Bain Capital Private Equity to acquire Porus Labs

BainCapital

Bain Capital Private Equity to acquire Porus Labs

Funding to drive expanded presence in specialty chemicals sector

MUMBAI – June 8, 2023 – Bain Capital Private Equity (“Bain Capital”), a leading global private investment firm, today announced the acquisition of Porus Labs, a leading manufacturer of agricultural and speciality chemicals. Bain Capital’s resources and industry experience will enable Porus Labs to unlock significant growth through investments in talent, business development, capacity expansion, process engineering and developing or acquiring distinctive chemical capabilities. Financial terms of the private transaction were not disclosed.

Founded in 1994 in Hyderabad, Porus Labs brings significant specialized knowledge in segments such as speciality polymers, electronic chemicals and agrochemicals. The company’s continuous efforts to increase capabilities through investments in research & development, process improvement and business development capabilities have resulted in robust organic growth and positioned it as a trusted partner of global customers in the industry.

“We are very excited to build a platform in the specialty chemicals contract development and manufacturing space, leveraging Porus Labs’ expertise and strong market position. We have high conviction in the industry’s growth prospects and see immense potential for expanding the company’s market by building or acquiring differentiated chemical capabilities in key sectors,” said Rishi Mandawat, a Partner at Bain Capital Private Equity.

“Porus Labs has been a trusted partner to large global customers for nearly three decades. Our customer-centric approach and chemistry capabilities have helped us gain strategic importance amongst our customers. We enjoyed interacting with the Bain Capital team over the last few months and are pleased to entrust Bain Capital to take Porus Labs on to its next stage of growth. We are confident in our ability to unlock the full potential of our market-leading position through this transformative partnership with Bain Capital by leveraging their extensive industry expertise and global network.” said Srinivasan Namala, CEO at Porus Labs.

The transaction is subject to receipt of necessary approvals from all relevant authorities.

About Bain Capital Private Equity:

Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of more than 280 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital has 23 offices on four continents. Since its inception, the firm has made primary or add-on investments in more than 1,150 companies. In addition to private equity, Bain Capital invests across multiple asset classes, including credit, public equity, venture capital and real estate, managing approximately $165 billion in total assets and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.

For more information, please visit: www.baincapitalprivateequity.com

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Egeria Announces the Sale of GoodLife Foods to IK Partners

Egeria

30 May, 2023 – Egeria Capital Management (“Egeria”) today announced that it has reached a conditional agreement to sell GoodLife Foods (the “Company”) to IK Partners (“IK”).

Headquartered in Breda, the Netherlands, GoodLife Foods is a leading European manufacturer of frozen snacks and meal components such as spring rolls, appetisers, burgers as well as cheese and vegetable bites. The Company offers a broad portfolio of branded and private label products which it sells to Retail, Foodservice and Industrial customers across Europe. GoodLife has over 700 employees with six manufacturing plants located across the Netherlands, Belgium and Denmark.

Formed by the carve-out of Izico from Wessanen in 2014, GoodLife has grown to become a fully integrated leading European frozen appetiser platform. Under Egeria, the Company acquired six companies in three different countries which was followed by years of strong organic growth.

Under the existing management team, GoodLife has gone from strength-to-strength and through its partnership with IK, it expects to further expand its product portfolio with on-trend frozen bites. It also plans to achieve further growth acceleration in- and outside of its core geographies through organic initiatives and buy-and-build.

Dirk Van de Walle, CEO at GoodLife Foods, stated: “We look forward to the next chapter which will see us working with the team at IK who have vast experience in the Food sector and can support us with our ambitious plans to internationalise through organic initiatives and M&A. I would also like to use the opportunity to thank Egeria. We are grateful for the support and opportunities that Egeria has provided GoodLife with over the past years.”

Remko Hilhorst, Managing Partner at IK and Advisor to the IK IX Fund, stated: “We have been impressed with GoodLife’s track record to date and its ability to continuously evolve its product portfolio to meet the needs of its customers. It has a diversified offering with further growth potential which can be unlocked in the years to come. With its solid foundation in place, we look forward to collaborating with Dirk and the team to develop the Company further.”

Sander van Keken, Partner at Egeria, stated: “It has been a true pleasure working with Dirk, Kamiel, Willem and the complete GoodLife organisation. We are proud that under our ownership Goodlife has transformed from a carved-out company primarily focused on the Benelux to a European company with a much broader product range of frozen snacks. I am confident that together with IK GoodLife will continue to expand across Europe whilst maintaining its unique and pleasant GoodLife culture.”

Completion of the transaction is subject to legal and regulatory approvals.

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IK Partners to acquire GoodLife Foods from Egeria

IK Partners (“IK”) is pleased to announce that the IK IX Fund has signed an agreement to acquire GoodLife Foods B.V. (“GoodLife Foods”, “GoodLife” or “the Company”), a leading European manufacturer of frozen snacks. IK is acquiring a majority stake from Egeria Capital Management (“Egeria”) alongside management who will be reinvesting. Financial terms of the transaction are not disclosed.

Headquartered in Breda, the Netherlands, GoodLife Foods is a leading European manufacturer of frozen snacks and meal components such as spring rolls, appetisers, burgers as well as cheese and vegetable bites. The Company offers a broad portfolio of branded and private label products which it sells to Retail, Foodservice and Industrial customers across Europe. GoodLife has over 700 employees with six manufacturing plants located across the Netherlands, Belgium and Denmark.

Formed by the carve-out of Izico from Wessanen in 2014, GoodLife has grown to become a fully integrated leading European frozen appetiser platform. Under Egeria, the Company acquired six companies in three different countries which was followed by years of strong organic growth.

Under the existing management team, GoodLife has gone from strength-to-strength and through its partnership with IK, it expects to further expand its product portfolio with on-trend frozen bites. It also plans to achieve further growth acceleration in- and outside of its core geographies through organic initiatives and buy-and-build.

Dirk Van de Walle, CEO at GoodLife Foods, stated: “We look forward to the next chapter which will see us working with the team at IK who have vast experience in the Food sector and can support us with our ambitious plans to internationalise through organic initiatives and M&A. I would also like to use the opportunity to thank Egeria. We are grateful for the support and opportunities that Egeria has provided GoodLife with over the past years.”

Remko Hilhorst, Managing Partner at IK and Advisor to the IK IX Fund, stated: “We have been impressed with GoodLife’s track record to date and its ability to continuously evolve its product portfolio to meet the needs of its customers. It has a diversified offering with further growth potential which can be unlocked in the years to come. With its solid foundation in place, we look forward to collaborating with Dirk and the team to develop the Company further.”

Sander van Keken, Partner at Egeria, stated: “It has been a true pleasure working with Dirk, Kamiel, Willem and the complete GoodLife organisation. We are proud that under our ownership Goodlife has transformed from a carved-out company primarily focused on the Benelux to a European company with a much broader product range of frozen snacks. I am confident that together with IK GoodLife will continue to expand across Europe whilst maintaining its unique and pleasant GoodLife culture.”

Completion of the transaction is subject to legal and regulatory approvals.

For further questions, please contact:

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

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 170 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikpartners.com

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About GoodLife Foods B.V.

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

About Egeria

Established in 1997, Egeria is an independent Dutch investment company focused on mid-sized companies in the Netherlands and DACH region. For more information, visit https://egeriagroup.com/

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Royal Buisman acquired by Nactarome

Bencis

Amsterdam – On 31 March 2023, the shareholder of Royal Buisman (or the “Company”) entered into a definitive agreement to sell the Company to Nactarome. The sale follows the carve-out of Royal Buisman from its ultimate parent Prinsen Berning, a portfolio company of Bencis Capital Partners. Current management will continue in its position and looks forward to the next growth journey together with its new partner.

Royal Buisman is an established producer of natural caramelised ingredients for the food and beverage industry.
International customers use its products to improve the taste and intensify the natural colour of their products.

Headquartered in Zwartsluis, The Netherlands, Royal Buisman leverages 150 years of knowledge and expertise
in the field of caramelised sugars, enriching sugars into 100% pure and natural caramel ingredients for B2B food
and beverage producers. The Company produces dry powder and liquid caramel ingredients that strengthen the
‘signature’ of a wide range of bakery, instant hot drinks, meat, meat replacers and savoury food products as well
as (alcoholic) beverages. Royal Buisman’s products deliver taste, aroma, colour and texture enhancement to its
customers, providing a unique experience for end-consumers and a cost-effective and natural ’’clean-label” alternative.

Royal Buisman was acquired in 2016 by Prinsen Berning, a group that is ultimately controlled by Bencis Capital
Partners. While the coffee powder business of Royal Buisman was integrated within the group, the natural
caramelised ingredients production remained in Zwartsluis as an independent subsidiary. Since the focus of the
group shifted to the B2B active nutrition segment, Prinsen Berning decided to sell Royal Buisman.

With the acquisition, Nactarome further broadens its product assortment of natural ingredients for speciality
products. Furthermore, the company strengthens its customer base with blue-chip food and beverage
companies, who are primarily based in Europe. Royal Buisman and Nactarome envisage strong collaborative
opportunities in several end-markets as well as diversifying the customer base of the Company. Nactarome has
a strong foothold in Asian markets, that Royal Buisman could benefit from.

The sale of Royal Buisman was overseen by Squarefield, a Food & Agri focused corporate finance advisor with
offices in Amsterdam, Frankfurt, and Antwerp.

Robert Hoopman – CEO Royal Buisman: “The Buisman team is excited to become part of the Nactarome group,
an organisation that is well-known in the market for its focus on high-quality natural ingredients. Our products
are complementary to the existing assortment of Nactarome and we share the same values and strategy. We are
thankful for Squarefield’s long-term support and in-depth knowledge of the ingredients market.”

Renske Vriend – Investment Director Bencis Capital Partners: “This transaction benefits the strategy of both
parties involved. On the one hand Prinsen Berning can have a more focused approach on the active nutrition
market, and on the other hand, Royal Buisman can continue its strategy of offering high-quality natural
ingredients to global blue-chip customers as part of a dedicated functional ingredients supplier. Our cooperation
with Squarefield went as expected, Squarefield is a long-term partner to Bencis in global food and agri.”

 

About Royal Buisman

Royal Buisman (www.royalbuisman.com) is a supplier of natural caramelised ingredients for the international
food and beverage industry. The Company is a market leading expert in natural, clean label caramel ingredients
that are used in bread, hot drinks, savoury & convenience, fine bakery and meat & meat replacer products. Royal
Buisman is headquartered in Zwartsluis, The Netherlands.

About Nactarome

Nactarome (www.nactarome.eu) is a producer of colours, flavours and ingredients for the food, beverage and life
sciences industries. It has a strong European presence with specialised manufacturing plants and commercial
offices and serves over 4,500 customers across 100 countries worldwide. The company employs more than 500
employees worldwide and is headquartered in Milan, Italy. Nactarome is a portfolio company of TA Associates, a
US-based private equity fund with offices around the world.

About Bencis Capital Partners

Bencis is an independent investment company that supports business owners and management teams in
achieving their growth ambitions. Working out of offices in Amsterdam, Brussels and Düsseldorf, Bencis has been
investing in strong and successful businesses in the Netherlands, Belgium and Germany since 1999.

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Innovad to acquire Herbonis to strengthen natural specialty feed ingredients portfolio

IK Partners

Antwerp – Innovad®, a leading provider of animal nutrition and health solutions, is pleased to an- nounce that it is acquiring all the shares of Herbonis a Swiss-based company and its affiliates, including Wyreside in the UK. The acquisition aims to strengthen Innovad’s portfolio of natural speciality feed ingredients and align with its strategy of expanding into primary ingredients. Herbonis is recognised as a leader in a niche market and Panbonis, a product containing the plant-based source of the metabolic active form of Vitamin D, represents a unique and highly technical product with proven health benefits in poultry, swine and dairy. From its inception, Innovad has been formulating its products with plant- based ingredients and this acquisition will strengthen its position — adding capacity and knowledge to support the growth in its botanicals, nutraceuticals product portfolio.

Ben Letor, Innovad CEO: “We view Herbonis as a high quality and recognised leader operating in a niche market. Herbonis has an impressive track record, dedicated team, independent mindset, and outstanding know-how on botanicals. Herbonis Group highly scientific and plant-based proposition matches perfectly with Innovad’s strong strategic commitment to becoming the centre of excellence and knowledge in phytogenic and plant-based products. Natural solutions represent a megatrend in our industry to address sustainability objectives as well as consumer demand, provided that such plant-based alternatives are well-researched, well-documented, cost-effective and with the lowest carbon footprint.”

Raetus Boehlen, Herbonis CEO: “Having deep understanding of bioactive plants with proprietary analytical tools, Herbonis has succeeded in bringing to the market an effective 100% plant-based technology. Panbonis has demonstrated its performance and return through its strong customer base & partnership. Many publications and outstanding scientific dossier evidence its unique mode of action. Being able to include Panbonis as part of Innovad’s broader product portfolio will allow Herbonis to tap into new entry points with a broader customer base. It was essential for the owners of Herbonis to hand the company to a group that would continue to invest, support and recognise the value of Herbonis and its team.”

Massimo Neri, Innovad Director Europe: “We are highly motivated to combine Herbonis with Innovad. We believe that Innovad’s strong sales organisation, well-established European footprint and global commercial network perfectly fits with our strategy of delivering the Panbonis brand more directly to end users. With a presence in 75 countries, we expect Innovad’s platform to help accelerate brand awareness and market access for Herbonis’s products. Together, we can create a strong portfolio of innovative and sustainable solutions which will support animal health and welfare.”

Remko Hilhorst, Managing Partner at IK Partners and Advisor to the IK IX Fund: “In today’s volatile environment, it is exciting to be adding Herbonis to Innovad’s product portfolio as we continue to work with the management team to unleash its plan for further sustainable growth. We hope this will help establish the Innovad Group as a global primary producer and leader focused on botanicals, biomonitoring programmes and specialised in feed solutions.“

About Innovad

Innovad is a leading provider of animal nutrition and health solutions. The company offers a wide range of innovative and sustainable solutions to the livestock industry. Its patented, innovative Myco-marker® biomonitoring programme is truly a game changer in the industry. Innovad services integrators, producers, nutritionists, veterinarians, feed companies with a focused range of on farm water soluble and in-feed solutions. www.innovad-global.com

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About Herbonis

Herbonis is a company specialising in plant-based bioactive molecules, the leader in the niche vita- min D3 market with its product Panbonis, which offers a powerful natural source of the metabolic active form of Vitamin D. With a focus on sustainability and natural ingredients, Herbonis is commit- ted to providing innovative solutions to the animal feed industry. www.herbonis.com

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About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 170 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikpartners.com

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Herkules IV completes full exit of LMK Group AB

Hercules Capital
On 2 March 2023, Herkules IV divested it’s remaining shareholding in publicly listed LMK Group AB (“LMK”). LMK is a leading supplier of meal kits in the Nordic region and considers itself a leader in Scandinavian food tech. LMK operates in Sweden, Norway and Denmark under the brands Linas Matkasse, Godtlevert, Adams Matkasse and RetNemt.
On 2 March 2023, Linas Matkasse Holding II AS, owned by Herkules Private Equity Fund IV, sold 1,528,125 existing shares in LMK Group AB (“LMK”), corresponding to approximately 12.1 percent of the outstanding shares. The transaction was completed at a price of SEK 7.50 per share. Following this transaction, Herkules does not longer hold any shares in LMK.

Gert Wilhelm Munthe has represented Herkules as a member of the board of directors in LMK. Mr. Munthe will not stand for re-election to LMK’s board of directors.

“It has been a pleasure to work with Walker Kinman and his team in their successful turnaround of the company. Likewise, it has been rewarding to work with the professional Board who have been instrumental in the transformation. Herkules wishes LMK all the best for the future.”, says Mr. Munthe.

Pareto Securities acted as broker in connection with the transaction.

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Gimv participates in Paleo’s Series A of EUR 12m, a Belgian pioneer in the alternative protein market

GIMV

Topic: Investment

Paleo is a Belgian precision fermentation company that allows food manufacturers to offer a “real taste” experience, by providing key ingredients for environmentally friendly and cruelty-free meat and fish alternatives. To scale and grow, Paleo raised EUR 12m euro in a Series A financing round, led by DSM Venturing and Planet A Ventures and joined by Gimv, SFPIM Relaunch, Beyond Impact, and Siddhi Capital.

Paleo focuses on myoglobin, a protein that makes plant-based foods look and taste like meat or fish in terms of color, smell, taste, and aromatic experience and provides added nutritional value. The meat and fish proteins of Paleo are identical to animal proteins and GMO-free, providing an important competitive advantage.

Michaël Vlemmix, Principal in the Life Sciences-platform of Gimv, indicates: “We are very enthusiastic to be able to support a Belgian pioneer in the Foodtech space and provide our expertise and network to build a leading company. Being able to produce a GMO-free myoglobin through precision fermentation is highly exciting and offers the possibility to become one of the key catalysts to bring the plant-based food industry to the next level. I am looking forward to being able to grow this company together with management and our international syndicate of specialized investors in the space.”

Bram Vanparys, Managing Partner and Head of Life Sciences adds: “The mission of Gimv’s Life Sciences platform is to invest in companies developing products that are significantly benefiting society, which perfectly matches Paleo’s mission of combining people’s health with our planet’s health.”

For more information, please read the full press release from Paleo attached.

 

Read the full document

 

Gimv

Karel Oomsstraat 37, 2018 Antwerpen, Belgium

www.gimv.com

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AgTech leader Kind Technologies attracts growth capital from Avedon to further develop its innovative offering. Avedon additionally acquires Gimv’s majority stake in the group.

GIMV

Topic: Divestment

Kind Technologies, a specialist in horticulture automation, makes an important step in its further development and welcomes Avedon Capital Partners as new investor providing further growth capital while also acquiring Gimv’s stake. The founders continue in their current roles and reinvest in the new structure that will enable the group to continue its organic growth journey complemented with further buy-and-build initiatives in horticulture automation.

In 2018, Gimv invested via its Smart Industries platform in Kind Technologies alongside the founders Alex Kind and Richard Vialle who previously acquired two machine vision companies. At the time the company was catering for a broad a range of customers and applications. Accompanied by Gimv, strategic choices combined with focused acquisitions led to a further positioning of Kind Technologies as automation expert in the AgTech domain.

In 2021, Kind Technologies completed this process by selling its activities in pharmaceutical glass inspection systems. From that moment on, Kind Technologies was able to fully focus on innovative automation within the greenhouse horticulture, an area with strong growth drivers centered around a safer and sustainable food supply chain.

Kind Technologies is leveraging its knowhow in robotics, computer vision, data and AI to scale-up its SortiPack® product family. The SortiPack® is developed in Eindhoven under the Crux Agribotics umbrella. Through Westland-based Martin Stolze, the Group offers a complete portfolio for internal logistics solutions. Kind Technologies really is where Brainport meets Greenport.

Avedon will supply Kind Technologies with growth capital to follow through with the ambition to automate the complete process from crop harvest to packed product. The group will also continue to further strengthen its position through buy-and-build.

Nick Medaer, Partner within the Gimv Smart industries team says “We proudly look back at the journey together with Alex and Richard repositioning and building Kind Technologies to where it stands today, a leading innovator in the horticulture market. Alex and Richard have demonstrated that they are true entrepreneurs, believing in their dreams and going more than the extra mile to achieve them. We wish them and Avedon a fruitful partnership.

Alex Kind and Richard Vialle, the Founders add “We are grateful for the support and trust gained from Gimv during the past five years and the pivot and progress we have made jointly. Kind Technologies is now well positioned to address the increasing demand for automation within the greenhouse horticulture market. We look forward to addressing this momentum together with Avedon in the next phase of growth and to contribute to a more safe and efficient process for growing plants, fruits and vegetables, with our cutting edge technology.”

Emily Jeffries, Partner at Avedon shares: “We are honored and excited to support Alex, Richard and the strong teams at Crux and Martin Stolze on the promising growth journey ahead. Kind Technologies’ engineering talent, innovative culture and unmatched product and service portfolio give Kind a great position to accelerate their meaningful impact for growers worldwide.”

The transaction has no significant impact on the Net Asset Value of Gimv as of 30 September 2022. Over the entire holding period Gimv realizes a return in excess of the long-term portfolio return target. No further financial details will be disclosed.

 

Read the full document

 

Gimv

Karel Oomsstraat 37, 2018 Antwerpen, Belgium

www.gimv.com

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Glass Pharms announces partners in UK cultivation facility: KUBO to build a state-of-the-art greenhouse

NPM Capital

Having secured up to £26.7M of funding from a FTSE-250 listed investment fund, Glass Pharms, the UK-based medical cannabis cultivation company, are delighted to announce a team of best-of-breed partners to complete their cultivation facility.

KUBO have been selected to deliver a state-of-the-art greenhouse for the Glass Pharms facility to ensure sophisticated control of climatic conditions and low energy consumption using its patented Ultra-Clima® system. The carbon negative facility will be powered entirely by renewable energy generated from food waste fed into an anaerobic digestion (AD) plant. Waste hot water from the AD plant will also be used for both heating and cooling.

The greenhouse will harvest and recycle rainwater and will represent a new benchmark for sustainable enclosed agriculture in the UK. Askam Civil Engineering, with specific sector expertise, will be providing the required civils and headhouse fitout for the facility. Glass Pharms have the first UK commercial licence granted by the Home Office to supply High-THC cannabis flower to lawful pharmaceutical companies, granted in 2021. Earlier this year it announced Richard Lewis, one of the UK’s most experienced glasshouse growers, as its managing director and will shortly announce its plant specific expert. “We will underpin a secure supply chain of affordable medical cannabis to UK patients without them having to compromise on freshness or quality, whilst at the same time making a real contribution towards the UK’s Net Zero targets,” said James Duckenfield, CEO of Glass Pharms.

UK Medical Cannabis Market 
Medical Cannabis was legalised in the UK in November 2018 with an amendment of The Misuse of Drugs Regulations 2001, allowing the prescription of cannabis-based products for medicinal use (CBPMs) to UK patients.

KUBO has been active in the greenhouse industry for over 75 years. The company serves growers of fruits, vegetables, plants and flowers with high-tech greenhouses, including software support and services including training, data analysis, management and operational support. The company, with approximately 150 employees, has branches in Monster (the Netherlands), Montreal (Canada) and Shanghai (China). With a turnover of roughly €200 million and projects realised in 45 countries, including Canada, United States, Russia, China, Japan, South Korea, Australia and Oman, KUBO is a pioneer in its industry. The family owned company, founded in 1945, was awarded the number one position in the Hillenraad100: an annual ranking of the hundred most prominent businesses in the knowledge- and capital-intensive Dutch (greenhouse) horticultural industry cluster.

For more information on KUBO, contact NPM Capital, Stijn Jonker (jonker@npm-capital.com)

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Sun Capital Affiliate Completes Acquisition of Fresh Origins

Sun Capital

Market Leading Grower and Shipper of Microgreens and Edible Flowers for Foodservice and Retail Customers Across the United States

January 19, 2023 – Sun Capital Partners, Inc. (“Sun Capital”),a leading private investment firm focused on defensible businesses in growing markets with tangible performance improvement opportunities, today announced its affiliate has completed the acquisition of Fresh Origins (or the “Company”), a market leading grower and shipper of Microgreens and Edible Flowers for foodservice and retail customers across the United States. Terms of the private transaction were not disclosed.

Founded in 1996, Fresh Origins pioneered the Microgreens category and is known for having the widest product variety, exceptional quality and consistency, and most rigorous food safety standards in the industry. The Company offers over 600 varieties of Microgreens, Petite® Greens, Edible Flowers, Shoots, Tiny Veggies™, and other Specialty items, serving over 350 foodservice distributors, restaurants, and retailers across the United States. Fresh Origins’ San Marcos, California headquarters is ideal for natural sunlight growing with average annual temperatures between 50 and 85 degrees Fahrenheit and over 250 days of sunshine. The Company’s operations have over 2.4 million square feet of growing capacity across more than 45 greenhouses on 123 total acres.

Microgreens and Edible Flowers are small, edible versions of vegetables, herbs, and flowers that are harvested 1-2 weeks into the growing cycle. Seed to ship is typically 10 to 14 days. Microgreens and Edible Flowers are utilized by chefs and consumers to elevate the visual appearance of prepared dishes while also enhancing the flavor profile and materially improving nutritional density.

“We are excited about the opportunity to work closely with Fresh Origins’ CEO, Norma St. Amant, to continue to grow and enhance the business,” said Marc Leder, Co-CEO of Sun Capital. “Norma and Company management have built a great organization and we look forward to supporting the Company with our operational resources and extensive food industry expertise to help Fresh Origins expand its leadership position in the growing Microgreens and Edible Flowers market.”

“We are pleased to welcome Sun Capital as our new partner to help us capitalize on growth opportunities in our rapidly expanding market,” said St. Amant. “Sun’s experience, industry expertise, and resources will allow us to enhance our brand and continue to fulfill our commitment to delivering high quality products, market leading innovation, and world class service to our valued customers.”

“Fresh Origins is a leading specialty produce business in a rapidly growing, highly fragmented industry with tangible growth and performance improvement opportunities,” said Jonathan Jackson, Principal at Sun Capital. “We are excited to partner with Norma and the Fresh Origins leadership team to accelerate growth through continued foodservice penetration and retail adoption, as well as capitalize on performance improvement opportunities including facility automation and systems implementation.”

Sun Capital has extensive experience partnering with industry leading food businesses through current and prior investments, including Creekstone Farms Premium Beef, Del Monte Canada, Elan Nutrition, Fearman’s Pork, Harry’s Fresh Foods, Fresh-Pak, Northland Cranberries, Sunrise Growers-Frozsun Foods, and Timothy’s Coffees of the World.

Fresh Origins was advised on the transaction by Houlihan Lokey (advisory), FORVIS (financial), and Sidley Austin (legal). Sun Capital was advised on the transaction by EY (financial), EY-Parthenon (commercial), and Kirkland & Ellis (legal).

About Fresh Origins

Fresh Origins, headquartered in San Marcos, CA, is a market leading grower and shipper of Microgreens and Edible Flowers for foodservice and retail customers across the United States. Founded in 1996, Fresh Origins pioneered the Microgreens category and is known for having the widest product variety, exceptional quality and consistency, and most rigorous food safety standards in the industry. The Company offers over 600 varieties of Microgreens, Petite® Greens, Edible Flowers, Shoots, Tiny Veggies™, and other Specialty items, serving over 350 foodservice distributors, restaurants, and retailers.

 

Media Contact
Matthew Conroy
Stanton
646-502-3563
mconroy@stantonprm.com

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