Tag Archives: Agri & Food

Cuisine Solutions, Global Leader and Pioneer in Sous Vide Premium Foods, Announces $250 Million Growth Investment from Bain Capital

BainCapital

Cuisine Solutions, Global Leader and Pioneer in Sous Vide Premium Foods, Announces $250 Million Growth Investment from Bain Capital

Sterling, VA and Boston, MA, June 6, 2022 – Cuisine Solutions Inc., the global leader and pioneer in sous vide premium foods, today announced a $250 million investment from Bain Capital to accelerate its growth and global expansion. The minority investment will further establish Cuisine Solutions’ authority in the sous vide category, provide additional resources to support accelerated product innovation, and expand its business domestically and internationally as well as the company’s global manufacturing footprint beyond the United States, France, and Thailand.

Cuisine Solutions will continue to operate under the leadership of the existing management team, led by Chief Executive Officer, Felipe Hasselmann, and Chairman, Stanislas Vilgrain, who remain significant owners in the business, in addition to the Vilgrain family retaining a controlling interest.

Headquartered in Sterling, Virginia, Cuisine Solutions is the largest sous vide company in the world and a leading culinary innovation partner, with locations in North America, Europe, the Middle East, and Asia. Recognized by the world’s top chefs and kitchens, the company is the production and thought leader on the innovative slow-cooking technique that it pioneered, perfected, and popularized. Cuisine Solutions provides prepared sous vide food products to food service, on-board, military, and retail customers worldwide including Amtrak, Costco, Dunkin’, Hilton Hotels & Resorts, Panera, and Starbucks among many other industry leaders.

“Our future, while bright before this strategic partnership, is now even more exciting as we see substantial runway to drive growth and expansion through continued innovation across multiple product categories,” said Hasselmann. “We are proud to be the leader in the art and science of sous vide, which is the answer to so many of the challenges our clients face inside and outside of the kitchen. This investment will enable us to rapidly scale our worldwide manufacturing infrastructure, business partnerships, and fortify our supply chain, thereby creating additional scale to meet the growing needs of the global partners who rely on our products every day across tens of thousands of locations.”

“My vision when founding Cuisine Solutions was to be the best innovator and food producer in our space, develop best-in-class partnerships, and have our reputation speak for itself through our quality, scale, and innovation,” said Vilgrain. “To have a world-class investment firm of Bain Capital’s caliber support our vision speaks to the success of our original mission and to the exciting future of our industry. I am extremely proud of our accomplishments from our humble start in 1990 to today and am looking forward to building together with Bain Capital a leading, innovative food company of the future.”

“Stanislas, Felipe, and the management team have done an outstanding job building Cuisine Solutions into a clear leader in the fast-growing sous vide market that is recognized by many of the world’s top chefs. The company’s unique range of culinary innovations offer higher quality and consistency, better food safety, and lower costs, which is a win-win for their customers in the current macroeconomic environment,” said Cristian Jitianu, a Managing Director at Bain Capital. “We are excited to partner with Cuisine Solutions and support the management team’s growth plans while further enhancing the value proposition as the preferred culinary innovation partner to blue-chip restaurant, retail, travel, and hospitality brands,” added Jeffrey Chung, a Director at Bain Capital.

Bain Capital has a long history of partnering with companies in the consumer, retail, and restaurant industries to accelerate growth. The firm’s restaurant, food service, and grocery-related investments have included Advantage Solutions (NASDAQ: ADV), Bloomin’ Brands (NASDAQ: BLMN), Brakes Group Food Distribution, Burger King (NYSE: QSR), Dessert Holdings, Dunkin’ Brands Inc., Domino’s Pizza (NYSE: DPZ), Gail’s Bakery, Retail Zoo, Skylark Restaurants, and Valeo Foods.

About Cuisine Solutions
Led by an international team of award-winning chefs, Cuisine Solutions is the world’s leading manufacturer of sous vide products — the innovative, precise slow-cooking technique the Company pioneered, perfected, and popularized decades ago. Renowned for its innovation, the Company has launched sous vide products across a wide spectrum of categories – including proteins, sauces, grain and plant-based products, and its hugely popular egg bites.  Their pasteurized sous vide items offer 18 months shelf life frozen, six days when defrosted, and can be oven finished in mere minutes. This allows food service and home cooks to save time, simplify the complexity of any supply chain challenges, and is a perfect solution to significantly reduce waste and labor costs. Headquartered in Sterling, Virginia, Cuisine Solutions services more than 22,000 restaurants and 6,000 retailers, as well as major airlines and hotels. For more information, visit www.cuisinesolutions.com.

About Sous Vide
Sous vide – French for “under-vacuum” – is an innovative cooking technique in which food is vacuum sealed and heated in water until cooked to perfection.  In 1971, Dr. Bruno Goussault (who would later become Chief Scientist at Cuisine Solutions) developed sous vide as a way of improving the texture and flavor, while maintaining the natural integrity of cooked foods. Dr. Goussault discovered that the sous vide approach – whereby food is slowly cooked at slightly-lower-than-usual temperature in specially designed, vacuum sealed pouches – resulted in notable flavor enhancement and a reduction in food shrinkage compared to conventional cooking methods. Cuisine Solutions’ heritage in sous vide – and its continuous innovation in the science – has allowed the Company to consistently deliver restaurant-quality products that are trusted and favored by top chefs and discerning foodies around the world.

About Bain Capital
Bain Capital, LP is one of the world’s leading private multi-asset alternative investment firms that creates lasting impact for our investors, teams, businesses, and the communities in which we live. Since our founding in 1984, we’ve applied our insight and experience to organically expand into numerous asset classes including private equity, credit, public equity, venture capital, real estate and other strategic areas of focus. The firm has offices on four continents, more than 1,300 employees and approximately $160 billion in assets under management. To learn more, visit www.baincapital.com.
The transaction is expected to close during the second quarter of 2022 and is subject to customary closing conditions.

Moelis & Company LLC acted as exclusive financial advisor and sole placement agent and McDermott Will & Emery acted as legal advisor to Cuisine Solutions in connection with the transaction. BofA Securities served as financial advisor and Kirkland and Ellis served as legal advisor to Bain Capital.

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CVC Fund VIII to acquire majority stake in The Quality Group

CVC Capital Partners

Together with the founders, CVC will help to further accelerate the business’s growth path

CVC Capital Partners VIII (“CVC Fund VIII”) has agreed to acquire a majority stake in The Quality Group (“TQG”). CVC Fund VIII will invest alongside all previous owners of TQG, who will reinvest in the business as minority shareholders. Founders Benjamin Burkhardt and Christian Wolf will continue to play key roles in the operational development of TQG. Financial terms of this transaction were not disclosed.

TQG is a leading manufacturer of innovative sports performance nutrition products and healthy, low-sugar food alternatives in the DACH region. Formed in December 2020 through the merger of “ESN” and “More Nutrition” the group offers a wide range of high-quality lifestyle products such as protein powder, weight management products, vitamins and sports supplements. Direct interaction with its customers is at the heart of the TQG’s strategy – from the sale of products via own web shops to their partnerships with 300 influencers who are part of its brands’ loyal customer base. Through these partnerships and its own channels, TQG reaches five million followers daily on various social media platforms. TQG’s headquarters and production facilities are based in Elmshorn near Hamburg and it employs 360 people.

Together with the founders, CVC will help to further accelerate the business’s growth path by scaling its logistics activities and improving the customer experience, as well as expanding the product portfolio in both the DACH region and internationally. TQG will benefit from CVC’s entrepreneurial expertise and large international network.

CVC has been active in the German market for more than 30 years and successfully works with numerous large and medium-sized companies. These include several companies in which the founders and founding families are still co-invested, such as Douglas, Europe’s leading premium beauty retailer, and the Messer Group, a global leader in industrial gases.

Closing of the transaction is subject to approval by the relevant regulatory authorities and is expected for the end of the second quarter of 2022.

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Advent International to Acquire a Significant Stake in Imperial Dade, a Leading North American Distributor of Food Service Packaging and Janitorial Supplies, from Bain Capital Private Equity

BainCapital

Boston and Jersey City, NJ – May 2, 2022 – Advent International (“Advent”), today announced it has signed a definitive agreement to acquire a significant stake in Imperial Dade (the “Company”), the leading distributor in North America of foodservice packaging and janitorial supplies, from Bain Capital Private Equity (“Bain Capital”).  Bain Capital, which first invested in Imperial Dade in 2019, and Advent will have joint Board governance.  Imperial Dade will continue under the leadership of Robert and Jason Tillis, Chairman and CEO respectively, who remain significant investors in the business alongside the current management team.  Financial terms of the private transaction were not disclosed.

Advent International to Acquire a Significant Stake in Imperial Dade, a Leading North American Distributor of Food Service Packaging and Janitorial Supplies, from Bain Capital Private Equity

Founded in 1935 and based in Jersey City, NJ, Imperial Dade is a leading independently owned and operated distributor of foodservice packaging, facilities maintenance supplies, floor equipment, and industrial packaging serving North America, Puerto Rico, and the Caribbean.  With approximately 6,400 employees, Imperial Dade provides customized supply chain solutions to customers in the foodservice, grocery, hospitality, cruise lines, healthcare, retail, government, facilities maintenance, and export market segments.  Imperial Dade operates from a network of strategically located distribution centers totaling over 10.2 million square feet of warehouse space across North America  and serves more than 90,000 customers.

“When we invested in Imperial Dade three years ago, we had a shared vision with the Tillis Family that there was an enormous opportunity to build on the strong foundation they had created and to create an industry leader focused on best-in-class customer service.  Under their leadership, Imperial Dade has become the preeminent platform in North America that quality, independent operators are proud to join.  Now we are excited to continue to support Imperial Dade’s growth journey with our new partners at Advent, with whom Bain Capital has successfully collaborated in the past,” said Ken Hanau, a Managing Director and Co-Head of Industrials at Bain Capital Private Equity.

Since 2019, Imperial Dade’s revenue has increased from $2 billion to $5 billion as a result of organic growth and the acquisition of regional distributors expanding their geographic reach and customer service capabilities in North America.  In March 2022, Imperial Dade reached an agreement to acquire Veritiv Canada, Inc. to extend its presence into Canada.

“Customers are at the core of all we do as we work to provide the best possible solutions through the products and services we offer,” said Jason Tillis.  “We appreciate the support and partnership Bain Capital has provided as we have expanded our business and customer mix tremendously, and we look forward to working with Advent as we continue to expand our platform,” said Robert Tillis.

“We are thrilled to partner with Jason and Robert Tillis and the entire Imperial Dade management team, along with Manny Perez de la Mesa, Bain Capital and Audax, to support Imperial Dade’s next chapter of growth.  Imperial Dade has developed a truly differentiated value proposition based on its best-in-class service and industry-leading product portfolio.  We look forward to continuing to serve the Company’s stakeholders, including its thousands of valued customers, its employees, and the communities in which it operates,” said Stephen Hoffmeister, a Managing Director at Advent International.

“I’m proud to partner with Jason and Robert Tillis, as they’ve built a terrific platform providing exceptional value to Imperial Dade customers and suppliers, while providing exceptional opportunities for its employees.  I am very much looking forward to continuing to support the business as it embarks on the next phase of its growth,” said Perez de la Mesa, lead director of Imperial Dade and former CEO of Pool Corporation.

Audax Private Equity, which invested in Imperial Dade in 2016, also continues to be a significant investor in Imperial Dade.

Harris Williams and Goldman Sachs & Co. LLC are serving as financial advisors, PwC is serving as accounting advisor, and Kirkland & Ellis LLP is serving as legal advisor, to Bain Capital and Imperial Dade.  Baird is serving as financial advisor, and Weil, Gotshal & Manges LLP is serving as legal advisor to Advent.

About Imperial Dade
Imperial Dade is the leading independently owned and operated distributor of foodservice packaging, facilities maintenance supplies and equipment in North America.
Learn more at www.imperialdade.com

About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 390 private equity investments across 41 countries, and as of December 31, 2021, had $88 billion in assets under management. Advent has considerable experience in distribution, having previously supported market leaders such as ABC Supply, MORSCO Inc., Distribution International, Rubix and Caldic. With 15 offices in 12 countries, Advent has established a globally integrated team of over 250 investment professionals across North America, Europe, Latin America, and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

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 250 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 22 offices on four continents. The firm has made primary or add-on investments in more than 1,000 companies since its inception. In addition to private equity, Bain Capital invests across asset classes including credit, public equity, venture capital and real estate, managing approximately $160 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.

For more information, visit: www.baincapital.com 

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Ardian acquires a stake in Nutripure, a digital brand specializing in sports nutrition and food supplements

Ardian

Ardian, a world-leading private investment house, announced today that it has acquired a stake in Nutripure, with Bpifrance completing the financing round. Founded at the end of 2017 by two brothers, Christophe Carrio, five-time world karate champion, and Florent Carrio, Nutripure is a Digital Native Vertical Brand (DNVB), which develops and distributes food supplements and organic superfoods, mostly via its own website.

Nutripure has experienced strong growth of over 90% per year since its creation and has been profitable since its inception. The company is becoming a leader in its market, notably due to its unique positioning covering a variety of sports and health needs. The brand is recognized by consumers for its premium quality, relying on naturality, purity and traceability of components, with all of its products manufactured in France.

Initially created to address the needs of professional athletes, Nutripure is now targeting anyone wishing to take care of their health. The depth of the offering is materialized by four categories of products: Health & Metabolism, Muscle Gain & Endurance, Tendons & Ligaments, and Healthy Nutrition. The brand offers a growing range of products dedicated to specific needs, including sleep quality, stress reduction, joints care, blood circulation improvement, which now represent the majority of the company’s revenues.

Ardian’s investment in Nutripure will allow the company to prepare for the next phase of its development, while maintaining its strong growth trajectory. Ardian Growth’s team, with its investment track record in the sector, will provide Nutripure with access to its vast network. The team will work with the founders on the company strategic pillars, including product development, marketing positioning, sales channel optimization, as well as the company’s internal organization. Bpifrance will also contribute to the plan by providing its support services.

“We are very happy to join Florent and Christophe Carrio in this new step of the Nutripure’s development. This company and its founders are fully in line with Ardian Growth’s DNA, with a profitable growth model and a committed vision. Our investment in Nutripure will allow us to provide the founders with our expertise in e-commerce business models, as well as in the health sector and dietary supplements in particular.” Frédéric Quéru, Managing Director in Ardian’s Growth team

“In four years, Nutripure has succeeded in becoming a reference brand in the sector. Ardian’s and Bpifrance’s investment reflects our desire to secure future growth while remaining a majority stakeholder. Our mission to help everyone achieve their personal or sporting goals remains unchanged, just like the team of athletes we are supporting for Paris 2024.” Florent Carrio, Founder of Nutripure and CEO

“High level performance is always associated with three core principles: willpower – fundamentals – a progressive and rational application. I have been applying these principles personally for the past three decades and my brother and I have been passing this on and sharing this with the Nutripure community. Ardian’s and Bpifrance’s entry will allow us to progress and reach more people by helping them to make progress while improving their health.” Christophe Carrio, Founder of Nutripure

“Supporting an ambitious e-commerce player in a booming market with an authentic brand is fully in line with Bpifrance’s mission. Nutripure and its founders embody values that we hold dear. We are proud to invest alongside Ardian Growth, an investor specializing in the sector, and to support Florent and Christophe in the development of this unique player!” Arnaud Despoisse, Senior Investment Manager at Bpifrance

List of Participants

  • Ardian

    • Ardian Growth: Frédéric Quéru, Kevin Delvas
    • Bpifrance: Christine Busque, Arnaud Despoisse
    • Financial advisor: Crowe HAF (Thomas Corbineau, Julien Latrubesse, Thyl Bourgeois, Martin Lecina)
    • Transactional legal advisor: Gaftarnik Lévi Le Douarin (Mickaël Levi, Sarah Mobtahij)
    • Social legal advisor: Lys Avocats (Siham Belarbi, Chloé Van Parys)
    • Tax advisor: Mamou & Boccara (Laurent Mamou, Camille Stofati, Margot Mantez)
    • Strategic advisor: Digital Value (Arnaud de Baynast, Romain Bury)

  • Nutripure

    • Nutripure: Florent Carrio, Christophe Carrio
    • Merchant bank: Potomac Transactions (Sébastien Drouot, Ahmed Soibah Eddine)
    • Financial advisor: Exelmans (Manuel Manas, Thierry Willemin)
    • Legal advisor: Apollo Avocats (Guillaume de Ternay, Emmanuelle Prost, Quentin Nicodex)
    • Financing advisor: Caisse d’Epargne Languedoc Rousillon (Cedric Thoma, Yan Lagoutte)

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$125 billion managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base. Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world. Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 880 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,200 clients through five pillars of investment expertise: Secondaries, Direct Funds, Infrastructure, Real Estate and Private Debt.

www.ardian.com

ABOUT NUTRIPURE

It was at the end of 2017 that NUTRIPURE made its entry into the food supplement market. NUTRIPURE achieved a very successful start thanks to the fame and expertise of its founder, Christophe Carrio. A five-time world champion in artistic karate, Christophe has been sharing his training and nutritional advice for over 20 years within the CTS Method, which is followed by nearly 300,000 people on Facebook, Instagram and Youtube. The Method is part of a global approach based on the “foundations of health”, unavoidable principles: Sleep better/Breathe better/Move better/Eat better/Think better.
Not able to find a product offering that was meeting his level of requirement in the current market, Christophe decided to found NUTRIPURE with the help of his brother Florent. NUTRIPURE’s approach is honest, without false promises: customers are encouraged to resume good eating habits and then to accompany this process by taking supplements. The values that drive Nutripure are operational excellence, authenticity and sharing.

www.nutripure.fr

ABOUT BPIFRANCE

Bpifrance Investissement is the management company that handles Bpifrance’s equity investments. Bpifrance is the French national investment bank: it finances businesses – at every stage of their development – through loans, guarantees, equity investments and export insurances. Bpifrance also provides extra financial services (training, consultancy) to help entrepreneurs meet their challenges (innovation, export…).

www.presse.bpifrance.fr

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Apax Funds to Acquire Controlling Stake in Ole Smoky Distillery from Centerview Capital

Apax

Funds advised by Apax Partners LLP ( “Apax”) today announced that they have reached an agreement to acquire a controlling stake in Ole Smoky Distillery (“Ole Smoky” or the “Company”), one of the fastest growing spirits companies in the US, from Centerview Capital. Ole Smoky founders Joe Baker and Cory Cottongim, and management will remain significant shareholders in the Company. The transaction is expected to close by April 2022, subject to customary closing conditions. Financial terms of the transaction were not disclosed.

Established in 2010 in Gatlinburg, Tennessee, Ole Smoky is a leading distiller of premium moonshines and whiskeys that are renowned for their high quality, innovative and award-winning flavors. In 2021, the Beverage Information Group awarded Ole Smoky five Growth Brand Awards. The company has also been recognized for two consecutive years on the Inc. 5000 list of America’s fastest growing companies and has been a winner of Shanken’s Impact Hot Brand Award every year since 2017.

As one of the largest craft distillers in the U.S. and the most visited in the world, Ole Smoky sold over 1 million 9L cases in 2021 and holds the No. 1 share position in moonshine according to NielsenIQ. The Company retails its products across all 50 states and over 20 countries around the world, through over forty-five thousand points of distribution and four experiential distilleries that welcomed over 5.7 million visitors in 2021.

Centerview Capital invested in Ole Smoky in 2013. Since its investment, Centerview Capital has helped the Company accelerate its growth, broaden its product portfolio of high-quality spirits and expand its differentiated distilleries business. Ole Smoky has nearly quadrupled in size under Centerview Capital’s ownership. Centerview Capital values its partnership with Joe Baker, Cory Cottongim, and the management team led by Robert Hall.

The Apax team, working in partnership with Ole Smoky’s management team, will look to accelerate the Company’s already impressive growth rate, building on the success it has already achieved to date, through continued investment in the core brand, and support the strategic acquisition of complementary brands in American Whiskey and adjacent categories.

Robert Hall, CEO, Ole Smoky, added: “Ole Smoky is a true pioneer in the spirits industry and the business continues to go from strength to strength, selling a record one million 9L cases in 2021. This incredible progress in a short space of time is testament to the hard work of our talented team, and I’m pleased to welcome Apax, who have the right skills and insights to partner with us in the next phase of our growth journey. We want to thank the team at Centerview Capital for their commitment and partnership over the past 8 years as we have significantly increased the size of our business and expanded our brands.”

Joe Baker, Founder of Ole Smoky, said: “We are excited to partner with Apax as we enter the next chapter of our business. I’m most proud that, alongside my wife Jessi, and partners Cory Cottongim, Tony Breeden, and Chuck Edwards, we built a business from a small shop in our hometown of Gatlinburg into a TN brand that supports hundreds of families and is now sold in stores across the world. With the combined experience and knowledge of Apax and our outstanding management team, we believe we can accelerate our impressive trajectory, sharing our premium spirits with more customers, in more places.”

Nick Hartman, Partner at Apax, said: “Having analyzed the beverage alcohol space closely over the last several years, we have long been impressed by Ole Smoky’s brand reputation, authentic product offering and loyal customer base. The brand has enduring momentum and clear potential to become a leading spirits platform. We applaud the management team for driving phenomenal growth alongside a steadfast commitment to responsible consumption and community stewardship.  We look forward to working closely with management, Joe and Robert to leverage our experience and operational know-how to continue to delight customers and achieve continued success.”

Jim Kilts, Centerview Capital Co-Founder, said: “Moonshine and whiskies are part of American culture and the culture of Tennessee. We are honored to have partnered with the Ole Smoky team to bring their brands to more American consumers and create an enduring fast-growing, beloved spirits company.”

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Bowery Farming Secures $150 Million Credit Facility Led by KKR to Accelerate Growth

KKR

January 12, 2022

–Total funding for leading U.S. vertical farming company reaches more than $647 million, including Series C equity round of $325 million in 2021, the largest-ever private fundraise for an indoor farming company

–Company maintains commercial category leadership in more than 800 stores with retail partners that represent half of U.S. grocery market; doubled revenue in 2021

–Bowery to use latest financing to continue growth of its smart indoor farm network across U.S., including expansion beyond East Coast with new farms in Georgia and Texas

NEW YORK, Jan. 12, 2022 /PRNewswire/ — Bowery Farming (“Bowery” or “the Company”), the largest vertical farming company in the United States, today announced it has secured a $150 million credit facility led by private credit accounts managed by KKR, a leading global investment firm.

This independent, third-party funding will accelerate the expansion of Bowery’s network of smart indoor farms beyond the East Coast and brings its total debt and equity capital raised to more than $647 million — representing the strongest institutional backing in the Controlled Environmental Agriculture industry. KKR’s credit investment follows Bowery’s $325 million Series C funding in 2021 led by Fidelity Management & Research Company LLC.

The Company also announced today that it is building two new state-of-the-art farms serving the Atlanta, Georgia and Dallas-Fort Worth, Texas metro areas. The farms will create more than 200 year-round green jobs across both markets and provide locally grown produce to a population of 20 million and 16 million within a 200-mile radius of Locust Grove, Georgia and Arlington, Texas, respectively. Both farms are expected to open in the first quarter of 2023.

The two new farms, leveraging billions of data points collected from previous farms, will feature industry-leading tech innovations resulting in efficiency improvements to all elements of the grow environment, from LED lighting to water recapture to climate control, ultimately improving quality and yield. These farms represent a recommitment to Bowery’s sustainability goals; the company plans to use power from 100% renewable sources.

“We’re thrilled to announce our expansion beyond the Northeast and Mid-Atlantic regions,” said Irving Fain, CEO and Founder of Bowery Farming. “KKR’s support is a testament to the proven success of our business model and a strong vote of confidence in our technology leadership and ability to address critical challenges in the current agricultural system. There is enormous economic opportunity that comes with supporting our mission to democratize access to local, pesticide-free Protected Produce, and now we are ready to continue our growth more rapidly.”

The new financing will also provide resources to accelerate advancements in farm design and the BoweryOS, giving more communities access to a reliable supply of locally-grown produce, year-round. Bowery’s proprietary farm design and technology have been a key priority since the Company was founded and are at the heart of its efficient and scalable business model. The BoweryOS, the central nervous system of the business, integrates software, hardware, sensors, computer vision systems, AI, and robotics to orchestrate and automate the entirety of operations. Each new farm comes online in record speed, collectively benefitting from the power of the network and its billions of data points.   

“We are excited to support Bowery’s pioneering efforts in vertical farming, which are directly contributing to the resiliency of our food supply,” said Michelle Hour, Director at KKR. “We believe that Bowery has the right commercial model, technology and team to capitalize on the rapidly growing consumer demand for sustainably-sourced food, and we look forward to helping the Company continue to innovate and scale to benefit communities across the United States.”

Bowery has continued to grow at a significant pace in 2021 and achieved a number of milestones; highlights include:

  • More than doubling revenue
  • Opening Farm X,  a state-of-the-art innovation hub for plant science in Kearny New Jersey, expanding R&D capacity by nearly 300%
  • Transforming an industrial site in Bethlehem, Pennsylvania into a technologically advanced smart farm
  • Breaking ground on two additional large-scale commercial farms in Locust Grove, Georgia (located in Henry County near Atlanta, home to rapid population and job growth) and Arlington, Texas (located in the center of the Dallas-Fort Worth Metroplex, a rapidly growing technology and manufacturing hub)
  • Expanding our reach to more than 800 stores through a partnership with Wakefern, the nation’s largest retailer-owned cooperative, including brands such as Gourmet Garage, Shoprite, Fairway, The Fresh Grocer, and Dearborn Market

# # #

About Bowery

Founded in 2015, Bowery Farming is on a mission to democratize access to high-quality, local, safe, and sustainable produce. Bowery builds smart indoor farms near cities, growing fresher, pesticide-free Protected Produce with bold flavor in precisely controlled environments, 365 days a year. At the heart of the farm is the proprietary BoweryOS, which integrates software, hardware, sensors, AI, computer vision systems, machine learning models, and robotics to orchestrate and automate the entirety of its operations. As a result, each farm creates far less waste and uses a fraction of the water and land compared to traditional agriculture.

Based in New York City, Bowery is the largest vertical farming company in the United States, serving major e-commerce platforms and more than 800 grocery stores in the Northeast and Mid-Atlantic regions, including Albertsons Companies (Safeway and Acme), Amazon Fresh, Giant Food, Walmart, Wakefern, Weis, Whole Food Markets, and specialty grocers, with produce that’s harvested year-round at peak freshness, delivered within days of harvest.

Bowery has raised more than $497 million in equity funding from leading investors, including Fidelity Management & Research Company LLC, Temasek, GV (formerly Google Ventures), General Catalyst, GGV Capital, First Round Capital, and individuals including Jeff Wilke, as well as some of the foremost thought leaders in food, including Tom Colicchio, José Andrés, and David Barber of Blue Hill.

Media Contact

Rachel Alkon
Ralkon@boweryfarming.com

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EQT Private Equity exits CFB Group, a multi-brand food and beverage platform operator

eqt

EQT Private Equity completes the sale of its stake in CFB Group, a Chinese multi-brand food and beverage platform operator, to Fountainvest Partners

Under EQT Private Equity’s tenure, CFB Group has grown from a two-brand master franchisee to a leading multi-brand platform operator with a diverse portfolio of brands, including Dairy Queen, Papa John’s, Brut Eatery, XiaoMian and San Dao Ru Chuan

CFB Group has doubled its number of stores from around 500 to more than 1,100, and the company is today the world’s largest franchisee of Dairy Queen and one of the largest franchisees of Papa John’s outside the United States

EQT is pleased to announce that the EQT Mid Market fund (“EQT Private Equity”) has completed the sale of its stake in CFB Group (the “Company”) to Fountainvest Partners. The transaction was closed on 30 December 2021.

Headquartered in Shanghai China, CFB Group is a leading multi-brand food and beverage platform operator in China with over 1,100 stores. The Company was founded in 2003 and in 2013 EQT Private Equity acquired a majority stake in the franchise operator.

During EQT Private Equity’s ownership, CFB Group has evolved from a two-brand master franchisee in China to a multi-brand food and beverage platform operator with a diverse portfolio consisting of both proprietary and franchised brands, including Dairy Queen, Papa John’s, Brut Eatery, XiaoMian and San Dao Ru Chuan. On top of its original direct-own model, the Company successfully diversified its strategy by expanding its sub-franchise model and doubling its number of stores from around 500 to more than 1,100. Today, CFB Group is the world’s largest franchisee of Dairy Queen and one of the largest franchisees of Papa John’s outside the United States.

Under EQT’s value creation strategy, the Company completely digitalized its front-to-back-end operations which significantly improved its operational efficiency. Moreover, through digital marketing and by utilizing Chinese social media platforms, CFB Group successfully enhanced its brand value and drove more traffic to both its offline stores and its online platforms.

Jerry He, Partner within EQT Private Equity’s Advisory Team and Head of China, said, “We are pleased to have found a good partner for CFB Group for what we believe will be an exciting next phase of its journey. The Company has transformed significantly and become a leading food and beverage platform operator in China during EQT’s ownership. We are proud of the accomplishments achieved by an outstanding management team led by Alan Hsu, especially the swift actions in response to COVID-19 and the impressive performance during this difficult period. We thank Alan and the entire management team, all the employees and the board for their vision, dedication and contribution. We are confident that CFB Group will continue to be successful under its new ownership.”

Alan Hsu, CEO of CFB Group, said “We would like to thank EQT and the entire team for their trust, support and guidance. EQT has been a great partner and instrumental in CFB Group’s journey over the last few years, building the business together with the management team encompassing business model transformation, brand portfolio expansion, digitalization and sustainability development. These efforts positioned CFB Group well and enabled us to join forces with our new partner for the Company’s next phase of growth and transformation. Personally, I also cherish the friendships that we have built over these years.”

Contact
Asian media inquiries: Mavis Ma, Communications Manager, +852 9280 9663
International media inquiries: EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

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LINXIS Group announces the acquisition of Shaffer

IK Partners

January 5, 2022

FOR IMMEDIATE RELEASE (NANTES, France) – LINXIS Group, global leader in ingredient automation, pre-dough systems, mixing and depositing technologies for the food and health industries, together with its financial sponsor IK Partners, are pleased to announce the acquisition of Shaffer, industrial mixers and process equipment, from Bundy Baking Solutions. The Bundy family will remain as minority owners in the business.

Shaffer’s market leading horizontal mixer strengthens the Mixing Technologies division of LINXIS which includes Diosna and VMI, two world leaders in vertical and continuous mixing technology. Shaffer industrial mixers are engineered to be the most sanitary, durable and innovative horizontal mixers in the industry.

“The addition of Shaffer enables Linxis Group to build on our family of market leading brands. Shaffer is well known throughout the industry for providing highly reliable and innovative equipment with a focus on customer service and support. We look forward to continuing that legacy by supporting the team at Shaffer in product development and international expansion. We welcome the Shaffer team to our group.” – LINXIS Group CEO and President, Tim Cook

“We are very excited for Shaffer and the new opportunities that they will discover as part of Linxis Group. We have had the privilege of working with the Shaffer team for the last 14 years and believe this was the next step in realizing the full market potential of Shaffer. We know that the Linxis Group team, together with the existing Shaffer team, will continue to move Shaffer forward to be the world leader in the horizontal mixer category.“ – Bundy Baking Solutions CEO, Gilbert Bundy

“Joining the Linxis Group provides Shaffer with additional resources for research and development and enables us to further integrate and advance ingredient and mixing systems. The ultimate result of this new venture is that now, more than ever, we are able to provide our customers the best mixing solutions and services possible.“ – Shaffer Vice President, Kirk Lang

LINXIS GROUP CONTACTS
Lysiane Laot | Claire Auffredou
contact@linxisgroup.com

SHAFFER CONTACTS
Kirk Lang
klang@shaffermixers.com

IK PARTNERS CONTACTS
Vidya Verlkumar
vidya.verlkumar@ikpartners.com

BUNDY BAKING SOLUTIONS CONTACTS
Wendi Ebbing
webbing@bundybakingsolutions.com

About LINXIS Group

LINXIS Group gathers leaders in specialized equipment for the food and health industries – Bakon, Diosna, Shick Esteve, Unifiller and VMI are experts in ingredient automation, pre-dough systems, mixing and depositing technologies. Their common mission is to grow their position as global leaders in process equipment design and supply, for the customers they serve all around the world. www.linxisgroup.com

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About Shaffer

Shaffer is leading the innovation of mixers and processing equipment, providing customized solutions and total support to customers so they can mix products precisely and efficiently. www.shaffermixers.com

About Bundy Baking Solutions

Bundy Baking Solutions is the most trusted supplier of essential equipment, bakeware, coatings and services to bakers around the world, empowering your bakery to focus on what matters the most – feeding the world. www.bundybakingsolutions.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 160 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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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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