How will these moves – along the WCF’s moves to help its members with the upcoming EUDR and the launch of an innovative cocoa marketplace – reshape the global food and beverage landscape?
Grupo Bimbo strengthens LATAM foothold
The Mexican bakery giant has reinforced its position in Brazil with the acquisition of local peer Wickbold.
The São Paulo-based business Wickbold was founded in the 1930s, today employs over 2,500 people and reported revenues of Rs1.6bn ($284.9m) in 2022.
Financial details of the deal were not disclosed, but includes four factories based in southern Brazil, and two well-known brands, Wickbold and Seven Boys.
“This family-owned business complements our brand portfolio with brands that consumers love and better positions our company in the south region of Brazil,” said Bimbo’s recently appointed CEO Rafael Pamias.
Grupo Bimbo has been expanding its footprint in Brazil since 2001, when it acquired local brands Plus Vita and Pullman. In 2021, it acquired Aryzta’s Brazilian operations in 2021. With brands like Ana Maria, Rap10 and Crocantissimo, Grupo Bimbo continues to solidify its market presence in the region, contributing to the company’s overall sales growth in Latin America, rising by 3.8% for Q2 2024 to 98.09bn pesos ($4.98bn).
Meanwhile, Bimbo’s acquisition of Pagnifice, a leading frozen bread producer in Uruguay, has been given the green light. Initially announced in February 2024, the deal faced opposition from Uruguay’s Competition Defense Commission, estimating the merger would give Bimbo a 70% control of the country’s bread market.
Both companies contested this, stating their product lines were complementary not overlapping, and that Pagnifique’s real market share was closer to 25%. The commission has reversed its decision, allowing the acquisition to finalize on September 6, 2024.
Campbell to drop the Soup
Campbell Soup is proposing a name change to The Campbell’s Company to reflect its evolution into a broader food and beverage business.
While soup remains central – accounting for more than $1bn in annual sales – the 155-year-old company has shifted its focus. Notably, the purchases of Snyder’s-Lance and Sovos Brands, along with the growth of brands like Goldfish and Pepperidge Farm, have made snacks a larger part of the company’s revenue. Snacks now make up nearly 50% of total sales, while soup accounts for only 25%, a significant decline from previous years.
“We will always love soup and we’ll never take our eye off of this critical business,” CEO Mark Clouse said at the company’s recent investor day.
“But today, we’re so much more than soup.”
He added Campbell has 16 “leadership brands” spanning snacks, beverages and meals. The company forecasts Goldfish alone will become its largest brand by its 2027 fiscal year with $1.3bn in sales.
Prima Bakeries acquires Furniss of Cornwall
The acquisition brings the biscuit brand under the umbrella of Prima Bakeries Group, which also owns Prima Bakeries and Cornish Premier Pasties. Furniss of Cornwall will continue to operate with its existing staff.
“This is an incredibly exciting time for us, as we bring another iconic Cornish food brand under our wing,” said Prima MD Mark Norton.
“We see strong synergies between the businesses and plan to invest in production facilities to support Furniss in realizing its full potential.”
The deal comes on the heels of record sales growth for the Group, with turnover expected to hit £15m annually by the end of 2024. Financial details were not disclosed.
HSA Group acquires Kellanova’s stake in Bisco-Misr
Hayel Saeed Anam Group & Co. (HSA Group) has signed an agreement to acquire Kellanova’s majority stake in one of Egypt’s leading biscuit manufacturers. The deal, expected to close in the first quarter of 2025, is subject to regulatory approvals and a mandatory tender offer for minority shares.
Kellanova acquired the stake in Bisco-Misr in 2015, when it was still operating as Kellogg Company. Over the years, Kellanova has modernized Bisco-Misr’s operations and introduced innovations, while preserving the Egyptian company’s deep-rooted legacy.
HSA Group, a multi-billion-dollar conglomerate, has operated in the MENA region for over 80 years, producing biscuit brands like Abu Walad and Teashop. It has a strong presence in Egypt through ARMA Group, a market leader in food production.
Said Muneer Hayel Saeed, chair of ARMA and Board Member of HSA, “We believe our expertise in the biscuits industry and commitment to product excellence will enable us to unlock significant growth for Bisco-Misr while preserving its iconic status in the Egyptian market.”
African Cocoa Marketplace connects buyers and sellers
The digital platform is designed to bridge the gap between African cocoa producers and global buyers. Launching just ahead of the 2024-25 cocoa harvest season, ACM aims to elevate Africa’s 120-year legacy of sustainable cocoa production. It will help sellers showcase their value propositions to a global audience, while providing buyers with certified, high-quality cocoa products tailored to their needs.
It also enables buyers to connect with women-led cooperatives and smallholder farmers who align with their business values, offering transparency and due diligence for every transaction. ACM’s certification process ensures sellers meet rigorous standards for quality, sustainability and best practices.
Dr Kristy Leissle, head of ACM, has spent 18 months developing the platform and is excited to begin onboarding sellers from Ghana, Liberia and Sierra Leone.
“When I look at African cocoa, I see a venerable past: well over a century of global leadership in cocoa production, with cocoa wealth, expertise and knowledge passed on through generations,” she said.
‘I also see a bright future, which lies in the hands of cocoa farmers, entrepreneurs, and business leaders across the continent who trade and process cocoa.”
pladis unveils MENAI HQ
The McVitie’s owner has inaugurated its new headquarters in Jeddah to support its growth across the Middle East, North Africa and India (MENAI) region.
The facility underscores the company’s commitment to innovation and sustainability, featuring advanced tech and a design that caters to the evolving needs of its workforce. Situated in the prestigious Zahran Business Center in Jeddah’s bustling business district, it not only enhances connectivity but also emphasizes employee work-life balance.
“The opening of our new HQ in Jeddah is a pivotal step in strengthening our regional presence,” said Suryakant Pandey, MD for MENAI.
“This office represents our dedication to investing in our people and our business, offering a modern, collaborative space that will drive innovation and growth.”
New methodology from WCF supports EUDR Compliance
The World Cocoa Foundation (WCF) has unveiled a new deforestation risk assessment methodology to aid its members in complying with the European Union Deforestation Regulation (EUDR). Set to take effect in 2025, the EUDR mandates that importers of key commodities, including cocoa, demonstrate that their products are free from deforestation since the end of 2020.
The WCF’s methodology provides a standardized approach for assessing deforestation risk across cocoa supply chains. Developed in collaboration with Satelligence, the European Cocoa Association (ECA) and the European Forest Institute (EFI), it offers step-by-step guidance on gathering and analyzing farm data, comparing it with forest baseline sources and detecting deforestation. This approach is applicable to cocoa from all producing countries.
WCF president Chris Vincent emphasized the importance of advancing the cocoa sector’s readiness for EUDR.
“That strategy is focused on industry alignment and collective action, including enabling science-based, standardised best practices and systems that will contribute to real impact across the sector,” he said.
“It helps our members, cocoa farmers and policymakers achieve the shared goal of ending cocoa-related deforestation and improving farmer incomes linked to cocoa.”
Snak King nabs PE investment
The California manufacturer of private label and co-manufactured snacks has secured an undisclosed investment from private equity firm Falfurrias Management Partners.
Snak King operates manufacturing facilities in Southern California and Chicago and employs 780 staff. Its brands include El Sabroso, The Whole Earth, Granny Goose and Jensen’s Orchard.
As part of the investment, several veterans will join Snak King’s board of directors, including Ken Walker, Falfurrias’ partner and executive chairman; Chip Johnson, Falfurrias partner; Dave Katz, president and COO of Coca-Cola Consolidated; Bill Lovette, CEO of Sauer Brands; and Bill Ladd, former senior executive at PepsiCo.
“Snak King’s dedicated team and our steadfast customer-first mentality have enabled us to transform over the past 46 years from a small-scale pork rind business to an operation that delivers a broad range of innovative snacking options,” said Snack King CEO Barry Levin.
“Falfurrias’ experience will be enormously beneficial as we partner to achieve Snak King’s next phase of growth.”
Boundless becomes UK’s leading gut health snack brand
Boundless clinched the title thanks to a recent £1.5m investment round led by notable industry investors, including Graze co-founder Ben Jones.
Boundless’ impressive market performance is reflected in a 110.2% increase in sales value and a 171% rise in volume year-on-year. The company’s growth rate in the better-for-you category is 1.6 times faster than its closest competitor, with a remarkable 58% year-on-year growth.
The company is also expanding its footprint in foodservice, securing deals with UK wholesalers like Bidfood, Brakes and Foodbuy. This has boosted Boundless’ distribution by over 2,000%, making it the first gut health snacking option for these key players.
“I’m incredibly proud to announce Boundless as the UK’s number one gut health bagged snack, having contributed to 13% of the better-for-you crisp growth and driving penetration where this key metric is in decline at a category level,” said founder Cathy Moseley.
“Our market share continues to outpace the category, positioning us to capture 1% of the BFY category by year-end.”
BeyondSKU selects five innovators for Track 5
The accelerator is set to kick off its Fall ’24 track with a diverse selection of brands.
The new cohort includes Lola Snacks (gut-friendly energy bars enhanced with clean ingredients and adaptogens); Culiraw (plant-based, handcrafted desserts and snacks made with organic ingredients); Growee Foods (plant-based spreads); Tigo Tequila Cocktails (premium canned cocktails) and Cleo+Coco (vegan personal care products).
The program will cover essential CPG topics and culminate in a pitch event for investors and industry leaders in January 2025.
