2019

The following is a summary of the major acquisitions that occurred in the food and beverage industry in 2019.

Legend

• Date: The date the buyer acquired the target or brand, as reported in public sources.
• Price: The price paid for the company being acquired.
• Buyer: The company that acquired the target or brand.
• Target: The company or brand that was acquired. For example, if Ford Motor Company acquired Audi, Ford Motor Company is the buyer, Volkswagen is the seller, and the target is Audi.
• Location: The location of the target (i.e., the company or brand that was acquired).
• Seller: The company that owned the target company or brand that was acquired. For example, if Volkswagen sold Audi, Volkswagen is the seller, and the target is Audi.
• Purpose: The primary reason the buyer acquired the target or brand.
• Details: Specific details regarding the transaction, such as the form of consideration (e.g., cash, stock, notes, etc.) and/or any contingent payments (e.g., earnouts, etc.).

Food Manufacturing – General

Parmalat Canada Inc. Acquired Canadian Natural Cheese of Kraft Canada Inc. (Natural Cheese)

Date:	July 2, 2019
Price:	$1.62 Billion Canadian ($1.2 Billion)
Buyer:	Parmalat Canada – Produces fruit juices, milk and dairy products, cultured products, table spreads, and cheese products with the Astro, Beatrice, Black Diamond, Lactantia, and Balderson brands.
Target:	Canadian Natural Cheese – Natural Cheese business of Kraft Canada.
Location:	Ontario, Canada
Seller:	Kraft Canada Inc. – Produces food products, including chocolates, salad dressing, coffee, cream cheese, cookies, fruit punch, gum, and pasta.
Purpose:	Mark Taylor, Parmalat CEO and President said, “We are excited to work closely with the community and our stakeholders to ensure we can grow sustainably and help Canada’s natural cheese business thrive.”
Details:	The deal included cheese brands, Cracker Barrel, Amooza, and P’tit Quebec, and the Kraft plant in Ingleside, Ontario.

PepsiCo Inc. Acquired The CytoSport Business of Hormel Foods Corporation (Sports Nutrition)

Date:	April 16, 2019
Price:	$465 Million
Buyer:	PepsiCo Inc. – A U.S. and multinational food, beverage, and snack corporation based in Harrison, New York.
Target:	CytoSport – A manufacturer of sports-oriented nutritional products or supplements headquartered in Benicia, California.
Location:	California, USA
Seller:	Hormel Foods Corp – Founded in 1891, in Austin, Minnesota, by George A. Hormel as George A. Hormel & Company, Hormel is an American food processing company that packages and sells sausage, ham, and other pork, chicken, beef, and lamb products, including Spam, which they added in 1937.
Purpose:	“The sale to PepsiCo is expected to enable more growth for CytoSport and its flagship offering, the Muscle Milk brand,” said Jim Snee, chairman of the board, president, and CEO of Austin-based Hormel.
Details:	The transaction was subject to customary closing conditions, including regulatory approval.

Fontaine Santé Inc. Acquired Garden Fresh Salsa Company Inc. (Refrigerated Salsa)

Date:	June 20, 2019
Price:	$231 Million
Buyer:	Fontaine Santé Inc. – Uses 100% natural ingredients, no GMO, no preservatives to create healthy, fresh, and nutritious food.
Target:	Garden Fresh Gourmet – The maker of America’s #1 refrigerated salsa, as well as delicious lines of tortilla chips, hummus, soups, and dips.
Location:	California, USA
Seller:	Campbell Soup – An American processed food and snack company.
Purpose:	“We have two goals with this acquisition: to develop and diversify the range of our product offerings and, at the same time, to maintain our small-scale production quality. Our products are satisfying the current demands of consumers,” said lawyer and group president Mélissa Latifi.
Details:	The recently completed transaction included Garden Fresh Gourmet’s two plants in Ferndale and Grand Rapids, Michigan, which employs more than 600 people.

Mitsui & Co. and Kenko Mayonnaise Acquired Hans Kissle (Salads, Desserts, and Prepared Foods)

Date:	January 23, 2019
Price:	$108 Million
Buyer:	Mitsui & Co. and Kenko Mayonnaise – One of the top sogo shosha (general trading companies) in Japan and part of the Mitsui Group. Kenko Mayonnaise produces dressing and other prepared sauces.
Target:	Hans Kissle – Manufactures a wide range of high-quality, wholesale delicatessen main and side dishes, desserts, and other prepared foods.
Location:	Massachusetts, USA
Purpose:	Mitsui said its acquisition enhanced “its offering of value-added, prepared food products in the large and growing U.S. food market.”
Details:	Mitsui & Co. Ltd., Tokyo, and KENKO Mayonnaise Co. Ltd., Japan, jointly acquired 100% of the shares of Hans Kissle Co., LLC, Haverhill, Mass., for $108 million.

Sara Lee Frozen Bakery Acquired Superior Cake Products Inc. (Baked Goods)

Date:	August 1, 2019
Price:	$65 Million
Buyer:	Sara Lee Frozen Bakery – A maker of frozen bakery and dessert products.
Target:	Superior Cake Products Inc. – Makes delicious sweet baked goods sold through in-store bakeries at retailers nationwide.
Location:	Illinois, USA
Seller:	Hostess Brands Inc. – An American-based bakery company formed in 2013.
Purpose:	“This acquisition accelerates Sara Lee Frozen Bakery’s strategic goal of expanding our presence in the high-growth in-store bakery category,” said Craig Bahner, CEO of Sara Lee Frozen Bakery.
Details:	Hostess Brands Inc. agreed to sell its Superior Cake Products Inc. to Sara Lee Frozen Bakery for $65 million cash, subject to post-closing adjustments. This was the first acquisition for Sara Lee Frozen Bakery, which closed during the third quarter.

Ajinomoto Health & Nutrition North America Inc. Acquired More Than Gourmet Inc. (French Gourmet Sauces)

Date:	August 21, 2019
Price:	Undisclosed Amount
Buyer:	Ajinomoto Health & Nutrition North America Inc. – The Ajinomoto group is a leading global company specializing in foods and amino acids.
Target:	More Than Gourmet Inc. – A company that produces classic French, gourmet cooking sauces and stocks in the authentic, old-world tradition.
Location:	Ohio, USA
Seller:	Culinary Group Holdings LLC – Provides dining services to consumers and public and private organizations in the U.S.
Purpose:	The company reported that this acquisition would expand Ajinomoto’s integrated food solutions business in North America.
Details:	Japanese seasonings agreed to acquire a 50.1% equity stake in U.S. sauces producer, More Than Gourmet Inc. from Culinary Group Holdings LLC to enhance its presence in North America. Although the financial terms of the transaction were undisclosed, according to S&P Global Market Intelligence, the deal had a value of approximately ¥3.8 billion.

Döhler Acquired Zucasa (Juices, Purées, and Sweet Fruit Concentrates)

Date:	April 3, 2019
Price:	Undisclosed Amount
Buyer:	Döhler – A natural ingredient supplier.
Target:	Zumos Catalano Aragoneses (Zucasa) – A Spanish producer of purées, juices, and sweet fruit concentrates.
Location:	Huesca, Spain
Purpose:	Döhler stressed that the deal was a “great step forward,” providing it will have access to one of Europe’s largest fruit-producing regions. Spain’s most prominent production area of sweet fruit is between Huesca and Lleida.
Details:	Döhler now manages Zucasa’s juice production facility in Spain’s Huesca region through its subsidiary, Döhler Fraga.

Food Manufacturing – Snacks

KKR & Co. Inc. Acquired Related Business of Campbell Soup Company (Snacks and Meal Brands)

Date:	August 2, 2019
Price:	$2.2 Billion
Buyer:	KKR & Co. – Kohlberg Kravis Roberts & Co. is a U.S. global investment company that manages many alternative asset classes, including real estate, private equity, energy, infrastructure, and credit, and with its strategic partners, hedge funds.
Target:	Campbell International and Arnott’s Biscuit – A quality business that includes snacking and meal brands in the Asia Pacific region with superior distribution channels and manufacturing capabilities in attractive core markets.
Location:	New South Wales, Australia
Purpose:	David Lang, Member at KKR, said, “Campbell International represents a unique portfolio of iconic brands that are known and loved by consumers in Australia and across the world. We are privileged and excited to have the opportunity to invest in and grow Arnott’s as an independent business in Australia, in addition to further developing Campbell’s trusted brands across the broader Asian market.”
Details:	Under the terms of the agreement, KKR and Campbell entered into a long-term licensing arrangement for the exclusive rights to use specific Campbell brands, including Swanson, Campbell’s, V8, Prego, Chunky, and Campbell’s Real Stock, in New Zealand, Australia, Malaysia, and other select markets in Africa, Asia Pacific, Europe, and the Middle East.

Ferrero International S.A. Acquired the Cookie and Fruit Snacks Business of Kellogg Company (Cookie and Fruit Snacks)

Date:	July 29, 2019
Price:	$1.3 Billion
Buyer:	Ferrero International S.A. – An Italian multinational producer of confectionery and branded chocolate products and the second-largest chocolate and confectionery company worldwide.
Target:	Kellogg Company (Cookie and Fruit Snack Business) – A multinational food manufacturing company based in Battle Creek, Michigan, United States.
Location:	Michigan, USA
Purpose:	“This divestiture is yet another action we have taken to reshape and focus our portfolio, which will lead to reduced complexity, more targeted investment and better growth,” said Steven A. Cahillane, Chairman and CEO of Kellogg.
Details:	The transaction was subject to customary closing conditions and regulatory approvals and closed during the second half of the year. Davis Polk & Wardwell LLP and JP Morgan Securities PLC served as advisors to Ferrero.

Simply Good Foods Company Acquired Quest Nutrition (Healthy Lifestyle Foods)

Date:	August 21, 2019
Price:	$1 Billion
Buyer:	Simply Good Foods Company – The owner of the Atkins brand and leader of the nutritional snack sector, producing trusted brands offering a variety of innovative, convenient, delicious, healthy meal replacements and snacks.
Target:	Quest Nutrition – A healthy lifestyle food company.
Location:	California, USA
Purpose:	“The acquisition of Quest strengthens Simply Good Food’s position within the nutritional snacking category by expanding our portfolio of brands and product offerings while also providing us with greater consumer and channel diversification,” said Joseph E. Scalzo, President, and CEO of Simply Good Foods.
Details:	The transaction was structured as the purchase by a subsidiary of Simply Good Foods of 100% of the equity of each of Voyage Holdings, LLC and VMG Quest Blocker, Inc. (together, the “target”) from the founders of Quest and other equity holders of the target.

The Hershey Company Acquired ONE Brands (Nutrition Bars)

Date:	September 23, 2019
Price:	$397 Million
Buyer:	The Hershey Company – A U.S. multinational company and one of the biggest chocolate manufacturers across the globe. It also produces baked products, such as cakes and cookies, and beverages, including milkshakes and other products.
Target:	ONE Brands – A low-sugar, high-protein nutrition bar maker formerly known as Oh Yeah! Nutrition.
Location:	North Carolina, USA
Purpose:	Mary Beth West, Chief Growth Officer for the Hershey Co, said, “As the nutrition bar category continues to grow, One offers a compelling brand proposition with great-tasting, unique flavors, low sugar, and high protein.”
Details:	The $397 million deal enhanced Hershey’s Oatmega business, acquired in 2018 as a part of Amplify Snack Brands Inc.

Atlas Holdings LLC Acquired Flagstone Foods Inc. (Healthy Snacks)

Date:	August 1, 2019
Price:	$90 Million
Buyer:	Atlas Holdings LLC – Atlas Holdings and its affiliates are a diversified group of manufacturing, distribution, service, and trading businesses.
Target:	Flagstone Foods Inc. – One of the biggest producers and distributors of private-label nutritious snacks in North America, it leads the market in the trail mix, nut, and dried fruit categories.
Location:	Minnesota, USA
Seller:	TreeHouse Foods, Inc. – A multinational food manufacturing company based in Oak Brook, Illinois, specializing in private label packaged foods.
Purpose:	“Accomplishing a clean sale for TreeHouse allows us to immediately focus our efforts, pay down debt, have a healthier margin structure, and improve our ability to drive shareholder value over time,” said Steve Oakland, CEO and President of TreeHouse Foods.
Details:	Atlas Holdings LLC completed its $90 million acquisition of the nuts, snack, and trail mix business of TreeHouse Foods, Inc. The standalone company will be named Flagstone Foods, the same name the business used before TreeHouse acquired it for $860 million in June 2014.

Alcoholic Beverages

Boston Beer Company Acquired Dogfish Head Brewery (Brewery)

Date:	May 9, 2019
Price:	$300 Million
Buyer:	Boston Beer Company, Inc. – An American brewery founded by Mariah and Same Calagione in 1984.
Target:	Dogfish Head Brewery – A brewing company headquartered in Milton, Delaware.
Location:	Delaware, USA
Purpose:	Together, Boston Beer and Dogfish Head hope to create a powerful American-owned platform for craft beer and beyond.
Details:	The combined company will be led by Boston Beer CEO Dave Burwick.

Pernod Ricard Acquired Castle Brands (Wines and Spirits)

Date:	October 9, 2019
Price:	$223 Million
Buyer:	Pernod Ricard – The second top worldwide producer of spirits and wines with consolidated sales of €9,182 million in FY19.
Target:	Castle Brands Inc. – An international developer and marketer of premium and super premium alcohol brands.
Location:	New York, USA
Purpose:	Pernod added the New York-based company’s brands to its portfolio, including Jefferson’s Bourbon, Brady’s Irish Cream, and Clontarf Irish Whiskey. “We’re thrilled about the closing of the Castle Brands acquisition and the opportunity it offers us in the world’s largest spirits market, the US, a priority market for the Group,” said Alexandre Ricard, Chairman & CEO of Pernod.
Details:	The short-form merger was preceded by a cash tender offer.

Non-Alcoholic Beverages

Butterfly Enterprises LLC Acquired WM. Bolthouse Farms Inc. (Refrigerated Beverages)

Date:	June 17, 2019
Price:	$510 Million
Buyer:	Butterfly Enterprises LLC – A private equity firm focusing on the food sector headquartered in Los Angeles.
Target:	WM. Bolthouse Farms Inc. – A vertically integrated farm company specializing in refrigerated beverages founded in Grant, Michigan, in 1915.
Location:	California, USA
Purpose:	Butterfly operating partner and new Bolthouse CEO Jeff Dunn said, “Bolthouse Farms holds a special place in the produce industry, and my team and I are deeply committed to strengthening and broadening Bolthouse Farms’ unique legacy. We can’t wait to get started.”
Details:	The acquisition was subject to customary purchase price adjustments.

Peak Rock Capital Acquired Turkey Hill Dairy Business (Ice Cream and Beverages)

Date:	July 24, 2019
Price:	$350 Million
Buyer:	Jollibee Foods Corporation (JFC) – A multinational company and owner of Jollibee, a fast food brand headquartered in Pasig, Philippines.
Target:	The Coffee Bean & Tea Leaf – An American coffee shop chain founded in 1963. Since 2019, it has been the trade name of Ireland-based Super Magnificent Coffee Company Ireland Limited, itself a wholly-owned subsidiary of multinational Jollibee Foods
Location:	California, USA
Purpose:	“This will add 14% to its global system-wide sales, 26% to its total store network, will bring international business’ contribution to 36% of worldwide sales, and will bring JFC closer to its vision to be one of the top five restaurant companies in the world in terms of market capitalization,” said Tony Tan Caktiong, JFC Chairman.
Details:	The merger cleared government approvals and fulfilled closing conditions.

Peak Rock Capital Acquired Turkey Hill Dairy Business (Ice Cream and Beverages)

Date:	March 19, 2019
Price:	$215 Million
Buyer:	Peak Rock Capital – A top middle-market private equity firm that completed debt and equity investments in North America and Europe.
Target:	Turkey Hill Dairy Business – A part of The Kroger Company, a leading manufacturer and distributor of ice cream and refrigerated drinks.
Location:	Pennsylvania, USA
Seller:	The Kroger Co. – The Kroger Company, or Kroger, is a retail company operating multi-department stores and supermarkets across the United States.
Purpose:	The acquisition of Turkey Hill was Peak Rock’s eighth current investment in the food and beverage industry.
Details:	According to the sale agreement, the Peak Rock Capital affiliate will keep operating the Turkey Hill Dairy Business from its large Conestoga, Pennsylvania facility with close to 800 workers under the same recognizable Turkey Hill brand.

River Wild Exploration, Inc. Acquired CBD Lifestyle Corp. (Cannabidiol-Infused Beverages)

Date:	January 2, 2019
Price:	$14.3 Million Canadian
Buyer:	River Wild Exploration, Inc. – A company that operates in the mining and metals industry.
Target:	CBD Lifestyle Corp. – Produces cannabidiol (CBD) infused beverages.
Location:	Ontario, Canada
Details:	In the acquisition of CBDL, River Wild Exploration agreed to give 26 million common shares to the current shareholders of CBD Lifestyle. A part of the consideration shares was subject to an escrow arrangement to comply with the policies of the Canadian Securities Exchange.

Zurban Beverages Inc. Acquired Kiju Brand (Organic Juice Drinks)

Date:	May 21, 2019
Price:	$5.96 Million
Buyer:	Zurban Beverages Inc. – A federal corporation entity registered with Corporations Canada.
Target:	Kiju Brand – A 100% organic juice brand with no sugar other than what naturally occurs in their ethically-grown fruits.
Location:	Ontario, Canada
Seller:	GreenSpace Brands – A brand ideation team based in Canada that develops, markets, and sells high-quality, natural food products across North America.
Purpose:	Matthew von Teichman, CEO of GreenSpace Brands, Nothing But Nature’s parent company, said, “This transaction … establishes a value for the rest of the brands in our portfolio of at least 1x sales, it helps to pay down some debt, and it gives us some much needed additional working capital. The sale of Kiju, although bittersweet for us, is an important milestone in our evolution as a company.”
Details:	The acquisition was for a cash consideration of $7.5 million and a revenue-based earn-out of $500,000. The Kiju business represented approximately 10% of the revenue of GreenSpace.

Bhang Corporation Acquired Red Ace LLC (Organic Beverages)

Date:	September 9, 2019
Price:	$1.9 Million
Buyer:	Bhang Corporation – A global cannabis house of brands with an extensive, award-winning portfolio of products.
Target:	Red Ace LLC – A leading organic beverage company (“Red Ace Organics or Red Ace”).
Location:	Colorado, USA
Purpose:	“This strategic acquisition not only strengthens Bhang’s position as one of today’s most expansive and diverse global cannabis house of brands, it opens an incredibly valuable pipeline to some of the biggest retailers in the world,” said Scott Van Rixel, CEO of Bhang.
Details:	Bhang acquired Red Ace, LLC via its wholly owned subsidiary Bhang Corporation. Bhang plans to accelerate Red Ace and enter the “Functional Beverage” market, which is predicted to grow to $208.1 billion by 2024, according to a 2018 report from Mordor Intelligence.

Refresco Group N.V. Acquired Cott Beverages, LLC (Beverages)

Date:	February 8, 2019
Price:	$1.25 Billion
Buyer:	Refresco Group N.V. – The biggest independent bottler of beverages worldwide for A-brands and retailers with production facilities in North America and Europe.
Target:	Cott Beverages, LLC – Produces, packages, and distributes beverages.
Location:	Florida, USA
Purpose:	Hans Roelofs, CEO of Refresco, said, “We are pleased to add Cott’s Columbus concentrate manufacturing facility to Refresco North America. It adds extensive innovation capabilities and skills and creates a global center of excellence for beverage concentrate manufacturing. It is a perfect fit with our business.”
Details:	The combined businesses will operate 59 manufacturing facilities worldwide, with 26 sites in continental Europe, 22 in the U.S., six in the UK, four in Canada, and one in Mexico.

Cafento Acquired Java Republic (Coffee Roaster)

Date:	May 3, 2019
Price:	Undisclosed Amount
Buyer:	Cafento – A privately held company that manufactures and markets coffee products.
Target:	Java Republic – Coffee-roasting company HQ with a modern daytime cafe serving coffee, specialty teas, and snacks.
Location:	Dublin, Ireland
Purpose:	Managing director Grace O’Shaughnessy, who is staying with the business, said. “The new partnership will help Java identify new opportunities to show more coffee lovers about our expertise and conscientiousness.”
Details:	Java Republic was acquired by Spanish coffee company Cafento, with founder David McKernan selling his stake in the firm. Consideration for the transaction was not disclosed.

Zenabis Global, Inc. Acquired True Buch Kombucha (Cultured Tea Beverages)

Date:	January 29, 2019
Price:	Undisclosed Amount
Buyer:	Zenabis Global, Inc. – A Canadian medical and recreational marijuana producer.
Target:	True Buch Kombucha (Hillsboro Corp) – A kombucha company and expert in creating cultured tea beverages.
Location:	Alberta, Canada
Purpose:	“The strategic acquisition of True Buch marks a significant milestone for both companies,” said Andrew Grieve, CEO of Zenabis. He added, “We are excited to enter into this business arrangement with True Buch for several reasons, with the first among these the opportunity to leverage the expert management and operational expertise being contributed by each of our entrepreneurial teams,”
Details:	Zenabis acquired 51% of True Buch in consideration of the issuance of 455,947 common shares of Zenabis to True Buch shareholders. In addition, the True Buch shareholders will receive cash earn-out payments if True Buch exceeds the financial predictions that they used to determine the closing price.

Elev8 Brands, Inc. Acquired Blessed Bean Coffee, LLC (Coffee, Cocoa and Tea)

Date:	January 24, 2019
Price:	$3.5 Million
Buyer:	Elev8 Brands, Inc. – A holding company focused on the commercial development of hemp and CBD-based products.
Target:	Blessed Bean Coffee, LLC – Provides non-alcoholic beverages. The company offers coffee, tea, and cocoa with various flavors.
Location:	Florida, USA
Purpose:	CEO of the company, Ryan Medico, stated, “We hope this is going to be an amazing year. We have been working diligently on expanding distribution, creating opportunities to expand sales, and streamlining manufacturing. This acquisition creates the potential to do all of these things and ensure that production can keep up with our expansion, cutting costs and significantly increasing the bottom line.”

Wholesale & Distribution

HF Foods Group Acquired B&R Global (Food Distributor)

Date:	June 21, 2019
Price:	$740 Million
Buyer:	HF Foods Group Inc. – A top marketer and distributor of fresh produce, dry and frozen food, and non-food products for Chinese and Asian restaurants and other food service customers. throughout the Southeast, Mountain West, and Pacific U.S.
Target:	B&R Global Holdings Inc. – Distributor of food headquartered in Industry, California, specializing in wholesale distribution to Asian restaurants.
Location:	California, USA
Purpose:	The combined companies will become the largest food distributor to Asian restaurants in the U.S.
Details:	The acquisition by HF Foods of B&R was in exchange for a consideration of approximately 30.7 million shares of HF Foods’ common stock.

B&G Foods North America Inc. Acquired Clabber Girl Corporation (Food Export)

Date:	May 15, 2019
Price:	Undisclosed Amount
Buyer:	B&G Foods
Target:	Clabber Girl Corporation – A leading producer of baking products, including baking soda, baking powder, and cornstarch from Hulman & Company.
Location:	Indiana, USA
Purpose:	Kenneth G. Romanzi, President and Chief Executive Officer of B&G Foods, said, “This acquisition is consistent with our longstanding acquisition strategy of targeting well-established brands with defensible market positions and strong cash flow at reasonable purchase price multiples.
Details:	B&G Foods expected the acquisition to immediately be accretive to earnings per share and free cash flow. The acquired business should generate approximately $70 to $75 million in net sales annually.

Meat

Aterian Investment Partners LLC Acquired Hain Pure Protein Corporation (Poultry)

Date:	July 1, 2019
Price:	$80 Million
Buyer:	Aterian Investment Partners – A private investment firm.
Target:	Hain Pure Protein Corporation – Source for the finest brands of all-natural, antibiotic-free, vegetarian-fed, humanely raised poultry products.
Location:	Pennsylvania, U.S.
Purpose:	Brandon Bethea, Aterian co-founder and partner, said, “We are excited to add Empire Kosher and FreeBird to the Aterian portfolio and to collaborate with management as the company enters its next chapter.”
Details:	Hain Pure Protein, located in Mifflintown and Fredericksburg, PA, includes the Kosher Valley, Empire Kosher, and FreeBird poultry brands. Founded in 1938, Empire Kosher is America’s biggest fresh kosher poultry provider. FreeBird is the top specialized, antibiotic-free, certified organic chicken provider for the retail, food service, and home-delivered meal sector.

Navis Resources Corp. Acquired Modern Meat Inc. (Plant-Based Meats)

Date:	September 12, 2019
Price:	$3.5 Million Canadian
Buyer:	Navis Resources Corp. – An operational technologies and services provider that provides greater efficiency and performance to the world’s leading cargo supply organizations.
Target:	Modern Meat Inc. – Develops organic, plant-based meat, alternative products, and related branding and intellectual property to produce and distribute products for retail sale in North America.
Location:	Vancouver, Canada
Details:	Navis Resources Corp acquired a 99.1% stake in Modern Meat Inc for $3.5 million Canadian in September 2019. As of June 2020, Navis Resources Corp acquired 99.14% of Modern Meat, Inc. With the completion of the transaction, Navis split its outstanding common shares on the basis of two post-split common shares for each pre-split common share.

Restaurant

The Cheese Factory Inc. Acquired Fox Restaurant Concepts (Dining Concepts)

Date:	July 3, 2019
Price:	$308 Million
Buyer:	The Bottom Line Ranch is in the San Miguel District. A 289-acre ranch in the San Miguel District, it is a sub-appellation of the Paso Robles American Viticultural Areas (AVA). Planted exclusively across 265 acres of Cabernet Sauvignon, the vineyard features seven top clones on three drought-tolerant rootstocks.
Target:	Fox Restaurant Concepts – Operates as a restaurant. The company offers a variety of chicken, beef, bacon, and vegetable food products for business, graduation, family, birthday, and holiday parties.
Location:	Arizona, USA
Purpose:	David Overton, Cheesecake Factory chairman and CEO, said, “The Cheesecake Factory brand and infrastructure complemented other growth concepts.”
Details:	Fox continues to lead the company, and their headquarters will remain in the valley. The deal included the group’s local restaurants, including North Italia and Flower Child, which has locations across the U.S.

Carrols Restaurant Group, Inc. Acquired 221 Restaurants of Cambridge Franchise Holdings, LLC (Burger King and Popeyes Franchisee)

Date:	May 1, 2019
Price:	$238 Million
Buyer:	Carrols Restaurant Group Inc. – A U.S. franchisee company and the largest Burger King franchisee in the world.
Target:	221 Restaurants of Cambridge Franchise Holdings, LLC
Location:	Tennessee, USA
Purpose:	Dan Accordino, Chairman and CEO of Carrols, commented, “This transaction is an exciting growth catalyst for Carrols. We believe it strengthens our position in the Burger King system by providing us the opportunity to continue executing our acquisition and expansion strategy and adds Popeyes, a growing brand that further enhances our expansion alternatives.”
Details:	The Syracuse, N.Y.-based Carrols said the acquisition of quick-service units in 10 Southern and Southeastern states brings its total to 1,065 franchised units and solidifies its spot as the largest franchisee of Restaurant Brands International Inc. The deal was valued at about $238 million, and Carrols now operates 1,010 Burger King and 55 Popeyes restaurants in 23 states.

Create Restaurants NY Acquired Il Fornaio (America) LLC (Italian Fine Dining Restaurants)

Date:	September 12, 2019
Price:	$74 Million
Buyer:	Create Restaurants NY – A leading operator of restaurant chains.
Target:	Il Fornaio (America) LLC – A chain of 20 Italian-themed fine dining restaurants operating primarily in California.
Location:	California, U.S.
Purpose:	This acquisition enabled Create Restaurants to increase its footprint in the restaurant chain business in North America.
Details:	Create Restaurants NY Inc agreed to acquire Il Fornaio (America) LLC from IFCB Holding Corporation for $74.2 million in September 2019. This acquisition allowed Create Restaurants to increase its footprint in the restaurant chain business in North America.

Huddle House, Inc. Acquired Perkins Restaurant and Bakery (Casual Dining Restaurants)

Date:	September 12, 2019
Price:	$51.5 Million
Buyer:	Huddle House Inc. – A U.S. casual dining franchisor with 339 units in 23 different states with most in the southeast.
Target:	Perkins Restaurant & Bakery – A U.S. casual dining restaurant chain that offers homestyle meals, bakery goods, and breakfast all day.
Location:	Tennessee, USA
Details:	Bankruptcy court documents revealed that Huddle House agreed to pay $51.5 million for Perkins. Perkins had been operating under court supervision since its parent, Perkins & Marie Callender, filed for Chapter 11 protection in August 2019.

Plutos Sama, LLC Acquired Vapiano International, LLC (Restaurant Franchise)

Date:	January 3, 2019
Price:	$15 Million
Buyer:	Plutos Sama, LLC – A vertically integrated holding company centered around real estate. It operates a panoptic view of counter-cyclical business, including origination and default of real estate based lending and equity positions.
Target:	Vapiano International, LLC – A popular restaurant specializing in fresh homemade pasta, salads, and pizza.
Location:	Cologne, Germany, USA
Purpose:	This move enabled Vapiano SE to grow less capital-intensive by franchise corporations in the U.S.
Details:	Under the purchase agreement signed, Plutos Sama acquired 100% of the shares of Vapiano Holding USA LLC. for a cash consideration of $15 million.

Valore Ventures Acquired Oggi’s Pizza & Brewery, Outback Steakhouse, Red Robin in Garden Grove, and Joe’s Crab Shack (Restaurants)

Date:	February 4, 2019
Price:	$13.1 Million
Buyer:	Valore Ventures – A boutique commercial real estate investment firm​​ focused on redeveloping diverse value-add properties in select locations across the U.S.
Target:	Oggi’s Pizza & Brewery, Outback Steakhouse, Red Robin in Garden Grove, and Joe’s Crab Shack.
Location:	California, USA
Details:	The assets were all subject to ground leases, and were built between 2001 and 2008 in conjunction with the surrounding development that includes three high-rise hotels in Garden Grove.

Bricktown Restaurant Group Inc. Acquired BT Concepts 71st Street LLC (Food and Business Services)

Date:	June 30, 2019
Price:	$1.3 Million
Buyer:	Bricktown Brewery Restaurants LLC
Target:	BT Concepts 71st Street LLC
Location:	Oklahoma, U.S.
Seller:	Tulsa Brewing Company LLC
Details:	Bricktown Brewery Restaurants LLC agreed to acquire BT Concepts 71st Street LLC from Tulsa Brewing Company LLC for $1.37 million in August 2018. Under the terms, the consideration included the equity of 71st Street for $0.85 million plus the amount of a note payable from Bricktown to 71st Street of $0.52 million at December 30, 2018. Bricktown Brewery used $0.85 million from its public offering to fund the acquisition. The transaction was completed in June 2019.

Brentwood Associates Acquired Chicken Salad Chick (Fast-Casual Restaurant Chain)

Date:	November 4, 2019
Price:	Undisclosed Amount
Buyer:	Brentwood Associates – A private equity firm in the U.S. with groups focusing on leveraged buyouts.
Target:	Chicken Salad Chick – A leading fast-casual restaurant chain and franchise of chicken salad restaurants, mainly in the southeast, based in Auburn, Alabama.
Location:	Alabama, USA
Seller:	Eagle Merchant Partners – A private equity firm investing in lower middle market businesses.
Purpose:	“We are very excited to partner with Brentwood on the next chapter for Chicken Salad Chick,” Deviney said in a statement. “Brentwood’s long track record of working with leading restaurant companies coupled with their understanding of our business objectives and strategy make them the perfect partner for us to continue executing on our robust growth and expansion plan.”
Details:	The terms of the transaction were confidential.

Farming & Agriculture

Taylor Fresh Foods Inc. Acquired Earthbound Farm LLC (Organic Salads)

Date:	April 11, 2019
Price:	$12.5 Billion
Buyer:	Taylor Farms – An American producer of fresh-cut vegetables and fruit.
Target:	Earthbound Farm LLC – The largest producer of organic salads in the U.S.
Location:	California, USA
Seller:	Danone SA – A French multinational food-products corporation based in Paris.
Purpose:	Taylor Farms said, “We are grateful for Danone’s stewardship of Earthbound Farm during the past two years and for the opportunity to return ownership of this organic fresh produce leader to local roots and family ownership.”
Details:	Earthbound Farm joined the Taylor Farms Retail Group to promote growth in the dynamic organic fresh produce category.

StepStone Group LP Acquired Green Plains Cattle Company LLC (Cattle Feeder)

Date:	September 1, 2019
Price:	$77 Million
Buyer:	Green Plains Inc. – An American company based in Omaha, Nebraska, founded in 2004, and the third biggest ethanol fuel producer in North America.
Target:	Green Plains Cattle Company LLC. – America’s fourth largest cattle feeder with a capacity of over 355,000 head of cattle in three southwestern states across six feedlots.
Location:	Kansas, USA
Purpose:	Todd Becker, president, and chief executive officer of Green Plains Inc., said, “This strategic partnership demonstrates our ongoing commitment to unlocking value for our shareholders.”
Details:	As a part of the joint venture, the investment funds purchased 50% of the membership interests of Green Plains Cattle Company from Green Plains Inc. for about $77 million plus closing adjustments.

Ceres Global Ag Corp. Acquired Delmar Commodities Ltd. (Crop Solutions)

Date:	August 16, 2019
Price:	$15.25 Million Canadian
Buyer:	Ceres Global Ag Corp. – A global agricultural, energy, and industrial products merchandising and supply chain company
Target:	Delmar Commodities, Ltd. – A boutique commodity provider with the flexibility to source and deliver the products. A commodity marketer and commodity buyer, Delmar offers crop solutions.
Location:	Manitoba, Canada
Purpose:	“With the completion of this acquisition, we have made meaningful progress on our goal to diversify our product lines, add strategic origination capabilities for our core products, and expand our geographic footprint in Canada,” said Mr. Robert Day, President and Chief Executive Officer at Ceres.
Details:	Ceres acquired 100% of Delmar’s issued and outstanding shares for approximately $15.25 million Canadian in cash paid to Delmar’s shareholders, and the assumption of approximately $7.6 million in existing term debt. The acquisition was funded with a combination of debt and existing working capital.

RiceBran Technologies Acquired MGI Grain Processing LLC (Grains)

Date:	April 1, 2019
Price:	$3.8 Million
Buyer:	RiceBran Technologies – A specialty ingredient company focused on milling rice and other small grains and producing, processing, and marketing healthy, natural, and nutrient-dense products.
Target:	MGI Grain Processing LLC – Producer of pearled barley and related products headquartered in East Grand Forks, Minnesota.
Location:	Minnesota, USA
Purpose:	The expansion doubled the capacity of the pearling mill, enabling RiceBran to meet the growing demand for North American and grain-based ingredients with a minimal capital investment and a limited labor increase.
Details:	Under the terms of the transaction, $3.55 million was paid at closing, and $0.25 million was deposited in an escrow account. The purchase price at closing was subject to an adjustment 120 days after the closing if the final net working capital differed from the estimated net working capital amount.