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

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.

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.