USA – Citrus Extracts, a Florida, USA headquartered supplier of organic and conventional citrus peel to the food and beverage manufacturers, has received an investment from The Firmament Group to accelerate the company’s growth.
Firmament, a provider of bespoke capital solutions and investor in Nutranext, Transferre Technology, Legacy Companies, Tech-24 and Global Bakeries made the investment in Citrus Extracts alongside McLean Family Farms and Sweat Equities.
MFF is a family office that specializes in organic farming and investing in citrus related businesses.
Sweat Equities focuses on minority investments in food and beverage businesses with an emphasis in the plant-based consumer products sector as well as ingredients. Specific terms of the transaction were not disclosed.
Established in 2011, Citrus Extracts specializes in dehydrating citrus peel and supplies the product a variety of forms primarily for use by food and beverage industry.
The company transforms non-organic and organic food waste from citrus peels (oranges, lemons and grapefruits) and using a proprietary drying process, dehydrates the peel, which is then sold to commercial customers to be used as flavoring in beer, spice and tea products.
Commenting on the investment, Matt McLean of McLean Family Farms said: “We are thrilled to join this new team. We have worked with Citrus Extracts for the last five years developing a market for their products.
“Citrus has a myriad of proven health benefits, beyond the juice. Citrus Extracts is a leading provider of dried citrus ingredients and we’re excited about new innovation as well as our partnership with The Firmament Group and Sweat Equities.”
Charlie Sweat from Sweat Equities welcomed the new partnership with Bill Howe, the current President of Citrus Extracts, as well as the McLean Family Office and The Firmament Group.
Charlie said that the collaboration will “bring resources to the company to expand its current product line sales and create new citrus based ingredients for the food industry including plant based alternative meats, bakery goods and the cosmetic industry.”
Lisa Moraglia, Principal at Firmament, added, “We are extremely excited to partner with MFF on this transaction given their wealth of knowledge in the citrus sector. “We strongly believe that MFF’s focus on the organic segment of the market is in line with consumer demands and will prove invaluable in this investment.”