May 9, 2025

Please see below for a listing of what the North Point Food & Beverage Team has been tracking this week. We hope that you find the content insightful and a nice way to summarize the most noteworthy Food & Beverage events of the week.

Have a nice weekend!

Glen Clarke

Head of Food & Beverage

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Bunge's $34 billion Viterra merger stalled by US-China trade rift, Bloomberg reports.

• Bunge Global's, $34 billion merger with Glencore-backed, Viterra is being stalled by trade tensions between the United States and China, Bloomberg News reported on Friday, citing people familiar with the matter.  

Source: Reuters

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Everwell Health acquires American River Nutrition from Designs for Health.

• Everwell Health announced it has acquired American River Nutrition (ARN), from Designs for Health. The proprietary and scientifically studied annatto-based extract ingredients and manufacturing technologies from ARN will be integrated into Everwell Health's functional ingredient platform of one-of-a-kind ingredient solutions empowering individuals to look, feel, and perform their best.

Source: Mergermarket

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Klosterman Baking Company calls for initial bids.

• Klosterman Baking Company, a New Water Capital-backed baked goods manufacturer, is set to collect initial bids for its sale process this week, according to three sources familiar with the situation.

Source: Mergermarket

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Engelman's Bakery set to collect initial bids.

• Engelman's Bakery, a sponsor-backed baked products manufacturer, is set to collect initial bids this week as it explores a sale, according to three sources familiar with the situation.

Source: Mergermarket

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Apollo, Ares the final bidders for minority stake in Eni's Plenitude; UBS in talks to sell O'Connor hedge fund unit – Europe Corporate Radar.

• Eni has named Apollo Global Management and Ares Management as the two remaining private equity bidders vying for a 15%-20% stake in its Plenitude renewables business, Milano Finanza reported, without citing sources.

Source: Mergermarket

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Tyson delivers Q2 growth amid beef headwinds.

• Tyson Foods posted flat revenue of $13.1B in Q2 FY25 but saw a 27% increase in adjusted operating income ($515M) and a 48% rise in adjusted EPS (92¢), driven by strong Chicken segment performance and disciplined cost management.
• Chicken delivered its best Q2 adjusted operating income in nine years ($312M), while Beef continued to face headwinds with a $149M adjusted operating loss despite higher sales; Pork and Prepared Foods delivered modest gains.
• Leadership changes include Kristina Lambert promoted to Chief Growth Officer, succeeding Melanie Bolden, as Tyson continues to focus on operational execution, consumer demand, and its multi-protein strategy.

Source: Meat + Poultry

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Ghost ends Sour Patch, Oreo flavor collaborations after Mondelēz lawsuit.

• Mondelēz filed a lawsuit against Ghost, alleging the brand breached contract terms by continuing to sell Sour Patch and Oreo-branded energy drinks after its acquisition by Keurig Dr Pepper for over $1B.
• The original co-branding deal expired recently, and Mondelēz claims it never approved its continuation post-acquisition, seeking product destruction and damages for trademark infringement.
• Ghost and Keurig Dr Pepper attempted to renegotiate but failed; Ghost asserts it acted in good faith and will defend its position, calling Mondelēz's decision disappointing after a 7-year partnership.

Source: Food Dive

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The Honest truth: Just Ice Tea filling void left by Coca-Coca.

• Just Ice Tea, launched after Coca-Cola discontinued Honest Tea in 2022, has rapidly grown into the 9th best-selling ready-to-drink tea brand in U.S. grocery, surpassing Coca-Cola’s Peace Tea.
• Co-founded by Seth Goldman, the brand emphasizes organic ingredients, low sugar, Fair Trade certification, and sustainability, using agave for sweetness and recyclable packaging.
• With distribution now in Target, Walmart, and CVS, sales are projected to exceed $30 million in 2025, doubling from 2023, as the brand builds out its 14-flavor portfolio with potential for future category expansion.

Source: Food Dive

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Bush Brothers relocates to state-of-the-art headquarters, distribution facility.

• Bush Brothers Provision Co. has opened a new 48,000-square-foot headquarters and distribution facility in Royal Palm Beach, FL, marking its 100th anniversary with a strategic investment to support long-term growth.
• The new facility features expanded temperature-controlled environments, a commercial kitchen, and modern office space, supporting operations for high-end clientele including restaurants, resorts, and yachts.
• As a fifth-generation, family-owned meat purveyor, Bush Brothers aims to expand its geographic reach while reinforcing its century-long commitment to quality protein and customer service in Southeast Florida and the Caribbean.

Source: Meat + Poultry

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Chomps commits to one-to-one plastic impact with ocean cleanup group.

• Chomps partnered with 4ocean to remove one pound of plastic from oceans and coastlines for every pound used in its packaging, reinforcing its commitment to sustainability.
• The initiative includes a promotional launch offering limited-edition bracelets made from recovered plastic to the first 3,000 customers who spend over $50 on Chomps' website.
• Chomps sees the partnership as a step toward long-term environmental impact, acknowledging current packaging limitations while actively pursuing future sustainable solutions.

Source: Meat + Poultry

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Hain Celestial CEO exits as Sleepytime tea maker conducts portfolio review.

• Hain Celestial CEO Wendy Davidson has exited amid worsening financials, with former Kraft and Coca-Cola executive Alison Lewis stepping in as interim CEO while the company undergoes a strategic portfolio review.
• The company is exploring a wide range of options, including potential brand divestitures or a full sale, after posting a $258M net loss on $1.2B in sales over the first nine months of FY25 and seeing its stock price drop 93% under Davidson’s leadership.
• Hain faces growing competition in the natural foods space and aims to refocus on core brands in trending categories like keto, gluten-free, and high-protein, which may appeal to strategic buyers or private equity.

Source: Food Dive

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Utz holds financial guidance amid tariffs.

• Utz maintained its 2025 financial guidance despite new tariffs, citing minimal exposure due to its fully domestic production and supply chain.
• The company’s cost-saving plan was revised upward to $150 million by 2026, and it continues to invest in U.S. manufacturing, with recent expansions in Pennsylvania and North Carolina.
• While competitors like Kellogg and Hershey reported tariff-related headwinds, Utz posted Q1 net sales of $352M and a 7.2% increase in adjusted net income, highlighting its operational resilience.

Source: Manufacturing Dive

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Beyond Meat secures $100M to pay down debt as plant-based sales suffer.

• Beyond Meat secured $100 million in debt financing from plant-based nonprofit affiliate Unprocessed, providing critical liquidity as the company faces declining U.S. sales and a 23.3% drop in product volumes.
• The company cited lost distribution and consumers shifting away from fresh to frozen sections as key drivers of its Q1 decline, along with broader headwinds in the plant-based category.
• CEO Ethan Brown said Beyond will continue cutting costs, countering misinformation about its health credentials, and working to reposition itself as a core protein choice for consumers.

Source: Food Dive

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Ferrero launches a Nutella spread with peanuts to fuel US growth.

• Ferrero is introducing Nutella Peanut, its first-ever flavor innovation for the 61-year-old brand, blending its classic cocoa hazelnut spread with roasted peanuts to appeal to U.S. consumers, where peanut demand is high.
• The product, launching next spring, took five years to develop and is part of a $75 million investment to expand production capabilities at Ferrero’s Illinois facility.
• The launch supports Ferrero’s broader U.S. growth strategy, which includes recent acquisitions and product innovations, helping it outperform peers like Hershey and Mondelēz amid consumer spending slowdowns.

Source: Food Dive

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PepsiCo taps Amazon Web Services to accelerate digital transformation, AI adoption.

• PepsiCo has entered a multiyear partnership with Amazon Web Services to accelerate its digital transformation, focusing on cloud migration, real-time insights, and generative AI through its internal platform, PepGenX.
• The initiative supports a broader strategy laid out in 2024 to scale AI and data use across operations, aiming to improve agility, intelligence, and efficiency while managing rising cloud infrastructure costs.
• As economic pressures grow and IT spending tightens, PepsiCo’s collaboration with AWS reinforces its commitment to long-term innovation, even amid uncertain consumer and tariff-driven market conditions.

Source: Food Dive

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Keurig launches K-Cup ‘price lock event’ to help consumers avoid rising coffee costs.

• Keurig Dr Pepper launched a “Price Lock Event” offering 25% off K-Cup pods through the end of 2025 to help offset rising costs from green coffee inflation and new tariffs.
• The move comes as coffee segment sales fell 3.7% last quarter, prompting the company to explore additional pricing and productivity strategies.
• Keurig is also advancing sustainability efforts with its upcoming plastic-free K-Rounds pods and promoting premium at-home coffee brands like Lavazza and La Colombe.

Source: Food Dive

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How Sprite surpassed Pepsi by living and breathing pop culture.

• Sprite surpassed Pepsi to become the No. 3 carbonated soft drink in the U.S. by volume, fueled by its revitalized "Obey Your Thirst" campaign aimed at Gen Z and cultural authenticity.
• The brand’s pop culture-driven marketing featured rising stars like Anthony Edwards and Doechii, early partnerships in women’s sports, and immersive digital experiences like Sprite Squad and QR-powered “Obey Days.”
• Flavor innovation (e.g., Sprite Chill) and interactive consumer engagement are helping Sprite build momentum and deepen relevance in a fragmented media landscape.

Source: Food Dive

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Kellanova CFO resigns, joins Johnson & Johnson spinoff.

• Kellanova CFO Amit Banati is stepping down effective May 9 to become CFO of Kenvue, the Johnson & Johnson consumer health spinoff, where he will receive a $2.5M signing bonus, a $4M transaction bonus contingent on the Mars acquisition closing, and $6.5M in RSUs.
• Banati’s departure comes as Mars prepares to acquire Kellanova for $35.9B, with Kellanova appointing VP John Renwick as interim CFO.
• Kenvue, facing activist investor pressure and tariff-related challenges, reported a 3.9% revenue decline in Q1, while Kellanova posted a 3.6% sales drop and 13% decline in operating profit for the same period.

Source: Food Dive

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Hain Celestial CEO exits as Sleepytime tea maker conducts portfolio review.

• Hain Celestial removed CEO Wendy Davidson and appointed Alison Lewis as interim CEO while initiating a full portfolio review to evaluate strategic alternatives.
• The company posted a $135 million quarterly loss with sales down 11%, and revenue declines across all five business units; shares have dropped 93% since Davidson took over.
• Hain is considering brand divestitures or a full sale, positioning itself as a potential acquisition target with a $125 million market cap and exposure to on-trend categories like keto, gluten-free, and dairy-free.

Source: Food Dive

JUST FOR FUN

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The Weekly Sip: Anheuser-Busch, Constellation target Gen Z with summer brews – Food Dive

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