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🚨NOSH INSIDER WEEKLY: Firehook Bakery Acquired, Voyage Foods Sets Sail with Cargill, Sando Plushies & More |
And, it looks like cleaner ingredient fast casual quality sauces are having a moment - Chosen Foods has released a line of fancy dips, while Primal Kitchen is also getting in on the act. Notably, both brands are emphasizing their respective uses of avocado oil.
Alright! On with the Sunday newsletter.
FIRST UP! Off the hook - newly formed private equity firm goes crackers at the bakery. |
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💰 Firehook Bakery Picked up by PE Fund Forward Consumer Partners |
The newly launched CPG-focused private equity firm Forward Consumer Partners has picked up Virginia-based cracker co Firehook Bakery writes Nosh Chief of Acquisitions Jeff Klineman. | |
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Firehook is the ‘top’ artisanal cracker biz in the country according to the press release, with revenues of $56M over the last 52 weeks (thanks, AC Nielsen XAOC data!).
Maura ‘Cholula’ Mottolese is coming on board as CEO, while Forward Consumer Partners Managing Partner Matt Leeds will be Chairman. Founder Pierre Abushacra is staying on as a board member.
Mottolese and Leeds have prior form: as CEO and Chairman the duo acquired and later sold Cholula to McCormick for a hot $800M in 2020. Indeed Forward Consumer Partners, which closed a $425M fund in December, was founded primarily as a project for them to work on. Read the full debrief on Nosh.com. 🥡 Key Takeaway: Mottolese likens Firehook’s biz to that of Tate’s - both have brick-and-mortar stores that act as a test site for new products. Firehook owns its own facilities and is in around 10,000 stores - mostly along the perimeter and deli counters (perf with hummus👌). Expect to see the company’s reach and marketing increase with this deal.
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📣 Community Call: Be Brand Ready in the Current Capital Climate |
| This week’s Community Call sees Kathy Yuh of VMG Partners discuss the venture fund's current investment strategies and its evolving requirements in the ongoing tight capital environment.
Join Kathy to explore valuations, P&L practices and upcoming trends.
Listen up: Community Call open meetings are free to take part in and are as easy as hopping on a 30min Zoom call - except way more exciting, obviously.
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🔊 CPG Week Podcast: Beer-free Water, Cracker Deals |
| On this week's CPG Podcast the rearranged Nosh trio of reporters Brad Avery and Lukas Southard and editor-in-chief Jeff Klineman update us on the Momofuku chili crunch crisp trademark dispute.
The group then cracks open a few cold ones ( of water) to discuss to Liquid Death effect. Jeff closes things out with an overview of this week's Firehook acquisition.
Spin this week's podcast here. | |
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🍓 Juicy Quote |
| "We’re seeing packaging change across the entire store [with] the growth of power bars, granola bars and single-serve stuff"
This week's insights report comes from Between the Aisles Editor Adrianne DeLuca who sat down with In The Loop prez Jeff 'Kroger Exec' Wojtkowiak to discuss the state of snacking and the changing dynamics between retailers, brands and private labels. | |
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Wojtkowiak has a lot to say about the CPG slowdown and retailers' profit margins. Here's a few choice cuts:- Higher prices are making promotional cycles and merchandising strategies more important
- Packaging has changed across the board - especially with power and granola bars and single-serve
- Smaller brands need to lean into flavor innovation to compete with varied pack sizes
- Cash-strapped consumers are buying into club memberships and moving away from middle ground retailers like Kroger
And, don't miss his killer opinion on Amazon's grocery play to date. Wowzers.
What are your thoughts, Sunday readers? Are the catch-all retailers (Albertsons et al) at risk from higher value propositions (Target) from one end, and discounters (Aldi) on the other? Will conglomerates move to dominate grab-and-go thanks to packaging innovation? Click here to send in your comments. | |
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🥑 Quick Bites |
A look at some of this week's new product launches.
The new product comes in 3 SKUs: Oven Roasted, Roasted Garlic, and K̶F̶C̶ ̶G̶r̶a̶v̶y Teriyaki Sesame.
Banana Peppers Editor Adrianne DeLuca sat down with cofounder Daniela Jensen to discuss the regenerative brand's new set of jarred olives and peppers. |
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📰 Jobs Market |
Parkesburg, PA
Ventura, CA
Remote |
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🚢 Voyage Foods Partners with Cargill for Ingredients Play |
| Food tech startup Voyage Foods is realizing part of its initial vision thanks to an ingredients supply deal with Cargill writes Ship's Captain Lukas Southard.
The agreement will see Voyage supply the conglomerate with its nut-free spreads and cocoa-free chocolate innovations, while Cargill will be assisting with technical, sales and customer resources. Since breaking ground in 2021 Voyage has aimed to create the most impact possible by supplying ingredients, although it also maintains an own brand retail arm.
The move comes after Rudi's Rocky Mountain Bakery embarked with Voyage for its not-Uncrustables frozen Sandos, featuring Voyage's nut-free spreads with fruit jams. And let's not forget a recent $22M booty haul.
🥡 Key Takeaway: In the face of cocoa supply issues in West Africa this deal seems like a timely move that could be picked up by numerous Cargill customers. The cocoa-fee chocolate category is generally heating up - UK-based Win-Win is courting big players like Nestlé, while Planet-A-Foods just raised a cool $15M.
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👀 ICYMI 👀 |
Forget about 4/20 chill - it's time for 4/21 chiller with this nifty Snickers Ice Cream Chiller ice cream holder. Finally, I can intercept an NFL quarterback and not drop my dessert.Strangely the glove is modeled on top NFL wide receiver pick Rome Odunze's hand (one assumes it's not to scale). To be in with a chance to pick up a glove head on over to snickers.com/IceCreamChiller. | |
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| AND FINALLY: Unilever is out to save mayonnaise with its Hellmann's Save Our Sandwiches campaign, encouraging consumers to 'adopt' a sandwich and be in with the chance of winning a sando plushie.
The campaign is hoping to raise awareness of soil erosion (and - hey! - Unilever's investment in topsoil and regen-ag) but really, I just want a lifesize walking talking BLT. | |
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| If you'll excuse me, I may be a day late but I'm off to celebrate 4/20 in style - White Castle style, that is. Until next week, your host,
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