Beef processing giant Marfrig increases stake in Brazilian peer BRF to 31.66%

BRAZIL – Marfrig Global Foods, the world’s second-largest producer of beef after JBS, has increased its stake in BRF to 31.66% in an effort to diversify its holdings. BRF is one of the biggest food companies in the world, with over 30 brands in its portfolio, among them Sadia, Perdigão, Qualy, Paty, Dánica and Bocatti. The Brazilian company has a presence in more than 130 countries across the globe and reported revenues of US$7.82 billion in 2020. The acquisition of additional stake in BRF comes two weeks after Marfrig revealed…

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Processor of Kenya’s premium tea brand Kericho Gold gets backing from European financiers Si, IFU, Proparco

KENYA – Global Tea & Commodities, one of the fastest growing and fully integrated tea, coffee and macadamia producing companies with operations in Kenya and Malawi, is set to receive growth capital from three European financiers. The three firms – French development finance institution Proparco, Danish sustainable investment fund IFU and London based investment and advisory firm Si Advisers LLP, have inked a financing agreement with the packer of premier tea brands, Kericho Gold and Baraka Chai. Global Tea founded in 1992, trades in Kenya through its subsidiary Gold Crown…

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Ardent Mills acquires US chickpea supplier Hinrichs to meet growing demand for pulses

US — Ardent Mills, a leading flour milling and grain handling company, has completed the acquisition of Hinrichs Trading Company, a US-based chickpea sourcing, cleaning and packaging business. Based in Pullman, Wash., HTC operates across five locations in Washington and Montana and boasts of more than 30 years of experience in the production and supply of chickpeas. The company also has long-term production contracts with chickpea growers across US production areas. Ardent Mills said the acquisition represents another step in the company’s strategic plan to expand its specialty ingredient capabilities…

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Africa focused fin-tech startup LendXS BV sells 21% stake to IDH to jointly accelerate smallholder financing

AFRICA – IDH Farmfit Fund, the catalyzing smallholder finance facility of IDH, has signed an agreement to acquire a 21% ownership stake in fintech scale-up company LendXS BV. IDH is a sustainable trade initiative that restores flourishing markets with better jobs, better incomes and a better environment while LendXS, is a fin-tech start-up by the Financial Access Consulting Services BV (FACS), the former ING Bank emerging markets banking advisory subsidiary. The investment marks the start of a unique collaboration that is expected to unlock access to credit for many farmers.…

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Tree house sells ready-to-eat cereal business to Post Holdings for US$85m

US – TreeHouse Foods, a leading multinational food processing company based in the US, has simultaneously signed a definitive agreement and completed the sale of its ready-to-eat cereal business to Post Holdings for $85 million. The deal encompasses the entire ready-to-eat cereal business which includes two manufacturing facilities, in Lancaster, Ohio and Sparks, Nevada. The facilities are reported to have production capabilities spanning batch and extruded products. The transaction also includes a research and development facility in Sauget, Illinois, as well as inventory valued at approximately US$30 million. “This transaction…

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Mondi completes acquisition of Turkish corrugated packaging company Olmuksan

TURKEY – Mondi, a leading British multinational packaging and paper group, has completed the acquisition of a 90.38% stake in Olmuksan International Paper from International Paper. The acquisition culminates a process which started earlier this year when International Paper announced that it had reached an agreement to sell its 90.38% interest in its corrugated packaging business in Turkey to Mondi, for approximately €66 million. The Olmuksan business includes five corrugated packaging plants, which supply a diverse customer base with packaging for food, beverage, agriculture and industrial applications. For the 12…

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Ethiopia’s leading poultry company EthioChicken Group receives US$5m backing from Finnfund

ETHIOPIA – Ethiopia’s leading producer of day-old-chicks and poultry feed, EthioChicken Group has received US$5m equity investment from OP Finnfund Global Impact Fund I, the first global emerging markets impact fund in Finland. Finnfund, a Finnish development financier and impact investor acts as an anchor investor and advisor to the fund. The financing, which is a follow-on investment from Finnfund’s backing of the company in 2017, is aimed to generate jobs, improve food security and reduce poverty in Ethiopia. “We are very happy to welcome OP Finnfund Global Impact Fund…

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Ferrero Group to expand snack portfolio with acquisition of Burton’s Biscuit Company

UK – Ferrero Group, an Italian manufacturer of branded chocolate and confectionery products, is looking to grow its biscuit portfolio with the acquisition of Burton’s Biscuit Company. Burton’s Biscuit Company is a UK leading biscuit manufacturer which supplies both quality branded and retailer brand biscuits. It owns and bakes important brands such as Maryland, Jammie Dodgers and Wagon Wheels and also bakes biscuits for major retailers and global brands. The British company is believed to have been sold for about £360m by the Ontario Teachers’ Pension Plan Board, an investment…

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Shoprite finalises sale of Nigerian operations, Kenyan retailer Tuskys seeks to lease brand

NIGERIA – Africa’s largest retailer, Shoprite Holdings, has officially transferred ownership of its Nigerian subsidiary to Ketron Investment Limited, a company owned by a group of institutional investors led by property firm owner, Persianas Investment Limited. This change in ownership has also received the approval of the Nigerian regulator, the Federal Competition and Consumer Protection Commission, reports The Punch. According to Ketron Investment, the divestment by Shoprite was in line with its strategy to change from an ownership model to a franchise model, to enable the brand to remain in…

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Robertet bolsters natural flavours portfolio with acquisition of Ecom Food Industries

CANADA – Robertet, a French flavours and fragrance firm backed by Firmenich, has acquired Ecom Food Industries, a North American manufacturer of speciality natural flavours and extracts, for an undisclosed sum. Ecom is based in Toronto, Canada and manufacturers antioxidants, natural colours, flavour enhancers, extracts and blends for the food and beverage, health, nutraceutical and cosmetic industries. The company’s diverse portfolio can be used for applications such as snacks, processed meats and bakery products. Its acquisition will therefore complement Robertet’s rich portfolio of Natural raw materials, flavours, and active ingredients.…

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