Swiss food company Aryzta sets sights on Australia with €40m bakery plant

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December 25, 2023

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Swiss food company Aryzta has started the construction of a new bakery facility in Perth, Western Australia.

The projected cost for the entire project is estimated to be around €40 million.

The upcoming facility in Perth is expected to generate 80 direct jobs and over 500 indirect positions in the area. It will cater to quick-service restaurants, food service, and retail customers.

As per Aryzta, this advancement is poised to notably bolster the company’s ESG (Environmental, Social, and Governance) credentials in Australia. The objective is to eliminate an estimated 1.7 million food miles linked to the transportation of bakery items from its current facilities in New South Wales and Victoria to customers in Western Australia.

The anticipated investment is projected to decrease the business’s local carbon footprint by over 700 tons of CO2 annually. Additionally, the utilization of locally sourced raw materials for bakery essentials like flour, dairy, and sugar will not only reduce food miles but also contribute to enhanced sustainability. Furthermore, the forthcoming facility will predominantly rely on a local renewable microgrid, drawing energy from a solar and battery storage system.

Aryzta’s chair and interim CEO, Urs Jordi, said, “Australia is an attractive growth market for bakery products and this expansion in Perth will allow Aryzta to produce fresh and frozen products as opposed to shipping frozen only over long distances from our plants in eastern Australia. The project has very strong sustainability credentials and will generate additional direct and indirect employment. It will reduce food miles and use renewable energy.”

“The €40m investment capex will be funded within our 3.5-4% revenue guidance in our midterm plan to ensure we continue to generate cash and reduce total debt below 3x by 2025. Business performance remains in line with expectations and on track to reiterate our confidence in delivery of our growth and financial targets.”

The facility is scheduled to be completed in two years once construction starts.

Four in five Canadians anticipate food prices to rise again in 2024, reveals survey

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December 25, 2023

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Four out of five Canadians anticipate a further rise in food prices in 2024, as indicated by Dalhousie University’s New Year’s Food Resolution survey.

Consequently, most surveyed shoppers express intentions to modify their food purchasing habits. For instance, 19% of residents in Saskatchewan surveyed stated their intention to reduce expenditure on fresh produce as a means of saving money.

“People are willing to make an extra effort in order to save at the grocery store,” said Sylvain Charelbios, director of the Agri-Food Analytics Lab at Dalhousie. “A lot of people are suffocating because of shelter costs essentially, so they have a lot less money to spend on food.”

Razia Ocampo, a resident of Regina who goes by the ‘YQR Couponbae’ on social media, provides guidance on savvy shopping and offers tips for those aiming to reduce their expenses.

“Don’t hesitate to engage in price matching. Everyone is striving to save money,” she advised. “I aim to educate people on the art of price matching, starting by examining weekly deals and highlighting what’s on sale. If there’s a relevant coupon you possess—whether you discovered it or can print it—I endeavour to align those deals for maximum savings.”

According to the Dalhousie survey, reducing food waste can also positively contribute to effective food management.

Minimizing waste can have a positive impact on managing the food budget, Charlebois said. “You can repurpose food, eat leftovers more often, you can actually be a little more careful with how you manage your food at home.”

Blue Ridge Beef recalls kitten and puppy food over salmonella and listeria concerns

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December 25, 2023

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Pet food firm Blue Ridge Beef is issuing a recall for numerous batch numbers of its kitten and puppy food, as per the Food and Drug Administration (FDA). The advisory states that the items have been compromised with salmonella and listeria.

The items included in the recall roster are Kitten Grind (UPC 8 54298 00101 6), Kitten Mix (UPC 8 54298 00143 6), and Puppy Mix (8 54298 00169 6).

The relevant packages are all 2 pounds in weight and crafted from transparent plastic. They were distributed from November 14 to December 20, and the lots bear use-by dates ranging between N24 1114 and N24 1224.

The goods were primarily distributed in Connecticut, Massachusetts, Maryland, North Carolina, New York, Pennsylvania, and Virginia.

Following the initial recall announcement last week, Blue Ridge Beef has released an updated list, broadening the range of products subject to recall. The company stated that the use-by dates can be located on a silver tab at the end of the tubes.

The company cautioned that individuals handling the pet food are at risk, particularly if they have not diligently washed their hands after coming into contact with the products or any surfaces exposed to these items.

The announcement advised that individuals who are healthy but infected with salmonella should watch for symptoms such as nausea, vomiting, diarrhea or bloody diarrhea, abdominal cramping, and fever. In some cases, more severe ailments may occur.

Pets afflicted with salmonella and listeria infections can also transmit these to humans. Pet owners should be vigilant for symptoms, which may include lethargy, diarrhea or bloody diarrhea, fever, and vomiting, as stated in the announcement.

“Some pets will have only decreased appetite, fever, and abdominal pain,” the announcement read.

The company assures a complete refund for those who have bought the tainted products. They urge these customers to dispose of the food entirely and get in touch with the company.

Levine Leichtman mulls $2 Billion sale of Tropical Smoothie Cafe

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December 25, 2023

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Levine Leichtman Capital Partners, a middle market private equity company, is reportedly considering the sale of the US restaurant chain Tropical Smoothie Café.

According to reports from Reuters, the prospective transaction might be assessed at $2 billion.

Levine Leichtman has appointed the investment bank Robert W Baird & Co to initiate the potential sale.

Sources, seeking anonymity due to confidentiality concerns, indicate that the sale is set to initiate as early as January 2024.

The potential valuation of Tropical Smoothie Café could reach 20 times its estimated 12-month annual earnings before interest, taxes, depreciation, and amortization (EBITDA) of $100 million.

Nevertheless, no assurance of a deal can be provided at this juncture.

Founded in 1997, Tropical Smoothie Café provides a variety of chocolate, vegetable, and fruit smoothies, along with wraps, salads, sweets, healthy bowls, flatbreads, and sandwiches.

Levine Leichtman Capital Partners acquired the brand in September 2020.

At the time of the acquisition, the US-based chain had 870 cafes.

Subsequently, Tropical Smoothie Café has expanded its presence by opening additional outlets, currently overseeing 1,335 cafés across 44 states in the US, predominantly through franchise operations.

During the third quarter of the fiscal year 2023, the Atlanta, Georgia-based chain registered positive same-store sales while persisting in its franchise expansion efforts.

Tropical Smoothie Café considered an initial public offering (IPO) in 2022, but the move was not executed after the IPO market became hostile, especially for restaurant companies.

In June 2023, the DYNE Hospitality Group, a franchisee of Tropical Smoothie Café, announced the opening of a new location in Little Rock, Arkansas.

S. Khonkaen Foods eyes international growth with 300 Million Baht investment

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December 25, 2023

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S. Khonkaen Foods Plc, a manufacturer and distributor of processed food products, intends to allocate an investment of 300 million baht in the coming year to strengthen its operations both domestically and internationally.

Jarunpoj Rujirasopon, Chief Executive of International Business, stated that the investment would mainly focus on automating production to address the upcoming increase in the daily minimum wage. Additionally, a portion of the funds will be allocated to the company’s expansion efforts in China.

The company is in discussions with Chinese state enterprises and traders to broaden the range of products it intends to offer in the coming year, including items like fermented pork.

S. Khonkaen expects sales of 5 million yuan in the first year of operations, with the China business model set to be finalized by late next year.

Mr. Jarunpoj mentioned that S. Khonkaen also intends to bring some of its well-received products, such as meatballs and Isan-style sausages, to the US market.

In Europe, the company intends to supply its current products to Asian food service chain stores and restaurant chains, in addition to the Asian groceries it has been providing for many years.

S. Khonkaen Foods is further extending its range of seafood fish ball products into nations where hot pot cuisine enjoys popularity. The target markets encompass China, Taiwan, South Korea, Japan, Singapore, and Malaysia.

Jaraspon Rujirasopon, Chief Executive of Domestic Business, mentioned that the outlook for the pork business in the first quarter of 2024 is anticipated to enhance, given that the issue of smuggling has been resolved.

Mr. Jaraspon stated that the company intends to expand its presence in the domestic market through five strategies, which include increasing the availability of its products at traditional trade and wet markets.

Starting next year, the company’s new distribution partner plans to support growth through traditional trade, introducing new products within a price range of 10-20 baht in this segment, he said.

Furthermore, Mr. Jaraspon stated that there will be increased efforts to boost sales in wet markets by leveraging the established customer base of Mahachai Foods Co, a subsidiary of S. Khonkaen.

He expressed the company’s aspiration to attain profitability in its quick-service restaurant (QSR) business in certain months of this year. The goal is to break even during the first quarter of 2024.

To fortify the S. Khonkaen brand, the company intends to explore new product categories, boost consumer engagement, and improve the efficiency and performance of its farm through product mix management.

Through the implementation of these strategies, the company anticipates achieving double-digit revenue growth in 2024.

S. Khonkaen Foods anticipates that revenue for this year will remain unchanged compared to 2022.

For the first nine months of 2023, the company reported revenue of 2.3 billion baht, down 0.9% year-on-year, with a net profit of 42.2 million baht, a decline of 49.1%.

Hyatt expands presence in India with the grand opening of Hyatt Place Bodh Gaya in Bihar

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December 25, 2023

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Hyatt Hotels Corporation has announced the debut of Hyatt Place Bodh Gaya, marking the entry of the Hyatt Place brand into Bihar and the ninth establishment of its kind in India.

The hotel’s minimalist design strives to create a tranquil atmosphere, and the property enjoys close proximity to renowned landmarks such as the UNESCO World Heritage site, Mahabodhi Temple, and the iconic Bodhi tree.

“The opening of Hyatt Place Bodh Gaya signifies a pivotal point in our growth plans for Hyatt brands in India. Bodh Gaya has long been a cornerstone of religious tourism, and we are delighted to foray into the spiritual capital of Buddhism. We are excited to be associated with the Saraf Hotel Enterprise and look forward to welcoming guests with an ideal hotel for their stay in the city,” said Dhruva Rathore, Vice President of Development, India & South West Asia, Hyatt.

Hyatt Place Bodh Gaya is designed to suit the contemporary traveler managing multiple responsibilities, offering rooms meticulously designed to provide vistas of the acclaimed Mahabodhi Temple. It effortlessly combines functionality with a tranquil atmosphere.

“We are delighted to introduce the second Hyatt Place hotel in the UNESCO World Heritage Site of Bodh Gaya, after Hampi. This new property, represents our eleventh hotel project with Hyatt and is a testament to our longstanding strategic collaboration for over 45 years. It is our constant endeavor to enhance the guest experience with unique offerings. And at Bodhgaya, we aim to deliver the highest standards of service excellence where our guests can find peace and tranquility in the enlightened land of the Buddha,” said Varun Saraf, Managing Director Saraf Hotels Enterprises.

Apart from its unique all-day dining establishment and The Market providing swift food options, the hotel includes a meditation room to assist guests in their wellness endeavors. Additionally, there’s a library lounge, enlightening visitors about the city’s significance and more.

Value Zone Hyper Mart redefines retail with massive outlet mall debut in Hyderabad

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December 25, 2023

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Retail chain Value Zone Hyper Mart has opened its first outlet mall in Patancheru, Hyderabad. Spanning 1 lakh sq. ft. of carpet area, the establishment is the largest outlet mall in the city, according to the company’s press release.

It was inaugurated by the actor and brand ambassador of the company, Nandamuri Balakrishna.

“Value Zone is well poised to create a new paradigm in retail. It will meet the need that’s emerging, wherein customers are seeking newer shopping formats and greater value for their spending,” said Suresh Seerna, director of Value Zone Hyper Mart.

The hypermart assures discounts of up to 70% on over 2 lakh products, encompassing a range of items such as fashion products, groceries, footwear, luggage, furnishings, stationery, mobile accessories, and more.

“Designed to enthrall, it’s spacious with well-thought-out interiors. Value Zone is a shopper’s paradise with virtually every product one can imagine. Shopping meets style, convenience meets value, and every purchase is a celebration,” said Keshav Gupta, another director of Value Zone Hyper Mart.

700 Airbus Atlantic employees fall ill after Christmas dinner, French health authorities launch inquiry

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December 25, 2023

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700 employees of Airbus Atlantic fell ill after the company hosted a Christmas dinner. The dinner, which included lobster, scallops, gone gars, and tournedos, was organized at a restaurant on-site in Montoir-de-Bretagne, western France, according to Fox News.

Health authorities in France have initiated an inquiry as 700 individuals out of the 2,600 attendees at the event exhibited “clinical signs of vomiting and/or diarrhoea” following the dinner on December 14th.

Nevertheless, the cause behind this incident has not been determined as of now.

Nowlenn, a staff member affected by the illness, characterized the ailment as distressingly painful. Nowlenn said, “I had colic and headaches like I’d never had before. It was worse than giving birth.”

A spokesperson from Airbus Atlantic conveyed that nobody was “seriously ill.”

Jean-Claude Iribarren, the secretary of the works committee, said that the food was cooked by the company’s canteen.

Irubarren stated, “People have been a little hasty about the causes. We are obliged to keep samples of every product served in the restaurant. They will be analysed by the ARS. The investigation will take several more days.”

IFFCO Group and Tetra Pak collaborate for sustainable manufacturing in Saudi Arabia

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December 25, 2023

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The IFFCO Group, as part of its strategic plans based on Environmental, Social, and Governance (ESG) principles in the Kingdom of Saudi Arabia, has signed a Memorandum of Understanding (MoU) with Tetra Pak. Tetra Pak, a leading global company in food processing and packaging solutions, is set to boost the momentum of sustainability initiatives within the manufacturing facilities of the IFFCO Group.

This groundbreaking collaboration between IFFCO, the UAE-based multinational FMCG group, and the renowned multinational entrepreneurial organization Tetra Pak establishes a strategic alliance. This alliance aims to uphold global standards through state-of-the-art practices and technologies, with the overarching goal of minimizing the group’s environmental impact.

IFFCO is expanding its operations in the Kingdom by constructing a cutting-edge factory equipped with the latest technology. The goal is to produce sustainable, high-quality, and delicious products locally, thereby adding value to the Saudi Arabian economy. Additionally, the initiative contributes to waste reduction, lower emissions, and adherence to green industry protocols. The factory’s initial focus will be on producing culinary creams, and a formal Memorandum of Understanding (MoU) with Tetra Pak has been established to ensure maximum efficiency without compromising on quality or food safety.

Rizwan Ahmed, executive director of IFFCO Group, explained that the KSA facility comes as a natural follow up to the group’s embedded ESG ethos, which is the principle driving force behind the group’s journey towards sustainability, saying, “IFFCO has since the very beginning, committed to a mission to manufacturing and marketing a well-integrated portfolio of FMCG food products that satisfy taste, quality and consumer demand without undermining our ethical values and commitments to eco-awareness throughout all processes and practices.”

“By working with the global expert Tetra Pak, we are actively contributing to ensuring sustainability at the plant, enhancing reliability, package recyclability, energy efficiency, and waste reduction, employing local skilled personnel and underpinning the country’s economic growth and future ambitions while strengthening IFFCO’s standing in the region as an advocate for change, reducing reliance on fossil fuels, and lowering our carbon footprint.”

Niels Hougaard, managing director at Tetra Pak Arabia Area said, “We are thrilled to partner with IFFCO in this impactful project in Saudi Arabia, reflecting our commitment to protecting people, food, and the planet. Together, we introduce advanced equipment and processes that reduce waste, enhance recyclability, and lower CO2 emissions. Our innovation prioritizes water efficiency, recycling and reusing processed water, with state-of-the-art and energy-efficient equipment. Every package tells a story, and we eagerly support IFFCO’s leading role in the GCC.”

IFFCO has put in place a comprehensive set of sustainability measures aimed at reducing the group’s environmental footprint. The approach is holistic, encompassing various aspects. Additionally, the group fosters partnerships with local suppliers and third-party entities, encouraging them to embrace and adopt sustainable practices as well.

The IFFCO group has recently published its report on Environment, Sustainability, and Governance (ESG). This report underscores the group’s dedication to sustainability goals, implementing sustainable practices throughout its operations and value chains. This signifies a crucial stride towards embracing genuinely sustainable changes in the food system. The group’s agenda of “Investing in the Future” aims to reduce greenhouse gas emissions, advance efforts towards net-zero targets, decrease waste generation, utilise packaging with a lower environmental impact, and address water scarcity.

Ahead of IPO, SoftBank Fund offloads more FirstCry shares

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December 25, 2023

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SoftBank Vision Fund, the largest shareholder in IPO-bound omnichannel retailer FirstCry, has divested more shares, opening the door for additional family offices and individuals to acquire a stake in the firm.

The family offices of Indian cricketer Sachin Tendulkar, Ravi Modi from the ethnic wear brand Manyavar, Kris Gopalakrishnan, the co-founder of Infosys, and the TVS group family are reportedly among the investors acquiring shares in the company, according to knowledgeable sources.

This brings the cumulative value of the secondary share sale for FirstCry, leading up to next year’s anticipated public listing, to over INR 1,000 crore.

Out of the overall amount, SoftBank has reportedly divested shares worth approximately INR 600 crore, reducing its ownership in the company to below 25%, according to individuals familiar with the matter. The technology investor, led by Masayoshi Son, has gradually decreased its stake from around 29-30% over the past couple of years. On December 19, it was reported that FirstCry is poised to submit its draft IPO papers soon. The company is targeting a fundraising goal of $500-600 million through its upcoming public offering.

Continue Exploring: FirstCry plans to launch IPO, aims for a $500-600 Million funding round

On August 21, it was reported that shares of FirstCry were acquired by three family offices: Ranjan Pai from Manipal Group, Sharrp Ventures, the investment office of Harsh Mariwala from Marico, and the DSP family office belonging to Hemendra Kothari.

Sources familiar with the matter indicate that SoftBank has invested approximately $400 million in the firm and has already garnered close to $300 million in returns. SoftBank’s first investment in FirstCry took place in 2020.

“The remaining stake could still be valued at $1 billion if it lists at a valuation of $ 4 billion or more,” a person aware of the matter said.

While FirstCry has not officially disclosed its IPO valuation, insiders suggest that it might fall within the $4 billion range. In its latest valuation, the company was appraised at just under $3 billion.

FirstCry and SoftBank declined to comment.

In a secondary share sale, current investors sell all or part of their holdings to new investors, and the proceeds do not contribute to the company’s funds. In contrast, a primary share sale involves issuing new shares, enabling the company to raise capital. FirstCry’s anticipated $500 million IPO is projected to include 35-37% of the offer through a primary share sale, with the remaining portion allocated to the secondary sale, also known as an offer for sale (OFS).

The newly acquired investors are becoming part of FirstCry’s capital table, alongside existing entities such as Premji Invest, the family office of Wipro founder Azim Premji, the Mahindra group, and other stakeholders.

Following Nykaa’s IPO in 2021, FirstCry is set to become the second Indian vertical e-commerce platform to go public. Headquartered in Pune, the company specializes in retailing products catering to children and mothers through both online and offline channels. With a nearing milestone of 1,000 retail stores in India, FirstCry also operates a subsidiary, Globalbees, focused on e-commerce consolidation.

FirstCry was established in 2010 by Supam Maheshwari, Sanket Hattimattur, Amitava Saha, and Prashant Jadhav. Maheshwari and Hattimattur serve on the company’s board, while Saha oversees Xpressbees, a logistics firm that originated from the e-commerce company. Nitin Agarwal holds the position of Chief Executive at Globalbees.

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