2022

The following is a summary of the major acquisitions that occurred in the food and beverage industry in 2022.

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

Eagle Family Foods Group Acquired Helper Main Meals and Suddenly Salad Side Dishes Businesses (Meals and Salads)

Date:	July 5, 2022
Price:	$610 Million
Buyer:	Eagle Family Foods Group LLC – An American food manufacturer based in Cleveland, Ohio.
Target:	Helper Main Meals and Suddenly Salad – Meals and side dishes.
Location:	Ohio, USA
Seller:	General Mills – The leading American producer of packaged consumer foods, especially flour, breakfast cereals, prepared mixes, snacks, and similar products.
Purpose:	Jon Nudi, General Mills Group President, said, “This transaction improves our North American retail segment’s growth profile and allows us to increase our focus on brands and categories where we have the best opportunities to drive profitable growth.”
Details:	The acquisition was valued at approximately $610 million in an all-cash transaction.

Solina Acquired Saratoga Food Specialties (Food and Beverage Additives)

Date:	October 4, 2022
Price:	$587 Million
Buyer:	Solina – A leading European producer of savory ingredient solutions for the food industry.
Target:	Saratoga Food Specialties – A food production company that specializes in food and beverage additives.
Location:	Illinois, USA
Purpose:	To help expand Solina’s footprint in North America by adding liquid solutions to its current dry seasoning capabilities and doubling the number of facilities in the region. It also will provide the North American organization with significant expertise in the B2B, food service, and retail industries.
Details:	The regulatory approval process and the transaction closed at the end of October 2022.

Barilla Acquired Catelli (Dry Pastas)

Date:	January 29, 2022
Price:	$165 Million Canadian ($130 Million)
Buyer:	Barilla Group – As a family-owned company, Barilla is committed to bringing food to the world inspired by the Italian lifestyle and Mediterranean diet.
Target:	Catelli Foods Corp – Offers a range of pasta, including gluten-free, ancient grain, and veggie options.
Location:	New Jersey, USA
Purpose:	Barilla sees Catelli as a natural fit for the expansion of their business, given the synergies between both business strategies, commitments, and values.
Details:	The acquisition closed on January 29, 2021. The Catelli dry pasta business includes the Catelli, Lancia, and Splendor brands and the plant in Montreal (Quebec).

Cleveland Kitchen Co. Acquired Sonoma Brinery (Brinery)

Date:	February 25, 2022
Price:	$18 Million
Buyer:	Cleveland Kitchen – One of the fastest-growing businesses in the natural food industry with its kraut, kimchi, pickles, dressings, and marinades.
Target:	Sonoma Brinery – Makers of fresh gourmet pickles and sauerkraut.
Location:	California, USA
Purpose:	With its acquisition of Sonoma Brinery, also known as Alexander Valley Gourmet LLC, and the building of a new, automated production plant, the brand will better serve West Coast retailers
Details:	Although the deal was publicly announced on June 9, 2022, it closed on Feb. 25 – the same day Cleveland Kitchen closed a Series A funding round of approximately $18 million, co-led by Amberstone, a venture capital firm focused on the CPG space, and CJ Group, a strategic partner based in Korea, with participation from Clover Vitality, a longtime partner.

Select Milk Producers Inc. Acquired Mill Haven Foods LLC (Flavoring and Product Development)

Date:	June 21, 2022
Price:	Undisclosed Amount
Buyer:	Select Milk Producers Inc. – A dairy company based in Dallas, Texas, known for producing Fairlife, a lactose-free milk they distribute all over the United States.
Target:	Mill Haven Foods – A New Lisbon-based provider known for flavoring and product development.
Location:	Wisconsin, USA
Purpose:	Select Milk CEO Rance C. Miles said, “With the acquisition of Mill Haven, we are strengthening our position in the U.S. and expanding our ability to deliver a wide variety of dairy products to our consumers when and where they want.”
Details:	According to Select Milk’s management, acquiring Mill Haven Foods did not adversely impact any of the present employees of Mill Haven.

Ohio Processors, Inc. Acquired Pierre’s Ice Cream (Ice Cream Manufacturer and Marketer)

Date:	April 12, 2022
Price:	Undisclosed Amount
Buyer:	Ohio Processors, Inc. – A fourth-generation business owned and operated by the Smith family, it manufactures and distributes dairy-related products.
Target:	Pierre’s Ice Cream Company – A regional manufacturer and marketer of ice cream, sherbet, frozen yogurt, sorbet, and frozen novelties.
Location:	Ohio, USA
Purpose:	To combine the two top Ohio-based businesses, allowing Ohio Processors to extend its customer base, product line, and geographical reach.
Details:	The terms of the agreement were undisclosed. According to Ohio Processors, Inc., Pierre’s Ice Cream will continue operating from its plant in Cleveland.

General Mills Inc. Acquired TNT Crust Inc. (Frozen Food Manufacturer)

Date:	June 22, 2022
Price:	Undisclosed Amount
Buyer:	General Mills – The top American producer of packaged consumer foods, including flour, breakfast cereals, prepared mixes, snacks, and similar products.
Target:	TNT Crust, Inc. – TNT Crust, a manufacturer of high-quality frozen pizza crusts for national and regional pizza chains, retail outlets, and food service distributors, was a portfolio company of Peak Rock Capital.
Location:	Missouri, USA
Purpose:	To promote the company’s “accelerate” strategy and enhance its strong standing in the fast-growing away-from-home frozen baked goods industry.
Details:	As part of the deal, General Mills also acquired two manufacturing facilities in Green Bay, Wisconsin, and a manufacturing facility in St. Charles, Missouri.

Food Manufacturing – Snacks

Mondelēz Acquired Chipita (Baked Snacks)

Date:	January 3, 2022
Price:	$2 Billion
Buyer:	Mondelēz International, Inc. – A manufacturer and marketer of food products and beverages.
Target:	Chipita Global S.A. – A fast-growing leader in the Eastern and Central European baked goods and croissant category.
Location:	Athens, Greece
Purpose:	To take a major step forward in the company’s strategic plan to accelerate growth in the core snack sector and increase its footprint in key markets.
Details:	Shares of Mondelez have risen 8% this year, giving it a market value of $89.2 billion.

J&J Snack Foods Corp Acquired Dippin’ Dots (Ice Cream)

Date:	May 19, 2022
Price:	$222 Million
Buyer:	Mondelēz International, Inc. – A manufacturer and marketer of food products and beverages.
Target:	Dippin’ Dots, L.L.C. – A leading producer of flash-frozen beaded ice cream treats.
Location:	Kentucky, USA
Purpose:	To add an iconic, differentiated brand to J&J Snack Foods’ portfolio. The deal was to leverage both companies’ combined strength in entertainment and amusement locations, theaters, and convenience stores to continue to expand the business.
Details:	The acquisition for $222 million was funded through a combination of cash and debt subject to customary closing conditions.

Boosh Plant-Based Brands Acquired Beanfields, Inc. (Vegan and Gluten-Free Chips)

Date:	February 16, 2022
Price:	$8 Million
Buyer:	Boosh Plant-Based Brands Inc. – A plant-based comfort food that is gluten-free with all-natural, good-for-you ingredients.
Target:	Beanfields, Inc. – A producer and seller of healthy, non-GMO, gluten-free, allergen-free, and vegan chips.
Location:	California, USA
Purpose:	To make Boosh one of the largest plant-based food companies across the globe.
Details:	Boosh Plant-Based Brands Inc. completed an asset purchase agreement with Beanfields, Inc., acquiring all of the assets in an all-share deal worth $8 million.

Shearer’s Foods LLC Acquired Super-Pufft Snacks (Snack Manufacturer and Co-Packer)

Date:	June 27, 2022
Price:	Undisclosed Amount
Buyer:	Shearer’s Foods LLC – A U.S. snack foods distributor and manufacturer that was founded in Brewster, Ohio as Shearer’s Snacks in 1974.
Target:	Super-Pufft Snacks Corp. – One of North America’s largest manufacturers and co-packers of salty snacks for retailers and national brands.
Location:	Ontario, Canada
Purpose:	To complement Shearer’s present product offerings in the snack food niche and expand its market presence to Canada.

Hungry Marketplace Inc. Acquired NatureBox Inc. (Healthy Snacks)

Date:	May 2, 2022
Price:	Undisclosed Amount
Buyer:	Hungry Marketplace, Inc. – A food-tech platform that connects businesses and chefs to provide food and event solutions for corporate America.
Target:	NatureBox, Inc. – NatureBox is the top resource for clean and healthy snacks, including functional food, adaptogenic, and CBD snacks.
Location:	California, USA
Purpose:	To increase Hungry’s national reach and upgrade its catalog of better-for-you options. It also marks the company’s third major acquisition in the past three years.

CapVest Partners LLP Acquired Sanders Candy LLC (Snack Foods)

Date:	April 26, 2022
Price:	Undisclosed Amount
Buyer:	CapVest Partners – A private equity investor based in London.
Target:	Second Nature Brands – Produces Kar’s Nuts, Second Nature Snacks, and Sanders Chocolates.
Location:	Michigan, USA
Purpose:	“Second Nature Brands is a very exciting platform with ambitious plans to grow its presence in the highly attractive snacking and treats market,” said Othmane Khelladi, a partner at CapVest.
Details:	CapVest Partners completed the acquisition of Second Nature Brands via a private equity fund through Palladium Equity Partners. The terms of the deal were undisclosed.

Food Manufacturing – Pastries

La Segunda Bakery Acquired Faedo Family Bakery (Bread and Cuban Pastries)

Date:	May 2, 2022
Price:	Undisclosed Amount
Buyer:	La Segunda – A legendary bakery in Tampa and St. Pete, Florida that produces fresh Cuban bread, pastries, and more.
Target:	Faedo Family Bakery – Founded in 1952 by Joe Faedo, renowned for its bread, apple fritters, and cheese and guava pastries. After taking over operations, Michelle Faedo Landis, Mauricio’s daughter, changed the bakery’s name from Mauricio Faedo’s Bakery to Faedo Family Bakery in 2017.
Location:	Seminole Heights, Florida, USA
Purpose:	La Segunda plans to use the new location as a production facility for Cuban bread. “We’re dealing with increased demand and growth outside of the city. It’s great to see Cuban bread, a true Tampa staple, become more accessible to folks throughout the country,” Moré says.
Details:	Michelle Faedo Landis, daughter of the original owner, Mauricio Faedo, said, “My dad baked at La Segunda from 1963 to 1984 until he opened his own bakery.” La Segunda’s fourth-generation president, Copeland Moré, added, “Her father used to work for my grandfather. He helped build one of our ovens in Ybor back in the day. If you look at the bricks on that oven, you can still see his initials carved into it.”

Food Manufacturing – Meal Kits

Premier Food Acquired The Spice Tailor (Meal Kits)

Date:	July 25, 2022
Price:	$52.5 Million
Buyer:	Premier Foods PLC – Supplies a range of wholesale, retail, food service, and other customers with its quintessential brands, including Bisto, Ambrosia, Batchelors, Loyd Grossman, Oxo, Kipling, and Sharwood’s.
Target:	The Spice Tailor – The Spice Tailor is an authentic Indian and South East Asian meal kit and accompaniment brand. The purchase price amounts to £43.8 million ($52.5 million) on a cash and debt-free basis.
Location:	London, UK
Purpose:	The Spice Tailor will benefit from an increase in marketing investment, which will improve its product awareness and household penetration, provide new product development resources, and offer access to Premier Foods’ strong retailer relationships and commercial capabilities.
Details:	Premier Foods acquired 100% of the Spice Tailor and is expected to generate revenue of £17.3 million ($20.7 million) in the 2022/2023 financial year.

East Side Entrees Inc. Acquired Assets of Notables (School Meal Kits)

Date:	May 11, 2022
Price:	Undisclosed Amount
Buyer:	East Side Foods Inc. – Has provided nutritious, healthy meals to school children since its beginnings, working closely with non-profit groups and school districts to create innovative ways to feed more children and families.
Target:	Notables – Notables produces school meal kits, which have been the specialty of East Side Foods for more than 15 years.
Location:	Minnesota, USA
Purpose:	“Breakfast kits and meal kits for K-12 schools are Notables’ primary products, so it falls right in line with our extensive flagship brands of Breakfast BREAKS and Meal BREAKS,” says Jeff Rowe, President of East Side Foods. He added, “We are pleased the strategic acquisition of a like-minded company will allow us to continue our mission of providing healthy, nutritious meals to even more school children.”
Details:	Notables – Notables produce school meal kits, which have been the specialty of East Side Foods for more than 15 years.

Online

DoorDash Acquired BBot (Contactless Order and Pay Solution)

Date:	March 1, 2022
Price:	Undisclosed Amount
Buyer:	DoorDash – A food delivery service that allows consumers to order food and drinks from restaurants in their area.
Target:	BBot – A web-based contactless order and payment solution that allows guests to order food and drinks from their phone to their location.
Location:	New York, USA
Purpose:	To strengthen DoorDash’s indoor ordering solutions, increase partner restaurant sales, and reduce diner wait times. The deal allows DoorDash to offer on-site digital ordering and payment and expand its reach into hotels, bars, and breweries.
Details:	The details of the deal were not disclosed.

Olo Acquired Omnivore Technologies (Restaurant Tech Provider)

Date:	February 24, 2022
Price:	Undisclosed Amount
Buyer:	Olo – A digital ordering and delivery software company that offers B2B software-as-a-service (SaaS) and produces restaurant digital ordering and delivery programs. Omnivore Technologies links point of sale (POS) systems with technologies to improve efficiency and increase profitability.
Target:	Omnivore Technologies – Restaurant tech provider.
Purpose:	Through this acquisition, restaurants will have access to more POS integration capabilities, updated on-premises and payment features, and an expanded technology partner network.
Details:	The acquisition was completed at the end of February for an undisclosed amount.

FOHBOH Acquired 214Eats (Digital Restaurant Marketing)

Date:	January 10, 2022
Price:	Undisclosed Amount
Buyer:	FOHBOH – The world’s first digital community for restaurant operators and executives.
Target:	214EATS – A Dallas-based, full-service digital marketing agency for restaurants.
Location:	Texas, USA
Purpose:	“This merger, combined with our unique tech stack, enables us to provide answers through data and guidance that complements the services they rely on us for,” said Terrence Gordon, FOHBOH’s President and Founder of 214EATS.
Details:	This appropriately timed union positions FOHBOH, which stands for “Front of House, Back of House,” as a first-in-kind, intelligence-based digital marketing and operational consulting agency for the embattled hospitality industry.

Non-Alcoholic Beverages

Olam International Limited Acquired Club Coffee LP (Coffee Roasters and Packaging Solutions)

Date:	April 26, 2022
Price:	$150 Million Canadian
Buyer:	Olam International Limited – A leading food and agri-business supplying food, ingredients, feed, and fiber to 20,900 customers worldwide.
Target:	Club Coffee LP – One of the largest packaging solutions providers and coffee roaster for the “At Home” niche in Canada, Club Coffee serves retail brands and private label customers from its Toronto facilities.
Location:	Ontario, Canada
Purpose:	The acquisition of Club Coffee is aligned with Olam’s growth plan to provide natural, sustainable, value-added food and beverage ingredients and packaging solutions to customers worldwide via a diverse channel mix.
Details:	Olam acquired Club Coffee, subject to post-closing adjustments, at an enterprise value of $150 million Canadian. Excluding acquisition-related charges and costs, the acquisition is forecasted to be accretive to current-year earnings.

Coca-Cola Bottling Co. Consolidated Acquired Carolina Coca-Cola Bottling Co. (Non-Alcoholic Beverages)

Date:	March 31, 2022
Price:	$60 Million
Buyer:	Coca-Cola Consolidated, Inc. – The largest Coca-Cola bottler in the United States.
Target:	Carolina Coca-Cola Bottling Co. – Non-alcoholic beverage production business.
Location:	North Carolina, USA
Purpose:	“This merger represents a continuation of Coca-Cola Consolidated’s long-range plan to expand through strategic acquisitions and strong internally generated growth,” said Frank Harrison, III, Coca-Cola Consolidated’s Chairman, and CEO.
Details:	The transaction was structured as a merger, with consideration consisting of a combination of Coca-Cola consolidated common stock, installment notes, and cash.

Nexus Acquired The J.M. Smucker Co.’s R.W. Knudsen and TruRoots (Organic Beverages)

Date:	January 31, 2022
Price:	$110 Million
Buyer:	Nexus Capital Management LP – Founded in 2013, Nexus is an alternative asset investment management company headquartered in Los Angeles, California.
Target:	Knudsen and TruRoots – Knudsen provides natural organic juices and Truroots is a processor of grain, beans, and seed-based products.
Location:	Ohio, USA
Seller:	J.M. Smucker Co.’s R.W. – The J.M. Smucker Co. has a multifaceted portfolio that is attractive to generations of people and pets. The brand can be found in almost 90% of U.S. homes and in innumerable restaurants.
Purpose:	To support Nexus’ strategy to focus resources on core brands positioned for growth.
Details:	The transaction was an all-cash deal valued at $110 million and includes TruRoots and R.W. Knudsen trademarks and assets, as well as a licensing agreement for Santa Cruz Organic beverages.

Florida Food Products Acquired Javo Beverage Company Inc. (Non-Alcoholic Beverages)

Date:	June 23, 2022
Price:	Undisclosed Amount
Buyer:	Florida Food Products LLC – One of the world’s largest independent and leading innovators, formulators, and producers of naturally sourced clean-label ingredients.
Target:	Javo Beverage Company Inc. – A leading natural extractor of clean-label coffee, tea, and botanicals with a focus on beverage applications.
Location:	California, USA
Purpose:	To diversify Florida Food Product’s portfolio, adding a number of exciting new natural ingredients, while significantly enhancing its growth profile.
Details:	The transaction was subject to customary closing conditions.

Alcoholic Beverages

Monster Beverage Acquired CANarchy Craft Brewery (Brewery)

Date:	February 17, 2022
Price:	$330 Million
Buyer:	Monster Beverage Corporation – An American beverage company and manufacturer of energy drinks, including Monster Energy, Burn, and Relentless.
Target:	CANarchy Craft Brewery Collective LLC – A disruptive group of independent brewers devoted to providing innovative and quality flavors to craft beer aficionados.
Location:	Colorado, USA
Purpose:	Hilton Schlosberg, Vice Chairman and Co-Chief Executive Officer of Monster Beverage, said, “This transaction provides us with a springboard from which to enter the alcoholic beverage sector.”
Details:	The transaction brings the Cigar City, Oskar Blues, Deep, Perrin Brewing, Squatters, and Wasatch brands to the Monster beverage portfolio.

Lucas Bols Acquired Tequila Partida (High-Rated Tequila)

Date:	February 4, 2022
Price:	$10 Million
Buyer:	Lucas Bols – A leading global cocktail and spirits player in the worldwide cocktail market and one of the oldest Dutch companies that are still active.
Target:	Tequila Partida – The world’s highest-rated tequila created from the freshest agave artisanally distilled and aged beyond expectations.
Location:	California, USA
Purpose:	With the acquisition of Tequila Partida, Lucas Bols has entered the agave spirits market by strategically adding an ultra-premium brand to its portfolio. The Partida Tequila brand will allow Lucas Bols to tap into one of the hottest niches in spirits.
Details:	Lucas Bols acquired Tequila Partida in a two-part agreement with a fixed price of $10 million plus a smaller variable component it will pay out during the next two years.

Vintage Wine Estates Acquired Meier’s Wine Cellars (Winery)

Date:	January 18, 2022
Price:	$35.1 Million
Buyer:	Vintage Wine Estates, Inc. – Vintage Wine Estates, Inc. – A family of wines and wineries with the sole focus on producing the finest wines while offering an incredible customer experience, with wineries throughout Sonoma, Napa, California’s Central Coast, Washington State, and Oregon.
Target:	Meier’s Wine Cellars, Inc. – Meier’s is a leading producer, bottler, importer, and marketer of specialty beverage alcohol and non-alcohol products and one of the oldest and most versatile custom beverage production facilities in the Midwest.
Location:	Ohio, USA
Purpose:	With this acquisition, Vintage Wine Estates plans to benefit from additional future synergies gained through consolidation, operating leverage, and growth.
Details:	The purchase was valued at 8x Meier’s 2021 EBITDA.

Constellation Brands Acquired Lingua Franca (Winery)

Date:	April 7, 2022
Price:	Undisclosed Amount
Buyer:	Constellation Brands – One of the world’s largest wine companies.
Target:	Oregon’s Lingua Franca the Willamette Valley producer, founded by Master Sommelier Larry Stone.
Location:	Oregon, USA
Purpose:	“We wanted to have a luxury Pinot Noir and Chardonnay brand in our portfolio,” said Robert Hanson, President of Wine and Spirits, Constellation.
Details:	The deal included the brand, winery, vineyards, and inventory. The price was not disclosed.

Duckhorn Wine Company Inc. Acquired Bottom Line Ranch (Winery)

Date:	May 3, 2022
Price:	Undisclosed Amount
Buyer:	The Duckhorn Portfolio, Inc. – An American wine company producing varietal-labeled and blended red, white, rosé, and sparkling wines from California and Washington State.
Target:	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.
Location:	California, USA
Purpose:	To establish a significant estate footprint on California’s Central Coast, provide the company access to high-quality Cabernet Sauvignon for years to come, and support the continued growth for its Postmark and Decoy wineries.

KLYR Rum LLC Acquired Holy Water Distillery LLC (Craft Distillery)

Date:	May 16, 2022
Price:	Undisclosed Amount
Buyer:	KLYR Rum – An American-made silver rum. KLYR is an innovative, fresh take on rum that speaks to American ingenuity.
Target:	Holy Water Distillery – A craft distillery opened by Victoria and Kevin Close in 2018. Quickly becoming a local craft favorite, their spirit brand, Crostwater Distilled Spirits, began raking in awards for its various offerings, such as gin, vodka, spiced rum, whiskey, bourbon, flavored whiskey, and more.
Location:	Pennsylvania, USA
Purpose:	“This is an exciting time for KLYR Rum, and we continue our upward momentum day after day, making the acquisition of Holy Water Distillery the next step in our expansion,” said Amish Patel, CEO of KLYR Rum.

Junction Craft Brewery Acquired Woodhouse Brewing Co. Inc. (Distillery)

Date:	May 26, 2022
Price:	Undisclosed Amount
Buyer:	Junction Craft Brewery (JCB) – Under new parent company Junction Craft Beverage Co. (JCBC)
Target:	Woodhouse Brewing Co. – An independent craft brewer.
Location:	Toronto, Canada
Purpose:	To add a selection of quality craft beer to complement JCBC’s growing brand portfolio.
Details:	Woodhouse founder Graham Woodhouse joined JCBC as VP of Sales, overseeing the entire brand portfolio and retaining an ownership stake in the business. Woodhouse products are now available online and at the JCBC retail shop and taproom.

Packaging

Inno-Pak Acquired Stalk Market (Eco-Friendly Packaging)

Date:	May 12, 2022
Price:	Undisclosed Amount
Buyer:	Inno-Pak, a U.S.- based food packaging provider.
Target:	Stalk Market – A manufacturer of cutting-edge compostable and eco-friendly packaging.
Location:	Colorado, USA
Purpose:	To strengthen Inno-Pak’s commitment to providing sustainable packaging solutions.
Details:	After the acquisition, Inno-Pak will offer solutions for the grocery, food service, and convenience store markets in addition to its complete line of food packaging, which includes plates, cutlery, and other products.

Wholesale & Distribution

Starfield Properties Acquired Shafer Vineyards (Winery)

Date:	February 16, 2022
Price:	$250 Million
Buyer:	Starfield Properties lnc. – Starfield Properties is the U.S. property arm of Shinsegae, a South Korean department store franchise.
Target:	Shafer Vineyards – Shafer Vineyards is a family-owned winery that has produced wines in Napa Valley’s Stags Leap District since 1978.
Location:	California, USA
Purpose:	“With the acquisition, we plan to further expand the group’s wine business by creating synergy with its Shinsegae L&B that is in charge of the wholesale distribution of wine and liquor,” said a Starfield Properties official.
Details:	Shafer winemaker Elias Fernandez and the core winemaking and vineyard staff will continue with the winery for the foreseeable future. The deal includes 225 acres of vines.

Endless Acquired KTC (Edible Oils)

Date:	May 31, 2022
Price:	Undisclosed Amount
Buyer:	Endless LLP – A leading mid-market private equity investor in the UK.
Target:	K.T.C. (Edibles) Limited – K.T.C. is one of the biggest edible oil suppliers, providing over 250 million liters each year to retailers, manufacturers, and wholesalers across the UK and globally.
Location:	West Midlands, UK
Purpose:	The acquisition of KTC is an additional investment for the Endless company’s industrious growth plans through the further development of its service offerings, operations, and range.
Details:	Wells Fargo Capital Finance (UK) Limited supported the transaction. Nigel Hogg, head of EMEA Commercial Credit, said, “We are delighted to be supporting Endless in the acquisition of KTC, a superb business with a strong position within the food sector.” with the winery for the foreseeable future. The deal includes 225 acres of vines.

Stem Ciders LLC Acquired Howdy Beer Brand (Beer Brand)

Date:	April 27, 2022
Price:	Undisclosed Amount
Buyer:	Stem Ciders LLC – A craft cidery headquartered in Colorado that is known for its adventurous exploration of various flavors.
Target:	Howdy Beer – An American lager-style beer brewed by The Post Brewing Co. in Lafayette.
Location:	Colorado, USA
Seller:	The Post Brewing Co. – Serves award-winning gluten-free fried chicken, soulful sides, and food-friendly craft beer.
Purpose:	According to Dave Query, founder of the Big Red F Restaurant Group, “The partnership with Stem will allow Howdy to reach its brand and distribution potential. They have a skilled sales team and a strong knowledge of the industry needed to launch a brand across several regions.”
Details:	Stem Ciders will venture further into the craft beer realm after acquiring the Howdy Beer brand from The Post Brewing Co., which remains involved as a strategic partner.

Above Food Inc. Acquired Northern Quinoa Production Corporation (Quinoa Producers)

Date:	May 19, 2022
Price:	Undisclosed Amount
Buyer:	Above Food Corp – A plant-based food company, Above Food Corp., was founded in 2020 to deliver dense, nutritious, sustainable, and superior food products.
Target:	Northern Quinoa Production Corp. (NorQuin) – Vertically integrated producer of quinoa. NorQuin is North America’s largest supplier of protein- and fiber-rich crops.
Location:	Saskatchewan, Canada
Purpose:	To add a scaled portfolio of specialty ingredients capabilities and customers while bolstering the company’s growing agriculture and other businesses.
Details:	Terms of the transaction were not disclosed.

Arctic Glacier LLC Acquired North Star Ice Ltd (Packaged Ice Distributor)

Date:	May 11, 2022
Price:	Undisclosed Amount
Buyer:	Arctic Glacier, LLC – A leading provider of premium ice products and related services.
Target:	North Star Ice Ltd. – Has produced and delivered quality packaged ice products to the retail grocery, hospitality, and recreation industries of Ontario since 1954.
Location:	Ontario, Canada
Purpose:	The transaction and new Montreal facility enhances the North American ice company’s long standing presence as Canada’s largest ice manufacturer and distributor.
Details:	The acquisition included the grand opening of a new state-of-the-art production facility in Montreal, Quebec.

GlacierPoint Enterprises Inc. Acquired Southern Ice Cream Corporation (Ice Cream Distributor)

Date:	June 20, 2022
Price:	Undisclosed Amount
Buyer:	GlacierPoint Enterprises, Inc. – The leader in Direct Store Delivery (DSD) distribution and the sole distributor of Häagen-Dazs, Nestlé products, and Unilever ice cream, as well as other frozen and fresh products from the New York Metro area to the Mid-Atlantic region.
Target:	Southern Ice Cream and Gourmet Foods – Mainly operating in North and South Carolina, Southern Ice Cream and Gourmet Foods is a full-service ice cream and related products distributor to convenience stores, pharmacies, grocery stores, and scoop shops.
Location:	North Carolina, USA
Purpose:	The combined capabilities and resources of Southern and GlacierPoint offers the unique opportunity to deliver a level of customer service and care that exceeds the current industry norms.

Wilbur-Ellis Nutrition LLC Acquired The F.L. Emmert Company (Pet Food and Livestock Feed)

Date:	August 16, 2022
Price:	Undisclosed Amount
Buyer:	Wilbur-Ellis Nutrition – An industry leader in the international distribution and marketing of nutrients for the livestock, pet food, aquaculture, and animal nutrition industries.
Target:	F.L. Emmert Company – The top manufacturer and marketer of innovative nutritional solutions for the livestock and pet industries. Emmert is a family-owned, 140-year-old company with manufacturing operations in Cincinnati, Ohio, and more than 35 employees.
Location:	Ohio, USA
Purpose:	The acquisition will expand Wilbur-Ellis’ product and customer base in pet food with value-added products.
Details:	A team of Pillsbury lawyers advised Wilbur-Ellis Nutrition, a division of Wilbur-Ellis, in its acquisition of F.L. Emmert. The terms of the definitive agreement were undisclosed.

Standard Meat Company LP Acquired Syracuse Food Group LLC (Meat Manufacturing)

Date:	June 7, 2022
Price:	Undisclosed Amount
Buyer:	Standard Meat Company LP – A multi-generational portioning and protein packaging company headquartered in Fort Worth, Texas.
Target:	Syracuse Food Group LLC – A retail and wholesale meat manufacturing company that produces everything from Italian sausage to classic meatballs.
Location:	Texas, USA
Purpose:	“Our partnership has been incredible,” Ben Rosenthal, CEO, said. He added, “We are honored to continue to carry out their 40-year legacy as we integrate the business into Standard Meat, ensuring both companies continue their focus as one united organization.” Restaurants

MTY Food Group Acquired BBQ Holdings (Casual and Fast-Casual Restaurants)

Date:	September 28, 2022
Price:	$200 Million
Buyer:	MTY Food Group – Operates quick-service and casual dining restaurants under more than 80 banners in the United States, Canada, and internationally.
Target:	BBQ Holdings – An international restaurant company that franchises and operates casual and fast casual dining restaurants.
Location:	Minnesota, U.S.
Purpose:	Because of the acquisition, all shares of common stock of BBQ Holdings stopped trading before the opening of the market on September 28, 2022, and BBQ Holdings is no longer listed on the Nasdaq Stock Market.
Details:	MTY acquired all issued and outstanding common shares of BBQ for $17.25 per share or about $200 million total. The transaction was 100% cash funded. The board of directors from both companies unanimously approved the transaction. All BBQ restaurants will continue to operate as independent brands.

BBQ Concepts Acquired Barrio Culinary Concepts (Mexican Fine Dining Restaurant)

Date:	March 10, 2022
Price:	$28 Million
Buyer:	BBQ Concepts LLC
Target:	Barrio Culinary Concepts – Operator of Mexican restaurants based in Scottsdale, Arizona. The company provides private and group fine dining services across their restaurants along with catering, takeout, and delivery services to offer their clients regional Mexican food.
Location:	Arizona, USA
Purpose:	With a 19% restaurant-level margin, BBQ Holdings believes Barrio has franchising potential.
Details:	BBQ Concepts LLC signed a $28 million asset purchase agreement to acquire Barrio Queen. Barrio has seven stores and signed a lease for an eighth store scheduled to open in December.

Butterfly Equity Acquired Qdoba Mexican Eats (Fast-Casual Chain)

Date:	August 9, 2022
Price:	Undisclosed Amount
Buyer:	Butterfly Equity – The parent company of Modern Market Eatery and a private equity firm.
Target:	Qdoba Mexican Eats – Serves San Francisco style burritos and other foods like quesadillas, tacos, chile con queso, and Mexican gumbo.
Location:	California, USA
Purpose:	Butterfly will merge Qdoba with Modern Restaurant Concepts.
Details:	Butterfly Equity acquired the fast-casual chain Qdoba Mexican Eats for an undisclosed amount. The transaction will close at the end of 2022. It will merge Modern Restaurant Concepts, which encompasses Modern Market Eatery and Lemonade, with Qdoba into one fast-casual restaurant platform. However, all three will continue to operate as separate brands.

Dairy

Borgman Capital Acquired Dairyfood USA (Cheese Maker)

Date:	May 31, 2022
Price:	Undisclosed Amount
Buyer:	Borgman Capital – A private-equity firm that invests in stable and profitable lower-middle-market businesses.
Target:	Dairyfood USA – One of the biggest specialty cheesemakers in North America.
Location:	Wisconsin, USA
Purpose:	The acquisition enabled Borgman Capital and its portfolio company, Gilman Cheese Corporation, to expand its production capacity and product mix for its customers worldwide.
Details:	The Milwaukee private equity firm Borgman Capital acquired Dairyfood USA to be an add-on to the Gilman Cheese Corporation, its platform portfolio company.

AAK Foodservice Acquired Fora Foods’ ForA: Butter (Plant-Based Butter)

Date:	June 7, 2022
Price:	Undisclosed Amount
Buyer:	AAK FoodService – A leading vegetable oil and fats producer.
Target:	ForA: Butter – A plant-based product consisting of coconut oil, cocoa butter, and coconut cream.
Location:	New York, USA
Sellers:	Fora Foods – The company behind ForA: Butter
Purpose:	AAK, which has been manufacturing the product for ForA Foods, reported ForA: Butter is a great fit for their plant-based expansion to premium plant butter products. In addition, it will complement their Green Oasis plant-based product line.

AgCertain Industries Inc. Acquired Maytag Family Farms Inc. (Blue Cheese, Beverages, and Foods)

Date:	June 16, 2022
Price:	Undisclosed Amount
Buyer:	AgCertain Industries, Inc. – An agricultural, food, and bio-based product development, manufacturing, and marketing company.
Target:	Maytag Family Farms Inc. – Manufacturer and marketer of specialty artisanal food and beverage products, as well as the world-famous Maytag Blue Cheese.
Location:	Iowa, USA
Purpose:	“The combination of these two companies supports continuing success and spurs greater potential for growth across AgCertain’s growing set of brands, products and services,” stated John Mickelson, Managing Partner of Midwest Growth Partners.
Details:	Midwest Growth Partners (MGP), a private equity firm headquartered in West Des Moines, Iowa, the previous owner of Maytag Dairy Farms and a shareholder of AgCertain Industries, has expanded its investment in AgCertain Industries with this acquisition.

Sargento Foods Inc. Acquired Baker Cheese Inc. (Cheese)

Date:	May 3, 2022
Price:	Undisclosed Amount
Buyer:	Sargento Foods – A leader in cheese production for over 65 years.
Target:	Baker Cheese Factory, Inc. – A string cheese manufacturer with sales throughout the United States.
Location:	Wisconsin, USA
Purpose:	The acquisition adds more cheese snack options to SFI’s large portfolio of sliced, shredded, and natural cheese products.
Details:	Faegre Drinker represented SFI in its acquisition of Baker Cheese Factory Inc., a string cheese manufacturer with sales throughout the United States.

Meat

JBS Acquired King’s Group (Italian Meat)

Date:	January 7, 2022
Price:	€82 Million ($92.5 Million)
Buyer:	JBS – The world’s leading global protein-based food company.
Target:	King’s Group – A market leader in the production of Italian meats with operations in Italy and the United States.
Location:	Italy and USA
Purpose:	JBS says the acquisition of the brand will enable it to distribute authentic Italian meat products with protected origin status, with potential growth of King’s Group into the U.S. on the horizon for JBS.
Details:	JBS acquired 100% of King’s group from its subsidiary, Rigamonti. Currently the leader in the production of bresaola for €82 million ($92.5 million). They announced the conclusion of the acquisition on the JBS investor relations webpage in January 2022.

BENEO Acquired Meatless B.V. (Vegan Food Ingredients)

Date:	May 19, 2022
Price:	Undisclosed Amount
Buyer:	BENEO – One of the leading manufacturers of functional ingredients.
Target:	Meatless B.V. – Meatless products are a raw material or ingredient used in the production of vegan and vegetarian foods, but also as a substitute for meat or fat in processed meat products to improve health and sustainability performance.
Location:	Netherlands
Purpose:	The acquisition of Meatless B.V. enables BENEO to widen its portfolio. It also offers customers a variety of plant-based solutions such as texturizers for fish and meat alternatives.
Details:	The acquisition of Meatless B.V. enables BENEO to widen its portfolio. It also offers customers a variety of plant-based solutions, such as texturizers for fish and meat alternatives.

Atlas Holding Acquired Foster Farms (Fresh and Frozen Poultry Products)

Date:	June 7, 2022
Price:	Undisclosed Amount
Buyer:	Atlas Holdings – Atlas Holdings and its affiliates form a diversified group of manufacturing, distribution, service, and trading businesses.
Target:	Foster Farms – Family-owned, Foster Farms provides frozen, fresh, and prepared poultry products.
Location:	California, USA
Purpose:	Donnie Smith, CEO of Foster Farms, said, “I’ve long been an admirer of the Foster Family and the business they’ve built over the past eight decades. In this new era, we will maintain and further that legacy, rooted in animal welfare, superior product quality, customer service, and community engagement.”
Details:	The terms of the transaction were undisclosed. Foster Farms generates approximately $3 billion in annual revenues and will continue to operate under the same name.

Seafood Connection (Maruha Nichiro) Acquired Northcoast Seafoods (Seafood Products)

Date:	May 30, 2022
Price:	Undisclosed Amount
Buyer:	Seafood Connection – A Dutch company owned by Maruha Nichiro that purchases, processes, and sells marine products.
Target:	Northcoast Seafoods – Specializes in sourcing the finest prawns and whitefish products worldwide.
Location:	North East Lincolnshire, UK
Purpose:	Seafood Connection said both firms complement each other in their respective markets and are looking to grow Northcoast’s ambitions in the UK market. The acquisition enables Seafood Connection to leverage Northcoast to create a stronger position in the UK seafood market.
Details:	Seafood Connection Holding B.V. acquired 100% of all shares in Northcoast. The price of the shares for the acquisition was undisclosed according to the terms of the agreement.

Amir Quality Meats Acquired Wellington Poultry (Poultry Processing Facility)

Date:	September 13, 2022
Price:	Undisclosed Amount
Buyer:	Amir Quality Meats Inc. – One of Canada’s largest independent, family owned Halal meat processors.
Target:	Wellington Poultry Ltd. – A provincially licensed processing facility that has been serving the Ontario specialty breeds and mainstream markets for 18 years.
Location:	Ontario, Canada
Purpose:	With the acquisition of Wellington, Amir looks forward to expanding its product offerings into the specialty breeds market and continuing to serve the mainstream marketplace.
Details:	Amir Quality Meats acquired the associated supply and processing facility from Wellington Poultry Ltd. The transaction terms were undisclosed.

Tate & Lyle Acquired Quantum Hi-Tech (Prebiotic Manufacturer)

Date:	March 31, 2022
Price:	$237 Million
Buyer:	Tate & Lyle – A provider of food and beverage solutions and ingredients. The company’s product portfolio includes sweeteners, texturants, and fiber enrichments.
Target:	Quantum Hi-Tech – A leading prebiotic dietary fiber business in China.
Location:	Guangdong, China
Purpose:	The deal demonstrated the increasing appetite for health and beauty focused F&B companies and strengthened Tate & Lyle’s position in the dietary fiber market.
Details:	The signing of a conditional agreement for this acquisition was announced in March 2022.

Farming & Agriculture

Bioceres Crop Acquired Marrone Bio (Agricultural Health)

Date:	March 16, 2022
Price:	$236.3 Million
Buyer:	Bioceres Crop Solutions Corp – A fully-integrated provider of crop productivity solutions, including seeds, seed traits, and treatments, as well as fertilizers, biologicals, and high-value adjuvants.
Target:	Marrone Bio Innovations Inc. – A growth-oriented agricultural company promoting environmentally sustainable farming practices through the development, discovery, and sale of innovative biological products for crop health, protection, and nutrition.
Location:	California, USA
Purpose:	The acquisition will bolster Bioceres Crop Solutions Corp’s sustainable agricultural solutions.
Details:	Marrone Bio Innovations Inc. shareholders will own approximately 27% of the combined companies upon completion.

Benson Hill Acquired ZFS Creston (Soy Processing and Milling)

Date:	January 4, 2022
Price:	$102 Million
Buyer:	Benson Hill Inc. – A crop improvement company that utilizes each plant’s natural diversity to empower innovators with a revolutionary crop design plan to develop healthier, more sustainable ingredients and food.
Target:	ZFS Creston LLC – ZFS owns and operates a soy processing plant and soy flour mill.
Location:	Iowa, USA
Seller:	Zeeland Farm Services Inc. – A family-owned and operated business with 65 years of service in the agricultural and transportation industries.
Purpose:	The transaction would expand Benson Hill Inc.’s existing business operations.
Details:	The all-cash transaction was financed by Avenue Capital Group.

Riviana Foods Acquired InHarvest (Agriculture)

Date:	April 4, 2022
Price:	$48.75 Million
Buyer:	Riviana – America’s largest marketer, processor, and distributor of private label and branded rice products.
Target:	InHarvest – Provides whole grains for food service including quinoa, wild rice, ancient grains, and lentils, as well as consultations, chef-inspired recipes, and menu support.
Location:	California, USA
Purpose:	The President and CEO of Riviana see the acquisition of InHarvest as a strategic fit, enabling it to expand on its current position in the specialty rice, grains, and quinoa market.
Details:	The acquisition included two production facilities in Colusa and Woodland, California, a rice-growing region of the western U.S.

Global Processing Inc. Acquired Soy Processing in Hope, Minnesota (Soy Processing)

Date:	May 26, 2022
Price:	Undisclosed Amount
Buyer:	Global Processing Inc. – A manufacturer of non-GMO and organic food ingredients.
Target:	Soy Processing in Hope, Minnesota. – A soy processing facility.
Purpose:	Carey Williams, chief executive officer of Global Processing stated, “The acquisition will have a positive impact on local farmers who are capable of producing high-quality soybeans.”
Details:	The facility was 90% operational and on schedule for trial operations for the 2022 harvest. Full-scale operations were ready by December 2022.

GrubMarket Inc. Acquired Produce Connection and Spring Valley (Fresh Produce)

Date:	May 24, 2022
Price:	Undisclosed Amount
Buyer:	GrubMarket – A food technology company with the goal of digitally innovating the American food supply chain industry.
Target:	Produce Connection and Spring Valley – Produce Connection and Spring Valley are globally-focused and highly respected fresh produce companies that offer the highest quality fruits and vegetables they source primarily from the United States and Mexico.
Location:	Arizona and Texas, USA
Purpose:	These acquisitions enable GrubMarket to strengthen its presence in Texas and Arizona, key markets for the American food supply chain industry.
Details:	As a part of GrubMarket’s portfolio, Spring Valley and Produce Connection will utilize GrubMarket’s proprietary and innovative WholesaleWare software suite.

Star of the West Milling Acquired Brown Milling (Feed and Agronomy Supplier)

Date:	January 17, 2022
Price:	Undisclosed Amount
Buyer:	Star of the West Milling Co – A 151-year-old company with headquarters in Frankenmuth, Michigan. It began as one flour mill and now operates five mills in four states including Ohio, Indiana, Michigan, and New York.
Target:	Brown Milling Inc. – A grain handler and agronomy supplier.
Location:	Michigan, USA
Purpose:	The acquisition expanded the key capabilities of Star of the West Milling Co. and also strengthened its market presence.
Details:	This acquisition was the second announced by Star of the West in a matter of weeks.

Neova Oy Acquired Kekkilä-BVB Oy (Horticulture Products and Vegetables)

Date:	February 19, 2022
Price:	Undisclosed Amount
Buyer:	Neova Oy (formerly Vapo Oy) – An international corporation whose businesses promote local, clean, and water-conserving food production. In addition, they supply local fuels, as well as provide steam and heating production solutions. Vapo serves customers in Europe.
Target:	Kekkilä-BVB Oy – Located in Vantaa, Uusimaa, Finland, it distributes and cultivates vegetables and horticultural products.
Location:	Uusimaa, Finland
Seller:	Nielson Belegging En Beheer BV – Founded in 2001, the company manages foundations, funds, and trusts for purposes other than educational, religious, charitable, or nonprofit research.
Purpose:	The acquisition enhanced the business of Neova Oy.
Details:	Both parties agreed that the purchase price would not be disclosed.

Redwood Capital Investments Acquired Grain Craft Inc. (Flour Milling)

Date:	June 21, 2022
Price:	Undisclosed Amount
Buyer:	Redwood Holdings – A permanent holding company with a proven track record of investing in longstanding family-owned businesses across a variety of industries.
Target:	Grain Craft – The biggest independent flour miller in the U.S., Grain Craft offers premium bagged and bulk flour for the food service, baking, tortilla, and pizza industries.
Location:	Kansas, USA
Purpose:	“We are extremely excited to partner with Redwood and look forward to continuing to grow our business together,” stated Peter T. Frederick, president, and chief executive officer of Grain Craft.
Details:	This transaction was subject to regulatory approval as well as the customary closing conditions. Eversheds Sutherland (USA) LLP served as legal advisor, and BDT & Company served as financial advisor to G&L Holdings. Venable LLP was the legal advisor to Redwood.