Business briefs – Kerry – Nexira – MycoTechnology – Tate & Lyle – Wanda FishBusiness briefs – Kerry – Nexira – MycoTechnology – Tate & Lyle – Wanda Fish
Who said business is boring? Food & Beverage Insider has the 411 on key industry moves affecting innovation and product development.
April 1, 2022
Kerry Group completes Natreon acquisition
The Kerry Group finalized its acquisition of Natreon Inc., a global supplier of Ayurvedic plant-derived ingredients to the food and beverage industry. The acquisition will diversify Kerry’s ProActive Health portfolio of ingredients and fuel technological growth in the botanical extracts field. Natreon’s botanical ingredient portfolio is aligned with shifting consumer preferences toward natural products with key attributes such as supply chain transparency and sustainability, extensive clinical studies and quality.
Kerry has been on an acquisition spree of late. In February 2022, the company made two significant biotechnology acquisitions that will expand its expertise, technology portfolio and manufacturing capabilities. The company reached agreement to acquire the leading biotechnology innovation company, c-LEcta while also confirming it acquired the Mexican based enzyme manufacture, Enmex. In 2021, it acquired Niacet, a global leader in conventional and clean label preservation solutions
Nexira increases acacia production capacity in France
Nexira invested over $10 million to bolster its acacia processing capacity by more than 20% at is plant in Normandy, France. The plant, with three processing lines, now can produce more than 35,000 tons of acacia fiber yearly, to meet the rapidly growing global demand for nutritional ingredients. Further significant investments are planned through 2023.
“With these investments, we are significantly increasing our production capabilities, while pursuing a strategic focus on the health and nutrition markets and reducing our carbon footprint,” said Mathieu Dondain, general manager of development, Nexira. “We are confirming our leadership in acacia with a market share of over 40% and are further accelerating our diversification by adding new natural and organic ingredients to our portfolio.”
MycoTechnology raises $85 million to bolster innovation, expansion
MycoTechnology, a leader in the fermented mushroom ingredient space, raised $85 million in a Series E investment to help grow its global presence and innovation pipeline. The most recent investment represents the Colorado-based company’s largest single round of financing since it was established in 2013, bringing total fundraising to-date to more than $200 million.
The new investment will allow the company to further capitalize on its proprietary fermentation platform and bring expand to Europe, Asia, and the Middle East. The company uses its proprietary mushroom fermentation process to develop a range of solutions that address sugar reduction, sustainable protein, nutrient density and more.
The Series E round was led by a group affiliated with the Oman Investment Authority (OIA), as well as Nourish Ventures (Griffith Foods’ venture capital group), Rage Capital, Alphacy Investment, and Siddhi Capital. Also contributing were returning investors S2G Ventures, Tyson Ventures, Continental Grain Co., Bunge Ventures, Maple Leaf Foods, Evolution VC Partners, and Gaingels.
Tate & Lyle to acquire Chinese prebiotic fiber company
Tate & Lyle PLC has signed an agreement to acquire Quantum Hi-Tech Biological Co. Ltd., a leading prebiotic dietary fiber business in China from ChemPartner Pharmatech Co. Ltd. for $237 million in cash.
Quantum conducts research and development, production, and sale of fructo-oligosaccharides (FOS) and galacto-oligosaccharides (GOS). The acquisition expands Tate & Lyle’s presence in China, and strengthens its position as a global player in dietary fibers, bringing a high-quality portfolio of specialty fibers, strong R&D capabilities and proprietary manufacturing processes and technologies. The transaction also expands Tate & Lyle’s ability to provide added-fiber solutions for its customers across a range of categories including dairy, beverages, bakery, and nutrition (including infant nutrition), and to meet growing consumer interest in gut health.
Wanda Fish Technologies enters collaboration with Tufts University
Israeli start-up Wanda Fish Technologies Ltd. has signed two agreements with Tufts University to advance the company’s goals in the emerging field of cultivated fish. Under a licensing agreement, Wanda Fish gains exclusive rights to certain intellectual property in fish cell cultivation developed by Tufts researcher David Kaplan, Ph.D. The two-year agreement supports Kaplan’s research into cellular agriculture-based production of fish tissue and will significantly propel Wanda Fish’s strategies for producing sustainable, tasty, cultivated fish fillets.
Wanda Fish was formed last year with financial and technical support from the Israeli Innovation Authority (IIA) and in conjunction with the Kitchen FoodTech Hub. Wanda Fish already secured $3 million in its pre-seed funding round led by The Strauss Group’s, The Kitchen FoodTech Hub. It has also gained investments from Peregrine Ventures, Pico Partners, CPT Capital and MOREVC.
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