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Let’s TalkSuperlatus to Acquire 4 Consumer Brands From The Urgent Company
Superlatus has acquired The Urgent Company and its alt-protein consumer brands
Superlatus, a food technology and distribution company will acquire The Urgent Company, a “free-from” foods company, and its consumer brands. Superlatus is working on a merger with TRxADE HEALTH Inc., a pharmaceutical exchange platform provider. Following the merger, TRxADE will pivot its business focus and branding to become a processing and forming technologies company to create plant-based foods and snacks.
Transaction Summary
Our Take on the Acquisition
Superlatus (acquirer) acquired The Urgent Company (target) because of its consumer brands. The Urgent Company’s consumer brands, Brave Robot, Modern Kitchen, California Performance Co., and Coolhaus, align with Superlatus’ vision to provide alternative, innovative food products. Superlatus is currently undergoing a merger with TRxADE HEALTH Inc., that will lead it to be listed on the stock exchange, and once finalized, the company will have to perform financially on a quarterly basis.
The Facts of the Acquisition
- Target: The Urgent Company produces animal-free food products like ice cream, whey proteins, and cream cheese. It makes the dairy it uses through the fermentation of microflora without using animals. It operates under four brands and sells in the United States.
- Acquirer: Superlatus is a diversified food company that invests in food system innovation and transformational change through consumer goods, agtech, foodtech, plant-based proteins, and alt-proteins.
The Transaction
| Date: | August 24, 2023 |
| Price: | Undisclosed |
| Purpose: | To expand Superlatus’ product portfolio to include free-from foods |
| Acquirer’s Statement: | Tim Alford, Superlatus interim CEO – “We are excited to welcome the Coolhaus, Brave Robot, Modern Kitchen, and California Performance Co. brands to our portfolio of CPG assets [consumer packaged goods]. Together, our shared interest in the sustainable and equitable food sectors will, we believe, allow us to expand our market presence and pursue a number of new opportunities to grow our brands together. In addition, once complete, this acquisition will help accelerate both companies’ environmental mission to transition our products to animal-free in the months and years ahead.” |
Target/Seller: The Urgent Company
Company Information
| Target: | The Urgent Company |
| Website: | theurgentcompany.com |
| Founded: | 2020 |
| Industry: | Food Manufacturer – Free-From Foods |
| Type: | Subsidiary |
| Employees: | 17 (Self-published on LinkedIn) |
| Locations: | Head Office: 1485 Park Ave, Emeryville, California, United States |
Product Information
| Products: | Ice-Cream: Lactose-free animal-free ice cream in a variety of flavors Vegan Cream Cheese: Cream cheese made with animal-free dairy protein Whey Proteins: A mixture of proteins |
| Brands: | Brave Robot Modern Kitchen California Performance Co. Coolhaus |
| Market Reach: | United States |
Financial Information
| Revenue: | Up to USD $5.0 million (Unconfirmed source: ZoomInfo) |
| Revenue per Employee: | Up to USD $294,118 (i.e., USD $5.0 million / 17 employees = USD $294,118 – estimated based on the self-published number of employees and revenue from ZoomInfo) |
Did You Know?
The United States retail market for plant-based foods is worth USD $8 billion. Similar to the prior year, 6 in 10 U.S. households purchased plant-based foods in 2022. Plant-based foods made up 1.4% of total retail food and beverage dollar sales in 2022. Interestingly, 93% of households that bought plant-based meat in 2022 also bought animal-based meat.
Seller Overview: Perfect Day
Perfect Day was originally started in 2014 as Muufri by two vegan bioengineers who discovered a way to create animal-free dairy products by making milk protein using fermentation through microflora. The company changed its name to Perfect Day in 2016, then launched The Urgent Company in 2020 as a consumer packaged goods (CPD) segment to promote animal-free dairy products. By mid-2023, Perfect Day felt it had achieved its goal of bringing animal-free dairy products to the attention of consumers and announced plans to sell The Urgent Company in order to focus on being a B2B supplier to other firms interested in using dairy proteins made via fermentation.
Target Overview: The Urgent Company
The Urgent Company is a CPG producer with a focus on sustainable food products. The company was started in 2020 as part of Perfect Day to help stimulate market interest in animal-free dairy. They operate four consumer brands offering a variety of animal-free foods that have less of an impact on the planet. These include Brave Robot (ice cream and cake mixes), Modern Kitchen (cream cheese), California Performance Co. (sports nutrition products), and Coolhaus (ice cream).
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Explore Your Options NowBuyer/Acquirer: Superlatus
Company Information
| Buyer: | Superlatus |
| Website: | superlatusfoods.com |
| Founded: | 2022 |
| Industry: | Food and Beverage – Food Distribution |
| Type: | Publicly listed |
| Employees: | 22 (Source: LinkedIn and Superlatusfoods.com) |
| Locations: | Head Office: 445 Park Avenue, New York, United States TRxADE Health: 2420 Brunello Trace, Lutz, Florida, United States |
Product Information
| Market Focus: | Consumer packaged goods (CPG), agtech, foodtech, plant-based proteins, and alt-proteins |
| Market Reach: | United States |
Financial Information
| Revenue: | USD $9.5 million (Unconfirmed source: Company filings) |
| Revenue per Employee: | USD $431,818 (i.e., USD $9.5 million / 22 employees = USD $431,818 – estimated based on the number of employees and revenue from company filing) |
Did You Know?
Free-from foods are foods without specific ingredients like gluten, dairy, nuts, or animal ingredients. Being free-from makes the product suitable for those with preferences, restrictions, allergies, intolerances, or other health needs requiring them to avoid specific food components.
Buyer/Acquirer Overview: Superlatus
Superlatus provides processing and forming technologies to create high-nutrition, high-taste, and textured foods. The company specializes in food innovation and transformation to food systems and enables innovative consumer packaged goods, agritech, food tech, plant-based proteins, and alt-proteins.
On July 31, 2023, Superlatus agreed to merge with TRxADE Health, Inc., a pharmaceutical exchange platform provider based in Florida. The combined companies will focus on Superlatus’ core business area of innovations in the food and beverage sector. Their other planned products include plant-based meats and plant-based meat snacks, plant-based dairy milk and yogurt, and pulse-based snack foods, prioritizing high protein, low fat, nutritious products for humans and pets. TRxADE will divest its existing operating business and assets shortly after the merger.
Previous Acquisitions by Superlatus
- Prestige Farms (2023) – A family-owned poultry processing business based in North Carolina, United States
- Sapientia (2023) – A food ingredients and consumer-foods business based in Texas, United States
Sources
- Company Profile
- Other Sources
- Unconfirmed Sources
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