US truffle maker Sabatino secures private-equity investment to fuel growth

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April 20, 2023

Sabatino Tartufi, a producer of truffles, has secured an investment from Traub Capital Partners (TCP), a private-equity firm based in the United States.

The specifics of the financial transaction were not made public.

With the newly obtained funds, Sabatino Tartufi, which is a family-owned business, plans to enhance its facilities and infrastructure, in addition to strengthening its distribution channels and elevating brand recognition.

In this investment round led by Three Hills Capital Partners (THCP), a multinational investment firm with offices in the UK, Italy, and Luxembourg, both Sabatino Tartufi and TCP, based in New York, will also be participating.

Sabatino Tartufi, established in 1911, is a manufacturer, importer, and distributor of products that use truffles as a primary ingredient. The company has production facilities in Connecticut, USA and in the Umbria region of Italy, with a combined workforce of over 100 employees. In addition to five branch offices across the United States, Sabatino also has a presence in Canada, Japan, and Hong Kong.

Sabatinos CEO Federico Balestra said, “TCP is the ideal partner for Sabatino as they have a history of backing companies in the aspirational lifestyle categories. Our new partners will provide us with strategic capital and will ensure clients and consumers are supported to the highest degree.”

He added, “We are now in a position with this unique partnership to broaden the reach of the truffle experience more than was ever possible before.”

Sabatino Tartufi provides its products to both end consumers and manufacturers, primarily through its online store and various specialty stores located throughout the United States.

“We are proud to partner with Sabatino, a clear leader in the fine foods world,” said Mortimer Singer, Co-managing partner of Traub Capital Partners.

“Sabatino’s commitment to quality and innovation aligns with TCP’s philosophy and approach. We believe we are uniquely positioned to actively support Sabatino in achieving their strategic growth plans.”

In 2018, TCP acquired Signature Brands, a manufacturer of dessert decorating products, marking their first direct venture into the food industry.

Lance Contento, Managing Director at Three Hills Capital Partners, said, “Partnering with Sabatino is an exciting opportunity for us to build on the already strong growth momentum in the market for truffle-based products and support the Company’s future development, notably in Europe.”

Portugal announces temporary exemption of VAT on essential food products

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April 20, 2023

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In a bid to alleviate the burden on household finances following a 7.8% inflation surge in March, Portugal plans to exempt certain food products from VAT.

Portugal’s government has announced the elimination of the 6% VAT rate on 46 food categories, such as dairy, meat, and potatoes, according to a statement.

For a duration of six months, a zero VAT will be applicable to a group of “essential foods,” as stated by Prime Minister António Costa.

“The expectation is that, over the six months, inflation will evolve in a direction that will allow the withdrawal of the current measures. If not, we’ll have to sit down at the table again and see what we can do,” he added.

According to Costa, the Portuguese government collaborated with industry representatives to determine the products that would meet the criteria for the VAT reduction.

“The state has done its part, now there is other work that has to be done so that the reduction of the VAT rate has an effective impact on the lives of families,” he added.

Prime Minister António Costa said, “The Ministry of Health identified a healthy basket. After that, APED, the Portuguese Association of Distribution Companies, provided a list of the types of products most consumed by the Portuguese people. We identified 44 products. Through the debate in parliament, these categories were broadened.”

Costa stated that the government’s focus last year was primarily on managing the escalation of energy prices, and the resulting measures were deemed “highly effective.”

“Next, we witnessed a global slowdown of inflation, except for food products, a situation that has several causes,” he said.

Food items such as grains and potatoes, dairy products, legumes, vegetables, fats and oils, meat, and fish, among others, have been included in the list of products with 0% VAT. Specifically, the list encompasses bread, potatoes, pasta, rice, cow’s milk, pork, and chicken.

The Minister of Finance for Portugal, Fernando Medina, has indicated that a basket of goods worth €200 would see an average saving of €12 ($13.15).

Portugal’s Consumer Price Index recorded an inflation rate of 7.4% in March, a decrease from February’s 8.2% and March’s 8.4%.

UK-based Butternut Box acquires PsiBufet, tapping into the growing pet food industry in Poland

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April 20, 2023

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Polish dog-food brand, PsiBufet, has been acquired by UK-based supplier Butternut Box for an undisclosed amount.

Founded in 2016, Butternut Box has expanded its presence throughout Europe, and is currently available in the UK, Ireland, the Netherlands, and Belgium. The acquisition of Polish brand PsiBufet marks the company’s entry into the Polish market. Butternut Box specializes in producing fresh dog food with ingredients of “human quality”.

PsiBufet, established in 2012, also specializes in creating fresh, custom-made dog food.

In a statement, Butternut Box announced that the acquisition of PsiBufet will provide its customers with access to a broader range of products, advanced online customer experience, and better quality fresh food.

According to the company, the acquisition also enables the UK start-up to expand its operations into central and eastern Europe, using Poland as a regional hub for the group’s operations and facilitating further growth throughout Europe.

Kevin Glynn, a Co-founder of Butternut Box, said, “PsiBufet shares our commitment to providing dogs with fresh, wholesome, nutritious meals, and we are excited to bring their expertise and product offerings into our portfolio. This acquisition allows us to scale our operations in Europe and bring the Butternut Box experience to even more dog owners and their beloved dogs.”

Since its establishment, Butternut Box has raised more than £100m ($124.5m) in funding from investors including L Catterton, the private-equity firm established by LVMH, and White Star Capital. In March 2021, the company was certified as a B Corporation, partly due to the launch of its Rudie’s Kitchen fully integrated manufacturing facility.

Piotr Wawrysiuk, Founder and CEO of PsiBufet said, “Butternut Box has been supporting us for over three years. It is not only a capital investor but above all a strategic one, sharing their knowledge and experience. Our companies share a common organisational culture and, above all, a mission: to provide health and happiness to dogs and their humans all over the world. I am pleased that, thanks to the relationship, we will be able to offer customers in Poland the highest quality products.”

In February, Nestlé CFO François-Xavier Roger expressed his skepticism about the financial viability of producing human-grade pet food.

According to the owner of the Purina brand, there is a potential market opportunity for pet food that is of human-grade quality. However, Roger has expressed his skepticism regarding its profitability.

Bikano launches snack packs for IPL 2023, promotes quality time with loved ones

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April 20, 2023

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To boost sales and profits during the IPL cricket extravaganza, Bikano – a popular snack and packaged food manufacturer in India – has launched family or ‘jumbo’ packs of its Chips, Crunchy Munchy, and Chatax.

These snacks come packed with unique flavours and are made using new technology machinery to minimize human hand interference. The Chips, Chatax, and Crunchy Munchy offerings are enriched with the goodness of potato, rice flour, chickpea flour, and a variety of spices.

The Indian snack market is predicted to reach USD 23.69 billion by 2028, growing at a CAGR of 12% from 2023 to 2028. Bikano’s introduction of family or ‘jumbo’ packs of Chips, Crunchy Munchy, and Chatax is significantly contributing to this growth. With IPL providing a vast audience pool, it offers new avenues of engagement and growth for FMCG brands.

Manish Aggarwal, Director, Bikano, Bikanervala Foods Pvt Ltd, said, “Every Indian family values togetherness. And over the years, watching the IPL on TV has been a popular medium for reinforcing this togetherness. We have acknowledged the power, which is why we have strategically chosen to introduce our crispy savouries of Chips, Chatax, and Crunchy Munchy in 100-gram packs. These snacks are not only popular among kids but are consumed by adults as well, making them a favourite snack for the whole family. Moreover, post-Covid-19, consumer preferences have evolved. They prefer snacks that offer better quality, taste, and hygiene. This also has led to a shift in the Indian snacks industry from unpacking and open selling snacks to packing and selling snacks.”

FMCG products such as chips and munchies thrive on impulse buying and family packs serve as a key driver for such categories. The trend of offering family packs is global, and it presents a significant opportunity for brands to expand their sales without compromising on margins, especially during events like IPL. As a result, many companies are now adopting this strategy to boost their sales during this exciting period.

Commenting on the launch, Kush Aggarwal, HOD Marketing at Bikano, said, “This is the best time to introduce family packs to consumers seeking value for money. It makes sense. From a retail perspective, making big packs leads to savings in manufacturing, packaging, and transportation costs. Buying a family pack is a win-win situation for the consumer too. On average, big packs are about 20–25% cheaper than regular packs, making the price-sensitive buyers happy.”

Nestle urged to take action on unhealthy food sales to combat rising obesity rates

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April 20, 2023

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Nestle is facing pressure to reduce the proportion of unhealthy food it sells and take responsibility for promoting global health.

According to ShareAction, an investor group, 40% of Nestle’s sales for everyday food in the UK consist of products that are high in salt, sugar, or fat.

Nestle has claimed that its report on the healthfulness of its worldwide sales is a groundbreaking achievement and has committed to establishing a goal for the promotion of healthier sales later this year.

ShareAction, however, has expressed its desire for Nestle to not only cut down on the quantity of unhealthy foods it offers but also decrease the amount of less healthy products it sells.

Nestle, which possesses well-known brands such as KitKat and Shreddies, is currently the largest food company in the world.

The company launched a new breakfast cereal, KitKat, in the UK’s grocery stores in April, containing 7.4g of sugar per 30g serving. This amount is higher than the recommended average of refined sugar intake per meal for adults.

According to Nestle, the KitKat cereal was created as a “treat” for breakfast and intended to be consumed on an infrequent basis.

ShareAction, an ethical investing advocacy group, has coordinated a joint call from 26 investors who possess over £2.64 trillion in assets.

This request precedes Nestle’s yearly shareholders’ meeting, scheduled for Thursday.

Simon Rawson, Deputy Chief Executive of ShareAction, said, “Nestle has said it wants to sell healthier food, but it hasn’t given assurances that it will also address its less healthy food sales, which is essential to turn the tide against the harmful effects of diet-related ill health.”

He further stated that the Swiss food conglomerate needs to “realign” its sales in order to provide well-balanced diets to people across the globe.

In March, a representative from Nestle declared that the corporation had established a new norm for corporate transparency.

“We are the first company to report on the nutritional value of our entire global portfolio against a single externally recognised, nutrient profiling scheme,” they added in a statement.

As per Mr. Rawson, the latest study by the World Obesity Federation demonstrates that if “urgent and significant” measures are not taken, more than 50% of the global population will suffer from obesity or be overweight by 2035.

ShareAction has sent letters to the governing bodies of various food companies such as Kellogg’s, Danone, and Kraft Heinz, requesting greater transparency and the establishment of nutritional objectives.

In February, Nestle, which produces Nescafe coffee and Buxton mineral water among other things, announced that it was incurring significant losses due to the unprecedented surge in food ingredient prices.

The notable rise in food costs resulted in a lower-than-anticipated decrease in inflation during the month of March.

Olyra Foods expands presence in US market with investment from Grupo Bimbo’s venture arm

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April 20, 2023

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Olyra Foods, a breakfast biscuit producer in the US, has secured investment from Bimbo Ventures, the venture capital arm of Grupo Bimbo.

Olyra Foods, headquartered in Delaware, has not revealed the financial specifics of the investment. However, the company has stated that it intends to utilize the funds to broaden its footprint in retail and online marketplaces.

Established in 2017, Olyra Foods markets breakfast biscuits that are influenced by the grain mill of CEO and Founder Yannis Varellas’ family in Greece. The company sells its assortment of breakfast biscuits online and in over 5,000 retail sites across the United States.

“Olyra, in a very authentic way, has tapped into a consumer need for more nutritious and delicious breakfast solutions,” said Constantino Matouk, VP of Bimbo Ventures. “We are excited to work with them to help grow the business and expand availability of Olyra’s products to more consumers.”

Olyra Foods offers three varieties of breakfast biscuits, as well as sandwich breakfast biscuits. The company’s newest addition to its product line includes filled breakfast biscuits in Peanut Butter, Almond Butter, and Double Chocolate flavors.

“These past few years have been exciting as we’ve worked toward offering consumers new nutritional breakfast options,” said Yannis Varellas, founder and CEO of Olyra Foods. “We are looking forward to working with Bimbo Ventures as we continue our growth and expansion into the market.”

Grupo Bimbo created Bimbo Ventures in 2017 to function as an in-house investment division, which assists food start-ups in establishing their businesses.

Grupo Bimbo’s venture arm has previously invested in other companies, including the snacks and cereals manufacturer LiveKuna in December 2021, and the vegan treats brand Rule Breaker in February 2021.

Hyderabad’s nightlife gets a major boost with the arrival of Lord of The Drinks

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April 20, 2023

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Lord of The Drinks, a well-known brand among food and party enthusiasts throughout India, has now made its debut in Hyderabad. With a relentless pursuit of progress and expansion, Lord of The Drinks currently operates 13 outlets across 11 cities, each with its own distinctive ambiance and unique culinary and bar influences, drawing inspiration from the local culture, ingredients, and essence of the city.

The Managing Directors of Innato Hospitality, Yash and Kush Trivedi, commented on the launch, stating “With each LOTD being a unique and bespoke concept influenced by the culture, heritage, and ingredients of the host city, the collab was a no-brainer which would allow the world-class standards and expertise of First Fiddle meet ingenuity and passion of Hyderabad. This is an absolute game changer. The culinary experience at Lord of the Drinks is unparalleled, as our chef has carefully crafted a menu that caters to the diverse tastes and preferences of our patrons.”

Renowned Designer Ameet Mirpuri was responsible for the striking interiors, which draw inspiration from the fluidity of modern art. Across the 24,000 sq. feet of space, asymmetrical curves converge harmoniously to create a sense of symmetry, starting with the dramatic 45-foot-high lobby at the entrance and continuing through the indoor swirl island bar, the expansive windows, the stage backdrop, and onto the stunning greenery of the organic outdoor area.

Chef Shiva leads the kitchen, utilizing his extensive travel experiences to create a menu that showcases both local and global flavors.

Speciality Restaurants secures INR 127 crore through preferential issue, bolstering financial position

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April 20, 2023

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Speciality Restaurants, the company behind several fine-dining restaurant chains including Mainland China, Oh! Calcutta, Sigree Global Grill, Episode One, and Haka, has garnered INR 127 crore through a preferential issue.

The funds raised will be utilized to construct new restaurants and to finance the upgrade of existing ones.

The business released 60 lakh warrants that can be converted into equity shares, which will cause an increase of 12.78 percent in its paid-up equity share capital when the conversion takes place.

Anjan Chatterjee, Chairman of Speciality Restaurants Limited, said, “With the completion of this issue, we have raised significant capital to pursue new business opportunities and continue to deliver value to all our shareholders.”

The Prabhudas Lilladher Group’s investment banking and corporate advisory division, PL Investment Banking, facilitated the capital-raising process.

Speciality Restaurants manages nearly 87 restaurants and 40 confectionery shops dispersed across 14 Indian cities. Additionally, it holds a joint venture for operating two restaurants in the UAE, one in Qatar, and one in London.

Hospitality tech startup Ecobillz eyes global growth with AI-led digital automation platform

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April 20, 2023

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Ecobillz, a technology startup based in Bengaluru, specializes in sustainable business solutions using paperless digitization and efficient backend management powered by smart AI solutions. With a sizable client base in the hospitality industry, the company is contemplating a major move into the global market, beginning with Europe and establishing a base in the UK. Ecobillz sees this as the right time to explore opportunities beyond India.

Ecobillz, founded in 2016, has been experiencing exponential growth in revenue year after year, and currently boasts over 200 hotel customers in India. The company aims to capitalize on their successful partnerships with major brands in India and expand into new territories as a natural progression.

Ameet Patil, Tech Entrepreneur and Founder, CEO of Ecobillz, said, “We have always targeted the hospitality industry through our product and Europe and Africa are hotbeds of tourism with the market alone offering nearly 6000 premium and luxury hotels, which we can target immediately. In India, Ecobillz is a well-known brand in the hotel industry with reasonably good market penetration. We are in the right frame of time to build on this goodwill and venture outside the geography.”

He added, “The UK entity, Ecobillz Limited, was set up in February and we are testing the market structure, software usage, behavioral patterns, user feedback of Europe, while tweaking our product to fit the demand there. Market survey and fine-tuning the product to fit a developed market like Europe is a stringent task, and we hope to offer a customized product to the hospitality industry soon.”

According to Patil, there is hope to establish a presence in the West Asian market by setting up an entity in Dubai within the next six months.

Ecobillz’s solutions are specifically designed to be non-intrusive, plug-and-play digitization modules that seamlessly integrate with existing PMS/POS software. This allows for immediate implementation without any need for software changes. Ecobillz’s platform can magically work with any PMS and POS software, making it highly adaptable and cost-effective for businesses.

Ecobillz possesses the capability to effortlessly gather and combine documents, data, and/or reports from various sources such as software, web portals, folders, emails, and servers. The system can coordinate with multiple devices to update the system seamlessly without any failures. The solution facilitates first-rate automation for all business documentation, including income audits, approval workflows, reconciliation, and account receivables, leading to enhanced operational efficiency and significant time and cost savings.

Indulge your little one in guilt-free sweetness with Ultx’s plant-based Moong Dal Halwa

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April 20, 2023

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Who says sweets have to be unhealthy? With Ultx’s plant-based Moong Dal Halwa, you can indulge your little one’s sweet tooth without any guilt. Made with all-natural ingredients and without any harmful additives, this delicious dessert is the perfect way to treat your little one to something sweet and nutritious.

Why Ultx’s Moong Dal Halwa

Ultx’s Moong Dal Halwa is made with plant-based ingredients, including moong dal (split green gram), which is a great source of protein and fiber. The dish is also low in fat and calories, making it an excellent option for anyone looking to maintain a healthy weight.

Unlike traditional sweets that are loaded with sugar and preservatives, Ultx’s Moong Dal Halwa is sweetened with jaggery, a natural sweetener that is rich in minerals and antioxidants. Jaggery is also known to boost immunity and aid in digestion, making it a healthier option for your little one.

If that was not good enough this halwa is even planet conscious and can be eaten by any group of people as it is 100% plant based and cruelty free.

Easy to Cook

Making Ultx’s Moong Dal Halwa is easy and simple. Here is a quick recipe:

Ingredients:

1 cup moong dal
1 cup jaggery
2 cups water
1/4 cup ghee (clarified butter)
1/4 cup chopped cashews
1/4 cup raisins
1/4 tsp cardamom powder

Instructions:

Rinse the moong dal thoroughly and soak it in water for 2-3 hours.
Drain the water and grind the soaked dal into a coarse paste.
Heat the ghee in a pan and add the ground dal paste. Cook on medium heat, stirring continuously, until the dal turns golden brown and releases a nutty aroma.
Add 2 cups of water and jaggery to the pan and stir well. Cook for another 5-10 minutes until the halwa thickens and the jaggery is completely dissolved.
Add chopped cashews, raisins, and cardamom powder to the halwa and mix well.
Serve warm and enjoy the guilt-free sweetness!

So, what are you waiting for? Grab yours today-

From- https://www.flipkart.com/ultx-moong-dal-halwa-box/p/itm8d9fc22ac33d4

Indulging your little one in something sweet doesn’t have to be unhealthy. Ultx’s plant-based Moong Dal Halwa is a healthy and nutritious dessert that is easy to make and perfect for satisfying your little one’s sweet tooth.

Made with all-natural ingredients and sweetened with jaggery, this dessert is free from harmful additives and preservatives. So the next time you want to treat your little one to something sweet, whip up a batch of Ultx’s Moong Dal Halwa and enjoy guilt-free sweetness.

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