Whipstitch Capital Weekly Transaction Recap: April 18-24, 2023

Consumer Transaction Recap April 18-24, 2023

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We track and report on consumer markets activity over the past week so you don't need to.

FOOD AND BEVERAGE

NESTLÉ AND PAI CREATE FROZEN PIZZA JOINT VENTURE

Nestlé set up a joint venture with PAI Partners for its European frozen pizza business, including Wagner, Buitoni and Garden Gourmet. Financial terms were not disclosed.

BROTHERS INTERNATIONAL ACQUIRES HOSH

Brothers International Food Holdings bought Hosh International, a supplier of fruit and vegetable juice concentrates and purees. Financial terms were not disclosed. In 2021, Whipstitch Capital served as the exclusive financial advisor to Brothers International in their transaction with Benford Capital Partners.

ZJLD GROUP TO IPO

Chinese liquor company ZJLD Group priced its Hong Kong initial public offering at HK$10.82 per share in a deal that would see the company raising HK$5.3 billion.

BOREALIS FOODS TO GO PUBLIC VIA SPAC

Borealis Foods, a producer of plant-based, ready-to-eat meals, combined with Oxus Acquisition Corp., a special purpose acquisition company. The transaction values Borealis at $150 million.

RONIN EQUITY MERGES SIX COMPANIES, CREATES LOTUS BEVERAGE ALLIANCE

Ronin Equity Partners created Lotus Beverage Alliance through the simultaneous combination of six companies. Lotus is a partnership of Alpha Brewing Operations, GW Kent, Twin Monkeys, Stout Tanks and Kettles, Brewmation and Automated Extractions.

GROWTHEUM INVESTS $100MM IN INTERNATIONAL DAIRY PRODUCTS

Growtheum Capital Partners provided $100 million in exchange for 15% of Vietnamese dairy maker International Dairy Products.

RASTELLI FOODS GROUP ACQUIRES GREENSBURY

Rastelli Foods Group, a multi-channel meat processor, bought Greensbury Market, a company specializing in organic, grass-fed beef.

HAWAIIAN HOST PURCHASES MACFARMS FOR $26MM

Hawaiian Host Group acquired macadamia snack brand MacFarms from Health and Plant Protein Group for $26 million.

KORO SECURES $20MM

Following their €50 million series B last year, better-for-you snack brand KoRo raised €20 million in an extension round that welcomed new investors SevenVentures, Associated British Foods, and the Haub Legacy Ventures.

CAPE MAY BREWING BUYS FLYING FISH BREWING COMPANY

Cape May Brewing Company acquired Flying Fish Brewing Company for an undisclosed sum.

PANGEA ACQUIRES GLORY JUICE

Pangea Natural Foods, a manufacturer and co-packer of health food products, bought Glory Organic Juice Company, a cold-pressed juice brand.

NOFO BREW COMPANY PURCHASES TANTRUM BREWING

Independent craft brewer NoFo Brew bought Tantrum Brewing for an undisclosed amount this month.

AQUA-SPARK INVESTS €11MM IN ENIFERBIO

Finnish fungal protein startup EniferBio raised €11 million in a round led by Aqua-Spark.

VFC RECEIVES £6MM

Vegan fried chicken brand VFC secured £6 million in a round led by Veg Capital.

PERSONAL CARE

TRUARC PARTNERS INVESTS IN TRADEMARK COSMETICS

TruArc Partners provided capital to Trademark Cosmetics, a formulator and manufacturer of beauty and personal care products.

OMY LABORATOIRES SECURES $11MM

Personalized skin care brand Omy Laboratoires closed $11 million in a funding led by Crédit Mutuel Equity with participation from Fondaction, Thrive Venture Fund and Accelia Capital.

HEALTH & WELLNESS

SOLIDCORE FOUNDER SELLS SHARES IN COMPANY

Anne Mahlum, founder of group fitness brand Solidcore, sold all remaining shares of the company to Kohlberg & Company for an undisclosed amount.

TEMPO CRACKERS SECURES FUNDING

Tempo Crackers, a cannabis-infused snack company, raised capital from its manufacturing partner, Punch Edibles.

PET

GRYPHON ACQUIRES VETNIQUE LABS

Gryphon Investors bought specialty pet supplement business Vetnique Labs. Financial terms of the transaction were not disclosed.

BUTTERNUT BOX PURCHASES PSIBUFET

UK-based dog food delivery company Butternut Box bought PsiBufet, a Polish fresh dog food company.

OTHER CONSUMER

MOHARI HOSPITALITY BUYS TAO GROUP HOSPITALITY

Madison Square Garden Entertainment Corp. sold restaurant and nightclub operator Tao Group Hospitality to Mohari Hospitality.

WALMART DIVESTS ELOQUII TO FULLBEAUTY BRANDS

Walmart sold plus-size apparel brand Eloquii to FullBeauty Brands. Financial terms were not disclosed.

UNITED ONE GROUP ACQUIRES EIGHT POTBELLY UNITS

Sandwich chain Potbelly sold eight company units in New York City to United One Group, a franchise operator.

GETGO SELLS 4 CONVENIENCE STORES FOR NEARLY $20MM

GetGo Café + Market, the convenience store arm of supermarket chain Giant Eagle, divested four of its locations in Indianapolis for a total of $19.5 million to Darshan Darar, an independent retailer.

ECOSOUL HOME RAISES $10MM

EcoSoul Home, a provider of eco-friendly home essentials products, secured $10 million in Series A funding. The round was led by Accel with participation of Singh Capital Partners.

Disclaimer: Whipstitch Capital does not warrant the accuracy, reliability, or timeliness of any transaction

news item. Before relying on any news item, the information should be independently verified.

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