Civil unrest, product recall eat into Tiger Brands earnings, resulting in more than 5% decline in HEPS

SOUTH AFRICA – South African food manufacturing giant, Tiger Brands expects its full year earnings for the period ended September 2021, to take a dip impacted by once-off costs related to the civil unrest that took place in July 2021 as well as the canned vegetable recall. Tiger Brands had announced previously that a number of its sites in KZN had been affected by acts of looting and vandalism, resulting in damage to the Rice and Snacks & Treats operations. This incident was shortly followed by the recall of 20…

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East African Breweries announces oversubscription of medium-term bonds raising US$341m

KENYA – East African Breweries Plc has raised Ksh 37.9 billion (US$341m) in the recently issued corporate bond under the Domestic Medium-Term Note (MTN) programme. The accrued amount is three times more than its initial target of Ksh. 11 billion (US$99m), signalling investors’ confidence in the company despite the challenging business environment its currently facing. Commenting on the 275% oversubscription, EABL Group CEO Jane Karuku said, “We issued this medium-term note based on our proven track record in the debt capital markets and we are pleased that investors have resoundingly…

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Egypt to build US$33m silo to boost grain storage by 100,000 tonnes

EGYPT – General Company for Silos and Storage (GCSS), Egypt’s state-owned manufacturer, trader and distributor of grains has inked a US$33 million deal with Rowad Modern Engineering for the construction of a grain silo in the west of the city of Port- Said.    The new facility, with a storage capacity of 100,000 tonnes of grain is aimed to improve port storage of cargoes of wheat, the main staple food purchased by the country, reports Agence Ecofin. The storage unit will come in handy given that Egypt is a net importer…

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ABC Fund deploys more capital to support agribusinesses in West Africa

WEST AFRICA – The Agri-Business Capital Fund (ABC Fund), managed by Bamboo Capital Partners, Injaro and Agriterra, is investing a total of EUR 1.6 million (US$1.85m) in two agro-processing companies in the West Africa region. The capital injection will be channelled towards two shea butter processors – Mali Shi, based in the surroundings of Bamako, Mali, and Bio Amandes, in the northern region of Côte d’Ivoire. Mali Shi, deemed to be the first operational industrial shea butter processing plant in Mali, will receive EUR 800,000 (US$927,000) working capital facility to…

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South African artisanal cheese maker Fairview Cheese Company gains equity investment from EXEO Capital

SOUTH AFRICA – South Africa’s leading artisanal cheese producer, Fairview Cheese Company, has welcomed a new partner in its business, EXEO Capital through its newly formed food sector investment vehicle, Nurture Foods. The Fairview Cheese Company was established in 1980 by the Back family and produces more than 50 cow’s and goat’s milk cheese varieties. Without disclosing the invested amount, EXEO Capital revealed that the Back family retain a significant stake in the business following the deal. The partnership will enable Fairview Cheese to expand its artisanal offer and develop…

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Above Food bolsters plant-based food portfolio with acquisition of Atlantic Natural Foods

USA – Above Food Corp., is eyeing a greater share of the plant-based food market in North America with the acquisition of US-based alternative protein manufacturer Atlantic Natural Foods.  The transaction made for an undisclosed amount is expected to close during the first quarter of 2022, according to a report by Food Business News.   Atlantic Natural Food manufactures plant-based seafood alternatives, prepared foods, and egg replacements.  The company’s products which include Loma Linda, Tuno, and Neat are available in more than 22,000 retail locations in 28 countries, according to Above Food Corp.  “Atlantic Natural Foods…

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Puratos expands better-for-you portfolio with acquisition of European edible seeds supplier Schobbers

NETHERLANDS — Specialist provider for the global bakery, patisserie and chocolate market, the Puratos Group has acquired European supplier of edible seeds Schobbers for an undisclosed sum.   Founded more than 75 years ago, Schobbers has built a broad portfolio of seeds, kernels, flakes, ancient grains, and grits sourced from all over the world.   The products are cleaned, checked, roasted, and packed within Schobbers’ dedicated facilities in Venlo, the Netherlands before being supplied to bakeries, confectioners, and snack makers.  Puratos said that the acquisition is in line with its health and…

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George Weston divests North America bakery business to FGF Brands for US$1.2 billion

CANADA — George Weston, a Canadian-based food processing and distribution company, has announced plans to sell Weston Foods’ fresh and frozen bakery business to Toronto-based food company FGF Brands Inc.   The US$1.2 billion purchase price represents approximately a 10x multiple on the 2021 estimated EBITDA of the business that is being divested.  Weston Foods’ fresh and frozen bakery businesses serve retail and foodservice customers with packaged fresh bread and rolls as well as frozen and artisan bread and rolls, cakes, donuts, pies, and alternatives throughout Canada and the United…

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Just Egg set to launch in Europe following approval of key ingredient by food safety authority

EUROPE- Eat Just is set to launch its plant-based egg product dubbed Just Egg in Europe following the European Food Safety Authority’s approval of a key ingredient used in the product’s formulation.  Just Egg’s key ingredient, mung bean protein, is isolated from dry mung bean seeds in a sequence of processing steps which produce a protein powder made up of ~85 % protein, 3-4% fat, and 3-5.5% moisture.  EFSA in a scientific opinion publication noted that the protein powder extracted from seeds of the Vigna radiata – or mung bean – plant…

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