danaher from 2008 through March 2020. During his 14 years as an Executive Officer at Danaher, Mr. Daniel directly managed Danaher’s Industrial Technologies and Life Sciences portfolios until 2017, and, from 2017 until his retirement in March 2020, directly managed the company’s Diagnostics and Dental segments.

“I am excited to be partnering with KKR and Dan as they share our vision at Bettcher of driving continued innovation while providing outstanding support to our customers. Together, we will be able to build upon Bettcher’s legacy to partner with our customers in new and expanded ways,” said Mr. Swanson.

KKR will also be supporting Bettcher in implementing KKR’s broad-based employee engagement model at the Company. Since 2011, KKR’s Industrials team has focused on employee engagement as a key driver in building stronger businesses. The strategy’s cornerstone has been to allow all employees to take part in the benefits of ownership by granting them the opportunity to participate in the equity return alongside KKR. Beyond sharing ownership, KKR also supports employee engagement by investing in training across multiple functional areas and by partnering with the workforce to give back to the community.

About Bettcher Industries

Headquartered in Birmingham, Ohio, Bettcher is a leading developer and manufacturer of innovative equipment in the food processing and medical device industries. The Bettcher portfolio includes the following: Bettcher, a designer and manufacturer of handheld trimmers, tools, and cutting consumables for all protein applications; Cantrell-Gainco, a manufacturer of processing equipment and yield enhancement and yield tracking systems for various protein operations; ICB Greenline, an aftermarket replacement parts and services company focused on poultry processing; and, Exsurco Medical, a leading-edge medical device company that provides innovative products and services to transform surgical grafting, debridement, and recovery outcomes for patients with burn and trauma wounds.

About KKR

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

For Bettcher Industries:
Bryan Hesse
(440) 204-3291
BryanHesse@bettcher.com

For KKR:
Cara Major or Julia Kosygina
(212) 750-8300
media@kkr.com

Source: KKR

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ARBOR INVESTMENTS ANNOUNCES ACQUISITION OF LARGEST NORTH AMERICAN FREEZE-DRYER, OREGON FREEZE DRY

Arbor Investment

Arbor Investments (“Arbor”), a specialized private equity firm that focuses exclusively on investing in food, beverage and related industries, announced today the acquisition of Oregon Freeze Dry (“OFD” or the “Company”) from Endeavour Capital. The transaction marks the fifth platform investment for Arbor Fund V. Terms of the transaction were not disclosed.

Founded in 1963, OFD is North America’s largest and most technologically advanced freeze-dryer of food, probiotics, enzymes, proteins, specialty ingredients, and lyophilized pharmaceutical inputs. With nearly six decades of institutional knowledge and proprietary lyophilization expertise, OFD manufactures innovative and value-added freeze-dried products for a diversified and high-growth mix of end-markets. This expertise is paired with OFD’s unmatched production scale and capabilities, including 36 freeze-drying chambers spread across four best-in-class bicoastal facilities, with nearly 550 employees. A new state-of-the-art West Coast facility is also under construction (scheduled to open mid-2022) which will further enhance the Company’s lyophilized pharmaceutical capabilities.

With a storied history that includes working with the U.S. Department of Defense to provide meals to troops and supporting NASA space missions (including products taken on every Apollo mission to the Moon), Oregon Freeze Dry is a pioneer in freeze-drying food applications that have superior flavor, long shelf-life and convenient preparation. From producing meals for the U.S. military to making products for on-the-go consumers and emergency preparedness under its own retail brand, MOUNTAIN HOUSE®, OFD has perfected the art and science of manufacturing superior tasting products that are nutrient-preserving while being clean-label and preservative-free. The Company’s Mountain House® brand, with omnichannel distribution across mass, club, eCommerce and specialty retail, is the unrivaled #1 freeze-dried brand in the adventure and outdoor meal category.

Leveraging the Company’s institutional “know-how” in technical, high-value added freeze-drying, OFD utilizes its proprietary LyoLock™ process to also produce customized critical inputs for multinational customers in the nutritional supplements, ingredients and pharmaceutical industries. OFD brings an innovative approach to designing and commercializing successful product concepts and is a key contract manufacturing partner to an enviable list of sophisticated customers.

Oregon Freeze Dry CEO Joe Folds and other senior leadership will continue to lead OFD from their headquarters in Albany, Oregon.

“For decades, Oregon Freeze Dry has set the standard of excellence in meals for consumers and the U.S. military, as well as serving as a trusted partner for our contract manufacturing customers,” said Folds. “Our ambition has always been to grow – across both new products and new capabilities – and we are excited to be partnering with Arbor, who completely shares our appetite and vision for continued ambitious growth.”

“Oregon Freeze Dry is the clear market leader for a broad range of high value-added products in thriving categories,” stated Arbor Partner Chris Tuffin. “The Company’s unmatched scale, Mountain House’s brand equity, and long-term relationships with blue-chip customers make this a compelling platform investment for Arbor.”

“The Oregon Freeze Dry team has a distinguished track record of successful new product development and is widely respected by customers and other freeze-dryers as the best in the business,” added Arbor Senior Operating Partner Tim Fallon. “With numerous opportunities to continue driving growth through innovation, new capabilities and category extensions, we look forward to partnering with Joe and the OFD leadership team to further accelerate growth.”

Winston & Strawn LLP served as Arbor’s legal counsel in connection with the transaction. Cascadia Capital served as Exclusive Financial Advisor and Stoel Rives LLP served as legal counsel to OFD.

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Mathem to merge with Axfood’s Mat.se and enter into long-term supply agreement with Dagab

Kinnevik

Kinnevik AB (publ) (“Kinnevik”) today announced that Mathem has agreed to merge with Mat.se, Axfood’s online grocer business, and to enter into a long-term strategic supply agreement with Axfood’s purchasing and logistics company Dagab. Kinnevik will own 31 percent of Mathem after the transaction and remains the company’s largest owner.

The combination of Mathem with Mat.se, together with the partnership with Axfood, will create synergies, increase scale, and enable the combined company to further improve its customer proposition in the direct-to-home online grocery market. Axfood will own approximately 17 percent of Mathem and as part of the partnership Axfood’s purchasing and logistics company, Dagab, will enter into a seven-year delivery and collaboration agreement with Mathem, covering purchasing, product range and logistics. The transaction is subject to customary regulatory approval and is expected to close in the first quarter of 2022.

Georgi Ganev, CEO of Kinnevik commented: “We welcome Axfood as a partner and owner in Mathem. Axfood’s leading market position and passion for good and sustainable food will help strengthen Mathem’s customer offering, and we look forward to support the company on their continued growth journey together with our new partner.”

Klas Balkow, CEO of Axfood commented: “Together with Mathem we now create a stronger and better pure online offering for Mathem’s and Mat.se’s customers. The long-term supply agreement between Dagab and Mathem strengthens that offering even further. We look forward to further develop the merged Mathem and Mat.se company together with Kinnevik and the other owners.”

In the all-stock merger, Mat.se and Mathem are valued in proportion to their respective revenues during the last twelve months as at 30 September 2021.

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik’s ambition is to be Europe’s leading listed growth investor, and we back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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KKR joins InVivo in its acquisition of global malt producer Malteries Soufflet

KKR

KKR is co-investing with Bpifrance and Crédit Agricole Group for a total consideration of €440m

Paris, 9 December, 2021 – KKR, a leading global investment firm, announces today that KKR has acquired a significant minority stake in Malteries Soufflet, a leading producer in the malt industry. KKR, Bpifrance and Crédit Agricole Group will collectively invest €440m in the malt business, which is a division of Soufflet Group. Soufflet Group has recently been acquired by InVivo, a leading French agricultural and agri-food business, with InVivo welcoming the three investment partners as they look to accelerate the growth of Malteries Soufflet and strengthen its globally leading position.

Malteries Soufflet is one of the leading global malt producers, employing 1,200 people, spread over four continents, with 28 production plants and an annual production of 2.4m tons. Malteries Soufflet has significant capacity to supply malting-quality barley through its international footprint, and is well positioned to capture growing demand in the underlying market from both international brewers, as well as the growing craft beers market.

Thierry Blandinières, CEO of InVivo Group, commented: “We were looking for a dynamic strategic partner capable of supporting our global growth plans with the acquisition of Soufflet while simultaneously assessing the international growth potential of our malt division. KKR, along with Bpifrance and Crédit Agricole Group, worked with us to find the right solution to help strengthen our malt division for years to come, in France and internationally.”

Jérôme Nommé, Partner and Head of France at KKR, said: “Malteries Soufflet is a world class business with the potential to significantly strengthen its position under the expert leadership of Thierry Blandinières and his team at InVivo. We are delighted to work with InVivo alongside other highly respected investors, and look forward to supporting InVivo in growing and developing the malt division to help it meet its exciting growth ambitions.”

Blaine MacDougald, Partner and Co-Head of KKR’s Strategic Investments Group, added: “Our ability to offer capital solutions to companies which are complementary to our traditional private equity business gives us additional ways to partner with management, while still enabling them to benefit from the full suite of KKR resources. This structured equity investment demonstrates the flexibility of the KKR platform to work closely with companies on supporting their future growth needs.”

KKR’s diversified and multi-asset investment platform provides KKR with the flexibility to support ambitious companies with a suite of comprehensive, bespoke capital solutions, further enhanced by its global experience and operational capabilities. In France, this model along with KKR’s strategic partnership approach, strong local presence and large global platform, enables companies to grow and globalize. KKR is a long-term investor in France, where the firm has invested over €10 billion since 2002, forming strategic partnerships with a number of leading French businesses including Devoteam, Mediawan, OVHcloud, among others. KKR invests in Malteries Soufflet from its managed funds.

 

About KKR

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About InVivo

InVivo Group, which finalized the acquisition of Soufflet Group in December 2021, is one of Europe’s leading agricultural groups with revenues of nearly €10 billion, with more than half of which generated in France, and a workforce of more than 13,000 employees, including more than 10,000 in France. With operations in 35 countries, it has more than 90 industrial sites, including 63 in France.

A cornerstone of food sovereignty, InVivo operates across the entire value chain, from farm to fork, and is a leader in each of its strategic businesses: Agriculture; Malting (“Malteries Soufflet”); Milling, ingredients, bakery and pastry; Garden center and food retail; International grain trade; Wine. A global cross-functional centre for innovative and digital solutions completes the structure, in order to accelerate the transformation of InVivo’s businesses.

For more information: invivo-group.com / Twitter @InVivoGroup

 

Media Contacts

KKR France:

Finsbury Glover Hering

Nathalie Falco

Telephone: +33 6 30 64 90 15

Email: nathalie.falco@fgh.com

 

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ARBOR INVESTMENTS ANNOUNCES INVESTMENT IN ULTRA-PREMIUM RAW PET FOOD MANUFACTURER, CARNIVORE MEAT COMPANY

Arbor Investment

Arbor Investments (“Arbor”), a specialized private equity firm that focuses exclusively on investing in food, beverage and related industries announced today their investment in, and partnership with ultra-premium freeze-dried and frozen raw pet food manufacturer Carnivore Meat Company (“Carnivore” or the “Company”). The transaction marks the fourth platform investment for Arbor Fund V. Terms of the deal were not disclosed.

Founded in Green Bay, Wisconsin by entrepreneur and CEO Lanny Viegut in 2012, Carnivore is among the largest pure-play freeze-dried raw pet food producers in North America, manufacturing unique freeze-dried and frozen raw pet food, snacks and treats. A pioneer in raw pet food, Carnivore’s state-of-the-art manufacturing facilities and proprietary freeze-drying process are strongly positioned to meet rapidly growing demand, fueled by discerning pet parents worldwide who are seeking nutritious and delicious alternatives to traditional pet foods.

Carnivore’s all-meat freeze-dried products are safe, convenient, and shelf-stable, making them ideal for traveling, training, snacking and everyday feeding. These highly differentiated products are marketed under the Company’s family of brands including flagship brand Vital Essentials®, Vital Cat®, VE RAW BAR™ and the most recently launched Nature’s Advantage® line. The Company’s branded products are distributed to over 7,200 retailers in the U.S. and Canada, online including via Chewy and Amazon, and in 14 international markets. In addition, Carnivore is a trusted partner to a number of co-manufacturing and private label customers.

“Carnivore has been blessed with incredible growth and we see acceleration at an even faster rate in the future,” said Viegut. “When we saw this opportunity to partner with a team who completely match us in culture, values and beliefs…and who share the same commitment to manufacturing premium quality food products, we just had to say, “YES”! This partnership will help us stay ahead of the ever-increasing demand for our 100% raw protein products. Carnivore and Arbor are a perfect fit and the timing couldn’t be better. With our combined experience and expertise, along with Arbor’s resources, we will continue scaling quickly to stay ahead of the incredible demand curve for our ultra-premium quality raw pet foods and treats.”

Under Viegut’s leadership, Carnivore was recently named to Inc. 5000’s list of America’s fastest growing private companies for a third consecutive year. Viegut and senior leadership of the Company will continue in their operating roles leading the business.

“The Carnivore team have developed distinctive products with a fanatical customer base,” stated Arbor Partner Chris Tuffin. “The freeze-dry sector is seeing meteoric growth as pet parents learn about the unrivaled benefits of a raw diet. We look forward to bringing our resources and capital to help increase capacity and support the step-change acceleration in the Company’s growth.”

“Lanny and his team have built something truly incredible, not only in terms of product, but in terms of a unique culture,” said Arbor President Carl Allegretti. “The Carnivore team’s customer-centric approach and ‘find ways to say yes’ attitude across the organization is a clear driver of their tremendous success, and a seamless fit with Arbor’s hands-on approach. We couldn’t be more excited about our new partnership.”

Winston & Strawn LLP served as Arbor’s legal counsel in connection with the transaction. Houlihan Lokey served as Exclusive Financial Advisor and Godfrey & Kahn served as legal counsel to Carnivore.

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CVC Fund VIII completes acquisition of Stock Spirits

CVC Capital Partners

Acquisition follows unanimous recommendation of Stock Spirits’ board of directors and approval by shareholders

CVC Capital Partners (“CVC”) is pleased to announce the completion of the acquisition of Stock Spirits Group PLC (“Stock Spirits”) by CVC Capital Partners Fund VIII, following the unanimous recommendation of Stock Spirits’ Board of Directors and the approval by the majority of Stock Spirits’ shareholders.

Stock Spirits holds several market-leading positions in the Central and Eastern European alcoholic beverages sector and has a portfolio of products rooted in local and regional heritage. This includes 70 brands across a range of spirits including vodka, vodka-based flavoured liqueurs, rum, brandy, bitters and limoncello. The company currently enjoys leading positions in the Polish and Czech markets.

CVC sees an opportunity to accelerate Stock Spirits’ growth, pursuing opportunities within its existing geographies alongside expansion into complementary new geographies in Central and Western Europe.

CVC funds are long-standing investors in the region where CVC has a dedicated team with a strong track record of advising on investments into high quality businesses such as Zabka, the Polish market leader in modern convenience retail and PKP Energetyka, the sole distributor of traction electricity to all railway customers in Poland.

István Szőke, a Managing Partner at CVC, commented: “We have followed Stock Spirits with interest for a decade, having originally been impressed by its compelling position across a number of key markets as well as its clear potential for growth. We are delighted to have now completed this transaction and look forward to working closely with management in executing on their strategy and significantly boosting the Company’s growth and development.”

Krzysztof Krawczyk, a Partner at CVC, added: “We are excited to start delivering on our plans for Stock Spirits. In addition to capitalising on our local expertise and track record of helping consumer facing companies across Stock Spirits’ core geographies, we will leverage our M&A capabilities to pursue new areas of growth.”

Mirek Stachowicz, Chief Executive Officer of Stock Spirits, commented: “We are delighted to partner with CVC through this next stage of our journey. CVC’s knowledge of the local marketplaces is second to none and, coupled with its demonstrable track record of successful M&A in the region, will position Stock Spirits for long-term growth.”

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Universal Robina Corporation announces acquisition of Munchy’s

CVC Capital Partners

Universal Robina Corporation (URC), one of the largest branded food and beverage companies in the Philippines with a strong presence in the ASEAN region, reached an agreement with private equity firm CVC Capital Partners (CVC) to acquire a 100% stake in Munchy Food Industries Sdn. Bhd. (Munchy’s) and its wholly owned subsidiary Munchworld Marketing Sdn. Bhd. from CVC Asia IV for 1.925 billion Malaysian Ringgit on a “cash-free, debt free” basis.

Established in 1991, Munchy’s is Malaysia’s No.1 biscuit brand that has now flourished into a recognized and successful brand across the region. Munchy’s offers a wide variety of offerings across all key biscuit segments with well-loved brands include Munchy’s Cream Crackers, LEXUS Cream Sandwich, Oat Krunch, Muzic Wafer, and Choc-O cookies, are available in most retail outlets in Malaysia and more than 50 countries globally.

Irwin C. Lee, President and CEO of URC, said: “URC is delighted to announce the acquisition of Munchy’s which will add immediate value to our international product portfolio, and scale up our Malaysian market position to leadership in the Biscuits category. Munchy’s, with its strong brands, talented organization, and operational excellence, is a great strategic fit with URC. Together, we will be able to further expand the footprint of URC and Munchy’s brands and unlock growth synergies in Malaysia as well as across the ASEAN region.

Alvin Lim, Senior Managing Director of CVC, said: “This has been a highly successful partnership between CVC and the excellent leadership team at Munchy’s that has seen the company expand into new geographies and the launch of numerous innovative and delicious products. Universal Robina Corporation is the perfect new home for Munchy’s and we wish them the very best for the future.”

Rodney Wong, Munchy’s CEO, said: “We are excited to become part of URC. This move will allow Munchy’s to have access to research and development expertise in multiple categories, enhance market knowledge, route to market, and manufacturing capabilities in countries outside of Malaysia. This will translate to development of innovative forward-thinking offerings to our consumers and strengthen our presence in the ASEAN market. Both companies share a common purpose, values and ambition where we both put people first in everything we do, looking to delight everyone with good food choices and inspire happiness together. We would like to thank CVC for their expertise and support over the last three years and look forward for the next phase of profitable growth for Munchy’s.”

The transaction has been approved by the board of directors of both companies and is expected to close by December 2021 subject to fulfilment of customary closing conditions.

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Universal Robina Corporation announces acquisition of Munchy’s

CVC Capital Partners

Universal Robina Corporation (URC), one of the largest branded food and beverage companies in the Philippines with a strong presence in the ASEAN region, reached an agreement with private equity firm CVC Capital Partners (CVC) to acquire a 100% stake in Munchy Food Industries Sdn. Bhd. (Munchy’s) and its wholly owned subsidiary Munchworld Marketing Sdn. Bhd. from CVC Asia IV for 1.925 billion Malaysian Ringgit on a “cash-free, debt free” basis.

Established in 1991, Munchy’s is Malaysia’s No.1 biscuit brand that has now flourished into a recognized and successful brand across the region. Munchy’s offers a wide variety of offerings across all key biscuit segments with well-loved brands include Munchy’s Cream Crackers, LEXUS Cream Sandwich, Oat Krunch, Muzic Wafer, and Choc-O cookies, are available in most retail outlets in Malaysia and more than 50 countries globally.

Irwin C. Lee, President and CEO of URC, said: “URC is delighted to announce the acquisition of Munchy’s which will add immediate value to our international product portfolio, and scale up our Malaysian market position to leadership in the Biscuits category. Munchy’s, with its strong brands, talented organization, and operational excellence, is a great strategic fit with URC. Together, we will be able to further expand the footprint of URC and Munchy’s brands and unlock growth synergies in Malaysia as well as across the ASEAN region.

Alvin Lim, Senior Managing Director of CVC, said: “This has been a highly successful partnership between CVC and the excellent leadership team at Munchy’s that has seen the company expand into new geographies and the launch of numerous innovative and delicious products. Universal Robina Corporation is the perfect new home for Munchy’s and we wish them the very best for the future.”

Rodney Wong, Munchy’s CEO, said: “We are excited to become part of URC. This move will allow Munchy’s to have access to research and development expertise in multiple categories, enhance market knowledge, route to market, and manufacturing capabilities in countries outside of Malaysia. This will translate to development of innovative forward-thinking offerings to our consumers and strengthen our presence in the ASEAN market. Both companies share a common purpose, values and ambition where we both put people first in everything we do, looking to delight everyone with good food choices and inspire happiness together. We would like to thank CVC for their expertise and support over the last three years and look forward for the next phase of profitable growth for Munchy’s.”

The transaction has been approved by the board of directors of both companies and is expected to close by December 2021 subject to fulfilment of customary closing conditions.

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Antelope Acquires Bocce’s Bakery

Alpine

SAN FRANCISCO–(BUSINESS WIRE)–Antelope, an omni-channel, pet consumer platform focused on delivering high-quality, natural pet products, announced its acquisition of Bocce’s Bakery (“Bocce’s”), an all-natural, limited-ingredient pet treats company. Bocce’s will continue to operate under its brand name within Antelope.

Bocce’s Bakery was founded in 2010 by Andrea Tovar after Andrea had a difficult time finding simple, natural treats for her dog, Bocce. Andrea started baking treats in her NYC apartment with the belief that dogs deserve real food. Natalia Tovar, Andrea’s sister joined the business in the first year. Eleven years later, Bocce’s has grown into one of the fastest growing brands in pet treats, with a full line of treats of over 75 SKUs of all-natural, innovative recipes for dogs (and soon cats) of all ages. Bocce’s treats are carried in thousands of retail stores across the nation and can be found in local independent pet stores, natural grocery chains, and national retailers such as Target, Petsmart, Petco, and Shake Shack. Andrea and Natalia will continue as Senior Advisors to the company.

Antelope was launched by Alpine Investors (“Alpine”) and Founder and CEO, Wendy Wen, with the mission to build a next-generation conglomerate of high-quality natural pet brands. Wendy was previously the Co-Founder and COO of SENREVE, a digitally-native, omni-channel luxury handbag brand, where she’d built the business from the ground up to a globally recognized name.

“We started Bocce’s in a small oven and could not be more proud of how our customers have stood behind our mission over the past decade. In considering the next step in Bocce’s growth trajectory, we have found Alpine to be unique in their energy, enthusiasm, and care for our brand,” said Andrea. “We are confident that Alpine and Wendy will continue to build on Bocce’s strong foundation while maintaining Bocce’s quality promise and our commitment to making a positive change in the pet aisle. We are excited about the opportunities that partnering with Alpine will unlock for Bocce’s and look forward to this next chapter in the Bocce’s story.”

“The company that Andrea and Natalia have built is unmatched in its product, branding, and values,” said Wendy, CEO of Antelope. “I am thrilled to partner with Bocce’s and am committed to preserving the unique DNA that has made Bocce’s so successful while investing in the infrastructure to help the brand scale to the next level.”

About Bocce’s Bakery

Bocce’s was founded in 2010 in a West Village kitchen with a mixer, an oven, and a scruffy mutt named Bocce with the belief that dogs deserve better. Better food with fresher, simpler, all-natural ingredients, and lots of treats! Bocce’s treats can now be found nationally – stocked in independent pet stores across the US, retailers such as Target, Petco, Chewy, and specialty locations such as Shake Shack. To learn more, visit: www.boccesbakery.com

About Antelope

Antelope was founded in August 2021 with the mission to elevate the lives of all pets by delivering the highest quality products across all consumable categories. Antelope aims to buy, build and grow the best pet consumable brands across all verticals. Business owners interested in learning more about partnerships with Antelope should contact Tyler Frances at tyler@alpineinvestors.com. To learn more, visit: www.antelopepets.com.

About Alpine Investors

Alpine Investors is a people-driven private equity firm that is committed to building enduring companies by working with, learning from, and developing exceptional people. Alpine specializes in investments in companies in the software and services industries. Its PeopleFirst strategy includes a CEO program which allows Alpine to bring leadership to situations where additional or new management is needed post-transaction. Alpine is currently investing out of its $2.25 billion eighth fund. For more information, visit www.alpineinvestors.com.

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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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