Deals and acquisitions are happening all over the world, every second of every day. Find out who has been merging with who in our latest round up…
B&G Foods acquires Oatmeal from TreeHouse Foods
B&G Foods, Inc. announced that it has acquired the McCann’s brand of premium Irish oatmeal from TreeHouse Foods, Inc. for approximately USD32 million in cash, subject to customary closing and post-closing adjustments. Steve Oakland is the CEO and president of TreeHouse Foods. B&G Foods funded the acquisition and related fees and expenses with cash on hand and revolving loans under its existing credit facility. TreeHouse Foods sells its products to a diverse customer base including grocery retailers and foodservice operators in the US and Canada and also a variety of customers buying bulk products for industrial food applications.
WI Kitchen (Tianjin) Investment to form joint venture with SATS Food Services
Wilmar International Limited is pleased to announce, the company’s indirect wholly-owned subsidiary, WI Kitchen (Tianjin) Investment Co., Ltd. has entered into a conditional joint venture agreement with SATS Food Services Pte. Ltd. (formerly known as Singapore Food Industries Pte. Ltd) to incorporate a company (Langfang JVCo) in China to build a central kitchen in Langfang, Hebei, China, that will engage in food manufacturing, processing and sale. SFS is a wholly-owned subsidiary of SATS Ltd., a Singapore company listed on the Mainboard of the Singapore Exchange Securities Trading Limited. The primary business of the Langfang JVCo will be to carry on the business of food manufacturing, food processing and sale of food products.
Clearly Drinks acquires Intellectual Property Rights from Powerful Water
Clearly Drinks, a private equity-backed soft drinks manufacturing company, has completed the acquisition of the IP and distribution rights for the Powerful Water Company (POW). The acquisition will see Clearly Drinks take on POW’s IP and energy drink brand rights, and sees the company welcome Ed Woolner as commercial director. Based in Sunderland, Clearly Drinks is a soft drinks manufacturer and bottler operating in the fast-growing flavoured sugar free spring water sector. The company specialises in sugar-free products, with brands including Perfectly Clear, 1870 Mixers and Northumbria Spring, all of which are sourced from the firm’s on-site spring. The transaction will enable Clearly Drinks to strengthen its offer and continue its commitment to provide flavoured soft drinks water products to its customers.
General Mills plans to divest 5% of its portfolio
General Mills is looking at a multipronged strategy to boost growth, including releasing new products, updating pricing and divesting weaker business units. The firm will look to divest roughly 5% of our portfolio.
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Oprah Winfrey invests in True Food Kitchen
Billionaire entrepreneur Oprah Winfrey has made an undisclosed equity investment in private equity-owned True Food Kitchen, a “health-driven restaurant”. Oprah Winfrey has also joined the board of directors and will take a role as a consultant at True Food Kitchen.
Ruixing Coffee (Luckin Coffee) raises USD200 million in Venture Financing
Ruixing Coffee (Beijing) Co., Ltd (Luckin) Coffee, which has been expanding aggressively and touting itself as a local rival to Starbucks Corp, said recently it has raised USD200 million in a fundraising round that values the on-demand coffee delivery startup at USD1 billion. Investors in the fundraising round included Singapore sovereign wealth fund GIC, Luckin said in a statement. Luckin, which started operations just this year, says it has already opened 525 stores in 13 cities across China as of May, and has been pushing hard to win consumers to its stores and via online delivery with low prices and fast delivery times. Qian Zhiya is the cheif executive officer of Ruixing Coffee (Luckin Coffee). Ruixing Coffee (Luckin Coffee) intends to use the fund for product research, technology innovation and business development.