Chr. Hansen completes its US$939m sale of Natural Colors business

DENMARK – Global biosciences company Chr. Hansen has completed the sale of its Natural colours business to global investment organization EQT in line with its 2025 strategy of focusing on microbial and fermentation technology platforms. The divestment covers business operations with asset transfers in more than 30 countries including the transfer of five separate corporate entities and around 600 employees. According to a FoodIngredientsFirst report, the Danish-based company had agreed to sell its business to EQT in September 2020 for US$939 million on a cash and debt-free basis. The company…

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Bunge offloads grain terminal in Russia as biscuit maker Lotus achieves full control of Italian joint venture

EUROPE – Bunge, one of the largest agricultural commodities trading companies in the world, has sold its Rostov grain terminal in southern Russia for an undisclosed sum, according to a report by Reuters. The news comes as Belgium-headquartered biscuit maker Lotus is consolidating its presence in Italy by achieving the full ownership of its marketing joint venture, Lotus Bakeries Italia. Following the acquisition, Lotus Bakeries Italia will now focus exclusively on marketing Lotus Bakeries brands in the country. “With the acquisition of full control over our entity in Italy, we’re…

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Impact investor Root Capital to finance agribusinesses in Africa through US$35m DFC’s investment

AFRICA – Root Capital, a nonprofit impact investor offering farmers around the world a path to prosperity, has receives US$35 million support from the U.S. International Development Finance Corporation (DFC). The investment will provide financing to small and growing agricultural businesses in sub-Saharan Africa, Latin America, and Southeast Asia. This will help break the cycle of rural poverty, reduce food insecurity, and increase environmental sustainability, while responding to the COVID-19 related challenges facing smallholder agriculture. It will also advance women’s economic empowerment, with at least 50 percent of Root Capital’s…

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Global ingredient manufacturer Kemin becomes majority shareholder in Egyptian animal vaccine company MEVAC

EGYPT – Kemin Industries, a global ingredient manufacturer has expanded its presence in the global vaccine market by becoming a majority shareholder in MEVAC, an animal vaccine manufacturer based in Cairo, Egypt, and a shareholder in MEVAC’s sister company, UVAC. UVAC was established to produce foot-and-mouth disease and tissue-culture vaccines for animals, as well as human vaccines. As part of its investment in the two companies, Kemin will have access to a modern vaccine plant with production and R&D capabilities to support future growth. “We entered into a partnership with…

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Grocery platforms Getir, Everli to expand operations after successful funding rounds

EUROPE – Europe-focused grocery platforms Getir and Everly have successfully completed their respective funding rounds, as they look to expand their operations and enter new markets. Getir completed a US$300 million Series C funding round which was led by Sequoia Capital and repeat investor Tiger Global. According to a statement from the company, the funds will be used to support its growth in Turkey and the UK.  Istanbul-based Getir entered the UK market in January this year, launching in parts of central London. The technology company offers a ten-minute grocery…

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Sofina Foods, Agrana make new acquisitions to expand capacity, market share

US/JAPAN – Canadian manufacturer of primary and further-processed protein products, Sofina Foods has agreed to acquire seafood and pork provider Eight Fifty Food Group from funds managed by private equity firm CapVest Partners. Founded in 2019 following the acquisition of Young’s Seafood by CapVest-owned Karro Food Group, Eighty Fifty has grown into an international multi-protein food group, employing 8,300 people across 23 manufacturing sites.  Its acquisition is expected to complement Sofina Foods’ North American platform, with Eight Fifty CEO Di Walker continuing to lead the business under the new ownership.…

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Pilgrim’s Pride issues US$1B sustainability-linked bond as Vertical Farmer AeroFarms gears up for public listing

US – American multinational food company Pilgrim’s Pride has announced a US$1 billion sustainability-linked bond tied to the company’s Sustainability Performance Target (SPT) of reducing its greenhouse gas emissions by 30% by 2030. Bloomberg reports that the interest rate on Pilgrim Pride’s new bond will climb 25 basis points if the company fails to prove through a third-party verification service that it hit its sustainability targets. The new US$1 billion sustainability-linked bond can be interpreted as Pilgrim’s Pride attempt to put its money where its mouth is when promising improved…

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Rwanda based sustainable cooling centre ACES receives US$3.5m funding to spearhead operations

RWANDA – The Africa Centre of Excellence for Sustainable Cooling and Cold Chain (ACES) in Rwanda has received US$3.5 million funding boost from the Department for Environment, Food & Rural Affairs (DEFRA) of UK. ACES was established in 2020 by the Governments of Rwanda (GoR) and the United Kingdom (UK), UNEP’s United for Efficiency initiative, the Centre for Sustainable Cooling, and a range of academic institutions i.e., University of Rwanda, University of Birmingham, Cranfield University, London South Bank University and Heriot Watt University. The cooling centre aims to help get…

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Multi-brand plant-based platform LiveKindly Collective raises US$335M to accelerate expansion into US

US – LiveKindly Collective, a multi-brand plant-based platform, has raised US$335 million in its latest funding round led by The Rise Fund, which is the global impact investing platform managed by TPG. Food Dive reported that the funding round which was closed in late March included new funds from existing investors such as Rabo Corporate Investments and S2G Ventures. Money from this round, according to a company, will be used to accelerate LiveKindly Collective’s brands into new geographic locations — including the U.S. and China. It will also be used…

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Egyptian snacks manufacturer Edita Food receives US$5.725m financing from NBK

EGYPT – Edita Food Industries, Egyptian leader in packaged snack food market has inked a medium-term financing contract worth EGP 90m (US$5.725m) with the National Bank of Kuwait (NBK), to finance its capital expenditures. The loan which is part of the Central Bank of Egypt (CBE) initiative to support Egyptian companies navigate the current tough economic environment triggered by the pandemic, comes with a seven-year term, reports Daily News Egypt. Menna Shams El Din, Director of Investor Relations at Edita Food Industries, said that the loan will be used to…

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