Food & Beverage Acquisitions in 2024

Premium Brands Holdings Corporation completed the acquisitions of NSP Quality Meats, Casa Di Bertacchi and Italia Salami for a total purchase price of US$66.0 million (US$50.0 million cash, US$10.0 million common shares and US$6.0 million contingent consideration). The three businesses have combined annual sales of approximately US$200 million and will add cooked-protein and cured-meat production capacity to Premium Brands' Specialty Foods Group; the company also completed a US$68.0 million sale-and-leaseback of an expanded Hempler's production facility.

Labor Smart, Inc. (LTNC) has acquired Go Fast Sports and Beverage Company from Illumination Brands in exchange for 400,000,000 LTNC shares. Go Fast will operate as a standalone subsidiary with Samantha Brown remaining as President as LTNC expands its consumer beverage portfolio and global distribution plans.

Ziyad Brothers, a portfolio company of Peak Rock Capital, has acquired Indo~European Foods (IEF), a value-added importer and distributor of ethnic and specialty food products, from Corridor Capital. The deal combines complementary brand portfolios and footprints to expand product assortment and accelerate IEF's national presence.

Pacific Seafood has completed the acquisition of Trident Seafoods' Kodiak, Alaska processing operations, including the Star of Kodiak, Alkod and Kodiak Near Island plants and the Plaza bunkhouse. Trident's Kodiak team members will be retained as Pacific Seafood expands processing capacity and direct access to Alaska wild whitefish and other species to support its distribution network.

AUA Private Equity Partners and Avance Investment Management jointly made a significant minority investment in Tropical Cheese Industries, a family-run Hispanic cheese and food brand founded in 1982. The founding Mendez family and Tropical Cheese management will retain a significant minority interest; the investors plan to support national expansion, deepen distribution (direct-store-delivery), and pursue complementary M&A opportunities. Terms were not disclosed.

Fresh Express Inc. has acquired McEntire Produce Inc., a Columbia, South Carolina-based fresh-cut processor, repacker and wholesaler, to form a newly branded Foodservice Division under the McEntire Produce name. The deal combines McEntire's regional foodservice capabilities, wash-system technology and distribution fleet with Fresh Express's national retail supply footprint, grower network and supply-chain capabilities to expand foodservice reach and enhance food safety and innovation.

Platinum Equity has acquired a majority stake in F.lli Polli S.p.A., the Italian producer of pasta condiments, preserved vegetables and related products, from affiliates of the founding Polli family. The Polli family and CEO Marco Fraccaroli retain minority ownership and management continuity; Platinum Equity intends to support geographic expansion across Europe and the United States.

SWIF Maven Equity Finance, via the British Business Bank's South West Investment Fund, invested £750,000 into Tom Parker Creamery to support relocation to a larger facility, increase production capacity, add working capital, hire staff, and fund product development. Tom Parker Creamery is a Wincanton, Somerset-based producer of free-range milks and creams supplying major UK retailers including Waitrose, Sainsbury's, Tesco and Ocado.

NovaTaste, a global taste-innovation company headquartered in Austria, has acquired McClancy Foods & Flavors from Dallas-based private equity firm CIC Partners. McClancy will continue to operate under its brand with the existing leadership team (including CEO Stephen Andresen) remaining in place and retaining significant ownership, while gaining access to NovaTaste's international innovation capabilities and distribution network.

Funds advised by SK Capital Partners acquired Spectra Confectionery Ltd., a Toronto-area manufacturer of premium decorative toppings and confectionery products, from founders Bill and Maureen Georgas. Debt financing was provided by MidStar Capital and unitranche financing (with an equity co-investment) was provided by Stellus Capital Management; Spectra's leadership (the Georgas family) will remain in place to run day-to-day operations.

CookUnity, a chef-made meal delivery platform headquartered in Brooklyn, New York, has acquired Cookin, a Toronto-based platform and operating system for culinary creators. The acquisition integrates Cookin’s creator tools and 1,500 chefs into CookUnity’s subscription and supply-chain network, expanding capabilities for chefs and enabling CookUnity’s first international expansion into Canada.

Full Glass Wine Co. has acquired Wine Access and Cameron Hughes Wine, marking the company's sixth and seventh acquisitions as it builds a multi-brand direct-to-consumer (DTC) wine marketplace. The transactions expand Full Glass Wine Co.'s portfolio, strengthen its e-commerce and curation capabilities, and position the business for accelerated revenue growth and scale in logistics and personalization.

Agrovision, the U.S.-headquartered vertically integrated superfruit platform, has acquired Chilean grower and exporter ZurGroup to launch Agrovision Chile and enter premium cherry production. The deal provides Agrovision immediate access to ZurGroup's packing and processing facilities, 250 hectares of blueberries and new land for cherry orchards, supporting the company's geographic expansion into Chile and broader global distribution.

Sojourner Consumer Partners announced an investment in Hawaii Coffee Company and the formation of a new holding platform, SoJoe Coffee, in partnership with Anderson Holdings. The deal brings Hawaii Coffee Company into Sojourner's consumer-focused platform to support brand growth, e-commerce and sustainability initiatives; terms were not disclosed.

Feast & Fettle, a premium prepared-meal delivery operator based in Rhode Island, has acquired WECO Hospitality to accelerate its East Coast expansion and support a January 2025 launch in Brooklyn. The deal brings WECO’s members into Feast & Fettle’s integrated DTC meal platform, expanding the buyer’s customer base and capacity across the Northeast.

OWS Foods, a manufacturer of Championship BBQ sauces and seasonings, has acquired Lillie's Q Sauces & Rubs, a premium barbecue CPG brand founded by Chef Charlie McKenna. The acquisition aims to accelerate Lillie’s Q's national expansion into conventional grocery, club and foodservice channels while leveraging OWS Foods' R&D and production capabilities.

Cooke Inc. acquired 100% of Corporacion Pesquera Inca S.A.C. (Copeinca), one of the world’s largest fishmeal and fish oil producers. Antarctica Advisors International acted as sell-side co-advisor to Copeinca’s shareholders; Copeinca operates 45 vessels, eight processing plants and ~2,770 employees and produces ~200,000 MT of fishmeal and 23,000 MT of fish oil annually.

Wales-based Tŷ Nant has acquired two bottled-water brands — Fonthill Water and Decantae Mineral Water — from US-based Primo Water (now part of Primo Brands). The deal (terms undisclosed) expands Tŷ Nant’s premium product range, adds new packaging formats (including 15L coolers and small plastic cuplets) and broadens its UK and European market reach.

Apheon has restructured its ownership of Haudecoeur by transferring its stake into an Apheon-controlled vehicle and extending its majority position, while LFPI joins as a minority investor. The Haudecoeur family and management are materially reinvesting; the recapitalization will provide additional capital and an extended time horizon to support organic growth and a targeted add-on acquisition programme across Europe.

Livermore winegrowers Lemmons Family Vineyards LLC and Darcie Kent Winery LLC have acquired historic Concannon Vineyard, a 230‑acre estate winery, from The Wine Group LLC. The Wine Group said the sale aligns with its portfolio strategy, while the buyers plan to restore historic varietals, return to organic farming practices, and repurpose estate facilities to expand winemaking, hospitality and custom crush capacity.

Valante Capital, the private equity arm of IDC Network, has acquired a significant stake in American Foods, a U.S.-based distributor of consumer goods to Latin America and the Caribbean. The investment will support American Foods’ regional expansion across the U.S., Latin America and the Caribbean and create commercial synergies with Valante’s portfolio company Vitali Alimentos.

Paine Schwartz Partners’ Food Chain Fund VI has acquired Promix LLC, a Gainesville, Florida–based maker of clean‑ingredient protein mixes, supplements, vitamins and better‑for‑you snack bars. Promix’s founding management team will remain in place, Bob DeBorde will join as Executive Chairman, and Paine Schwartz will support growth initiatives including marketing, product innovation, margin optimization and channel expansion. Financial terms were not disclosed.

Clairvest Group Inc., together with its fund Clairvest Equity Partners VII (CEP VII), made a minority equity investment in Redstone Food Group, a Toronto-area commercial bakery focused on in-store bakery and private-label co-packing. The capital will support Redstone's growth and scaling initiatives across North America while founder Rob Wheeler remains the majority owner and CEO.

Bell's Foods LLC, formed by three entrepreneurs including Dave West, has acquired the historic Bell's Brand (including Bell's Seasoning, Gravy, Brine and Onions) after the prior owner's financial difficulties. The new owners have restarted manufacturing and restocked core seasonings for the holidays, with Bell's Stuffing expected to return to shelves in early 2025.

Investment funds managed by Morgan Stanley Capital Partners (MSCP) have acquired FoodScience, a Williston, Vermont-based formulator, manufacturer and marketer of pet and human nutritional supplements, from Wind Point Partners. MSCP said it will work with CEO Sharon Rossi to pursue organic growth and strategic M&A to expand FoodScience's portfolio and capabilities.

Natural Healthy Concepts (a subsidiary of Renew Wellness Brands) has acquired Phat Fudge, a tahini-based, low-sugar spread founded by Mary Shenouda. The product will be made available nationwide through NHC.com and retail stores, expanding NHC's healthy snack and functional foods assortment.

Azalea Capital has acquired Virginia Food Group (VFG), owner of brands including Virginia Diner, Feridies, The Peanut Shop of Williamsburg, and Red Rocker Candy. Farragut Capital Partners provided senior subordinated debt and equity alongside NewSpring Capital and Salem Investment Partners to support the acquisition, with Atlantic Union Bank providing senior debt financing.

Kingswood Capital Management, LP has acquired Branding Iron Holdings, a Sauget, Illinois-based manufacturer of branded and private-label protein products (beef and pork) with facilities in Sauget, Rochester, and Sauk Rapids, Minnesota. Kingswood will partner with the existing management team—promoting Andy Touchette to CEO and adding John Niemann as Executive Chairman—to support growth and expand the company's manufacturing and customer capabilities across foodservice, retail and chain restaurant channels.

Lolli & Pops, a portfolio company of TerraMar Capital, has acquired Hammond's Candies, the century-old US confectioner. The deal — funded by a new revolving credit facility from PNC Bank, a term loan from Advantage Capital Management and additional investment from TerraMar — will allow Lolli & Pops to integrate Hammond's artisanal product lines across its stores and online platform to drive growth.

Whetstone Distribution, a Shore Capital Partners‑backed platform of regional food distributors, has acquired Chicago-based meat purveyor Anmar Foods as an add-on to its distribution platform. The acquisition expands Whetstone’s product capabilities, channel penetration and Illinois footprint, adding Anmar’s meat processing and distribution capabilities to the platform.

Turpaz Industries Ltd. acquired 100% of German flavor company Schumann & Sohn GmbH for approximately €10.7 million, with the transaction completed on November 7, 2024 and financed through bank credit. The acquisition expands Turpaz's presence in sweet flavors in Western Europe, adds a Karlsruhe production and development site with 21 employees and ~€9 million in 2023 sales, and is expected to generate cross-selling and product-portfolio synergies.

Nisun International Enterprise Development Group (Nasdaq: NISN) acquired a minority stake in Nanjing Pin Bai Sheng Catering Management Co., Ltd., a leading KFC franchisee and campus catering operator. The investment aims to expand Nisun's presence in China’s campus catering market and leverage supply-chain and digitalization synergies to scale operations across universities, government and corporate sites.

WECO Hospitality has acquired EatMise, a New York–based meal kit company, to expand its at-home dining offerings by combining fully prepared meals with pre-prepped meal kits. The acquisition will integrate EatMise's technology-driven operations and restaurant partnerships to broaden WECO's product line and provide more flexible meal options to customers in the New York area.

Molson Coors Beverage Company has acquired a 51% stake in ZOA Energy, the energy drink brand co-founded by Dwayne “The Rock” Johnson and partners; terms were not disclosed. Molson Coors — which previously partnered with ZOA on distribution and invested in September 2023 — will lead the brand’s marketing, retail and direct-to-consumer sales to scale the business and expand its non-alcohol portfolio.

The Hershey Company has acquired Sour Strips, the sour candy brand founded by Maxx Chewning in 2019. Chewning will remain with the brand to lead marketing and innovation as Hershey expands its sweets portfolio and reaches new, social-media-savvy consumers.

Primo Water Corporation and an affiliate of BlueTriton Brands completed an all‑stock merger to create Primo Brands Corporation, a publicly traded North American branded beverage company focused on healthy hydration. The combined company will trade on the NYSE under the ticker PRMB and is dual‑headquartered in Tampa, Florida and Stamford, Connecticut; the transaction brings together iconic bottled‑water brands and expanded manufacturing, distribution and direct‑to‑consumer capabilities.

Veos Group has acquired the activities/operations of OvaInnovations, a producer of inedible egg proteins, giving Veos production capabilities in the United States. The deal expands Veos Group’s global footprint and strengthens its ACTIPRO portfolio for food, feed and pet food customers.

OmniActive Health Technologies has acquired ENovate Biolife to expand its portfolio of clinically validated botanical and specialty active ingredients for dietary supplements, functional foods and sports nutrition. The acquisition strengthens OmniActive's R&D, clinical and commercial capabilities and aims to accelerate global distribution of ENovate's ingredients such as Muvz, RedNite and Oxyjun.

Wisdom Natural Brands, parent of the SweetLeaf natural sweetener brand, has acquired Canada-based Drizzle Honey to add a line of sustainably sourced raw and superfood-infused honeys to its portfolio. The deal expands Wisdom's product offering into the high-growth honey category and enables U.S. distribution for Drizzle's products, which are currently sold in roughly 1,200 Canadian retail stores and online.

Celsius Holdings, Inc. acquired Big Beverages Contract Manufacturing, L.L.C. for $75 million in a deal that closed on November 1, 2024. The acquisition adds a 170,000-square-foot beverage manufacturing and warehouse facility (principally dedicated to CELSIUS production) in the Charlotte metro area, providing Celsius greater supply-chain control, faster innovation cycles and expected margin improvement.

Kagome Co., Ltd. has increased its ownership in Ingomar Packing Company, LLC from 20% to a 70% majority stake, making Ingomar a Kagome majority-owned subsidiary. The deal strengthens Kagome's tomato processing capacity and US value chain while accelerating its global tomato-processing network and agricultural initiatives.

1440 Foods, a sports and active nutrition platform backed by Bain Capital and 4x4 Capital, has acquired FITCRUNCH and Bakery Barn from Union Capital Associates, L.P., celebrity chef Robert Irvine and other founders. FITCRUNCH CEO Patrick Cornacchiulo will become CEO of 1440; financial terms were not disclosed. The deal adds a growing high‑protein snack brand and a manufacturing platform to 1440's portfolio to support expanded retail distribution and innovation.

Edlong Corp., a dairy and dairy-free flavor manufacturer, has acquired Brisan Group, a Chicago-based market research and product development consultancy focused on dairy and sweet flavors. Brisan's CEO Brian Vogt will join Edlong as vice president for business development for the company's U.S. and Canada units; terms were not disclosed and the deal is expected to close Nov. 4.

UpSnack Brands, a newly formed snack-platform company, has acquired the assets of Pipcorn Heirloom Snacks and Spudsy, combining two better-for-you, upcycled snack brands under one umbrella. Joe DePetrillo (former CEO of Pipcorn) will serve as CEO of UpSnack Brands while Spudsy founder Ashley Rogers will transition to a role with Sprinkles CPG in the KarpReilly family of brands.

Schuman Cheese, a fourth-generation family-owned specialty cheese importer and maker, has acquired Trugman-Nash LLC from Allied Dairy, Inc., gaining ownership of the Old Croc Australian cheddar brand and exclusive U.S. distribution rights for Organic Herd British cheddar brands. The deal expands Schuman's premium cheese portfolio and strengthens its retail presence in the U.S. specialty cheese market.

Corporación Multi Inversiones (CMI), through its CMI Foods business, has entered a definitive agreement to acquire a significant equity stake in Del Real Foods from Palladium Equity Partners. The Cardenas family and Palladium will each retain minority stakes; the deal expands CMI's U.S. footprint and strengthens Del Real's position in refrigerated Hispanic prepared foods. Financial terms were not disclosed and the transaction is subject to regulatory approvals.

North Course Brands, a Tustin, California-based consumer packaged goods company, acquired the RxSugar brand and related intellectual property from Nutrishus Brands Inc.; the deal closed on October 29, 2024. The acquisition brings the allulose-based RxSugar product portfolio into North Course’s health-focused brand portfolio to expand its omnichannel presence in the better-for-you sweetener and functional food market; financial terms were not disclosed.

Wakefern Food Corp. acquired the Di Bruno Bros. trademark and portfolio of branded specialty food products to expand national distribution, while DB Gourmet Markets, LLC (operated by Wakefern member Brown's Super Stores) acquired the five Di Bruno Bros. retail locations and a bottle shop. Wakefern said it will market the branded products nationally through a dedicated sales team and has appointed Emilio Mignucci as VP of the Di Bruno Bros. brand to preserve the company's culinary legacy.

Keurig Dr Pepper (KDP) agreed to acquire a 60% stake in GHOST (GHOST Lifestyle LLC and GHOST Beverages LLC) for roughly $990 million, with plans to purchase the remaining 40% by 2028 for a total transaction value of $1.65 billion. The founders will remain in leadership, and KDP expects to integrate GHOST into its U.S. refreshment beverages segment and leverage its distribution network to scale the energy drink and sports nutrition brand.

Lyons Magnus LLC has acquired the operations and brands of Hormel Health Labs, LLC from Hormel Foods Corporation and launched a new division, Lyons Health Labs. The combined business — headquartered in Fresno, California — will market rebranded clinical nutrition and health products (including ReadyCare, THICK & EASY, Vital Cuisine, MED PASS 2.0, MightyShakes and Magic Cup) and expand Lyons Magnus' presence in medical nutrition and health-focused foodservice.