Established in 1914, Demakes Enterprises, situated in Massachusetts, was under the management of fourth-generation family proprietors.
The company produces various items, including deli meats and sausages, under brand names like Old Neighborhood and Thin N’ Trim. Additionally, it serves as a private-label supplier.
As outlined in the agreement, the Demakes family will maintain a “significant minority stake” in the company, according to a statement.
CEO Andrew Demakes will remain in his current role, while Elias and Timothy Demakes, serving as VP of Sales and VP of Plant Operations, will also retain their positions.
“TowerBrook is an ideal partner for Demakes given the firm’s track record of scaling family-owned businesses and significant knowledge of the food space,” Andrew Demakes said in a statement.
“My brothers and I look forward to partnering with TowerBrook to build upon the legacy of the company by expanding the reach of our distribution channels and bringing our high-quality, innovative protein products to more customers across the US.”
TowerBrook has previously invested in the consumer sector, with notable holdings including the US distributor KeHe and the ready-meals business Kevin’s Natural Foods. The buy-out firm successfully divested Kevin’s to Mars earlier this year.
Michael Recht, managing director of TowerBrook, said “combining the [Demakes Enterprises’] core strengths with our experience scaling and growing consumer brands will foster an exciting phase of expansion both organically and through targeted acquisitions in coming years”.
The Every Company has unveiled its Every Egg, touted as the world’s first liquid egg made without the use of hens, at an exclusive event in New York City.
The development of Every Egg spanned nine years and involved yeast fermentation as the key method, culminating in the creation of the product by the company.
According to Every, their product is designed to mirror the culinary flexibility of conventional eggs and can seamlessly substitute in a 1:1 ratio across numerous applications. Each serving provides eight grams of protein, with zero cholesterol, saturated fat, or artificial flavors.
The product, created through precision fermentation, features egg protein that closely mimics its traditional, animal-derived counterpart. This development occurred entirely without the use of animals. The company expresses its aspiration to usher in a future where consumers can savor eggs without the inherent process variability, disease risk, and significant environmental impact associated with animal agriculture.
Every’s co-founder and CEO, Arturo Elizondo, said, “By decoupling the egg from the chicken, Every Egg is going to change the way we think about one of the most ubiquitous foods on the planet. For nine years, my dream has been to build a food system humanity can be proud of.”
The groundbreaking innovation was unveiled through a collaborative product launch with chef Daniel Humm, presented to culinary visionaries, chefs, and creators at Humm’s renowned 3-star Michelin restaurant, Eleven Madison Park.
Humm commented, “Eggs are a universal staple in every kitchen, and this is the first time we’ve crafted an event menu around a novel food product. When we prepared an omelet using Every Egg, the taste and versatility was all but indistinguishable from hen eggs. We are excited about the potential of Every Egg to transform the food landscape.”
Sodexo, a foodservice company in partnership with Worldline and SV365 Technologies, is set to launch the UK’s first round-the-clock automated food court for healthcare workers.
Worldline specializes in payment services, whereas SV365 Technologies provides solutions tailored to the food service industry.
Sodexo, along with its partners, will conduct trials and introduce the 24/7 Deli at the Royal Stoke University Hospital in Stoke-on-Trent.
Sodexo UK and Ireland Health & Care strategy and marketing director Simon Lilley and Sodexo UK product innovation head Militsa Pribetich-Gill stated, “As a strategic partner to many NHS hospitals, it is important for us to continue to innovate and to provide new and exciting initiatives such as the 24/7 Deli.
“Through our new automated retail solution, we’ll be able to play our part every day, by serving frontline teams, visitors and patients.
“Together with Worldline, we are happy to provide an innovative and smooth end-to-end user experience, from nutrition – our core competence – through user-friendly kiosk distribution all the way to payment.”
Equipped with touchscreen ordering and cashless payment systems, the 24/7 Deli aims to deliver a smooth and convenient dining experience for both staff and visitors.
Going forward, the companies have plans to expand the concept across relevant Sodexo sites and segments.
Worldline vending and adjacent markets head Nicolas Dejonghe stated, “We are delighted to be working with our partners at both SV365 Technologies and Sodexo.
“Our collective expertise has enabled us to bring a truly refreshing outlook to self-service kiosks within the healthcare sector, providing new services, meeting the latest customers’ expectations while improving the well-being of staff and visitors.
“This 24/7 Deli project shows how much self-service can be reinvented with smart concepts, combining appealing self-service machines, smooth digital payments, varied product offerings and creative merchandising.”
Earlier this year, Reed’s School in Cobham, Surrey, awarded Independents by Sodexo an additional five-year catering contract in the UK.
For over five decades, Sodexo has been providing catering and hospitality services at the school.
African e-commerce platform Jumia has opted to discontinue its food delivery service, Jumia Food, in Algeria, Ivory Coast, Kenya, Morocco, Nigeria, Tunisia, and Uganda, as reported by Tech Crunch.
After conducting a strategic review, Jumia determined that the business is not in harmony with its existing operational landscape and the prevailing macroeconomic conditions in its markets.
The company will discontinue its food delivery services across these markets by the end of this month.
The decision is part of the company’s plan to optimize capital and resource allocation to achieve profitability.
Since early 2022, the company has been actively working to reduce its costs. It halted food delivery services in Egypt, Ghana, and Senegal, and discontinued logistics-as-a-service in all markets except Nigeria, Morocco, and Ivory Coast.
The company implemented a cost-cutting measure by discontinuing Jumia Prime across all markets.
Although the company managed to decrease its losses, the food delivery segment has never attained profitability.
Tech Crunch quoted Jumia CEO Francis Dufay as stating, “The more we focus on our physical goods business, the more we realise that there is huge potential for Jumia to grow, with a path to profitability.
“We must take the right decision and fully focus our management, our teams and our capital resources to go after this opportunity. In the current context, it means leaving a business line which we believe does not offer the same upside potential — food delivery.”
The company will shift its focus to its physical goods delivery business and sustain its JumiaPay operations across all markets.
Antoine Maillet-Mezeray, Jumia’s Executive Vice President of Finance and Operations, stated that the choice to exit the food delivery sector was based on prioritizing opportunities and anticipating a return on investment.
Employees currently working in the food delivery services will be transitioned to roles within the ongoing physical goods business.
Last month, Bolt Food announced its strategic exit from the Nigerian market for specific reasons.
Zaxby’s, a US-based fast-casual restaurant chain, is poised to open its first restaurant in Grovetown, Georgia, on December 18, 2023.
Situated at 5002 Steiner Way, the upcoming establishment will feature both dine-in and dual drive-thru amenities.
Tom Scott, Jennifer Cobb, Steven Stembridge, Scott Roberts, and Ashlea Lane of SSR Augusta, seasoned licensees, will own and manage the restaurant.
This marks the franchisee‘s eighth establishment in the Augusta region.
SSR Augusta market operations director Jennifer Cobb stated, “We’re thrilled to grow our presence in the Augusta area with the highly anticipated Grovetown Zaxby’s location. Since 2019, we’ve been part of the Augusta community, and this marks our first expansion in the region.
“We are delighted to welcome new guests, foster a positive work environment and offer growth opportunities to our dedicated team.
“Our commitment extends beyond the restaurant as we forge partnerships with the Girls Scouts of America, local churches and welfare groups, to demonstrate our active engagement and support of the Grovetown community.”
Spanning 3,000 square feet, the upcoming site will showcase Zaxby’s timeless white farmhouse-style architecture, complemented by modern digital menu boards.
The dining establishment has the capacity to host a maximum of 56 patrons.
The upcoming Zaxby’s establishment will generate employment opportunities for 50 individuals in the Grovetown vicinity.
Customers have the option to submit their food orders conveniently through zaxbys.com or the recently launched Zaxby’s app.
Delivery can be arranged either directly through the app or via third-party delivery platforms such as UberEats, DoorDash, and GrubHub.
In December 2023, Zaxby’s revealed the inauguration of a new dining establishment in Biloxi, Mississippi.
Located at 2441 Pass Road, Zaxby’s Biloxi venue is owned and operated by Pass Road Poultry.
Collaboratively crafted by STARR’s corporate wine director, Mikayla Avedisian-Cohen, and the biodynamic Brooks Wine, the latest vintage wine under the new label is both produced and bottled in Willamette Valley, Oregon, USA.
The Pinot Noir blend from the 2022 vintage is exclusively offered at STARR’s restaurants located in New York, Philadelphia, Washington DC, Miami, and Fort Lauderdale.
The process began in 2022 when Mikayla and STARR project manager Sarah Starr visited the vineyard of Brooks Wine. There, they blended and blind-tasted a range of vintages to find the ideal match for each of STARR’s range of cuisines.
This led to the development of a light-bodied Pinot Noir with a fruit-forward profile, featuring savory finish notes reminiscent of fresh cherry, red raspberry jam, and wild strawberry.
Jarreau said, “When Sarah and Mikayla joined me at the table here in Oregon, they brought their own honed palates and vast hospitality experience.
“Working together, we were able to craft a Pinot Noir of remarkable vibrancy that is both a pure expression of the 2022 growing season in the Willamette Valley and incredibly well-suited to the diversity of cuisines the STARR group offers.”
STARR will provide the Pinot Noir wine by the glass and/or bottle, depending on the location of the restaurant.
Avedisian-Cohen said, “Working alongside Claire and her team at Brooks, and honing in on every layer, was beyond impactful. It was like I was given the keys to the castle and told to ‘rearrange the furniture however you think is best.’
“With both of us bringing our different palates, Sarah and I had so much fun collaborating to create a wine for all of the STARR restaurants, and we’re pretty damn proud of the result! It’s an excellent vintage with beautiful fruit that we can’t wait to share with our guests.”
Pepsi is allocating $13 million towards the establishment of a new production line at its soft drinks facility in Romania, where it will manufacture a variety of beverages, including Pepsi, Pepsi Max, 7UP, Mirinda, and other branded products.
Pepsi has announced a $13 million investment in “installing a modern fully automated production line” at its soft drink plant in Dragomirești, Romania.
The company’s objective in taking this step is to enhance production capacity to “800 million liters per year.”
The investment involves the “construction of a fully automated warehouse extending over 15,000m2, valued at $15 million.”
The new production line has the capacity to manufacture up to 1 million bottles per day, representing a 60% increase in beverage output per unit compared to a traditional production line, according to a spokesperson from Pepsi.
The move is an important element of the company’s 5-year development plan, entailing a total investment of $40 million by the drinks giant.
“(…) This investment will help us strengthen our position as a regional production and distribution hub for Central and South-Eastern Europe” said Radu Berevoescu, general manager and senior commercial director of East Balkans at PepsiCo.
As per the 7Up manufacturer, the “fully automated process, encompassing everything from bottling to loading onto trucks,” will eradicate the necessity for human intervention in the operational workflow of the new production line.
„ The new line can produce approximately 1 million bottles per day, simultaneously consuming 30% less energy than a conventional line. The high level of automation allows our employees to focus on improving processes, professional and personal development, as well as the continuous simplification of operations,” he said.
“Over the past decade, Pepsi has directly invested $320m in Romania, reinforcing its position” in the region’s market.
The beverage company operates two facilities in Romania, namely Star Foods Snacks in Popești-Leordeni and a beverage plant in Dragomirești, both in close proximity to Bucharest.
The Dragomirești facility caters to the markets of Romania, Bulgaria, Greece, Ukraine, Hungary, Cyprus, and Moldova.
The upcoming production line will have the capability to produce various brands, including Pepsi, Pepsi Max, 7UP, Mirinda, and others.
The Pepsi facility in Popești-Leordeni caters to the aforementioned countries as well as additional ones, including Moldova, Ukraine, Albania, Montenegro, Serbia, and more. The factory manufactures Lay’s potato chips, Doritos, Lay’s Oven Baked, and a local brand called Star.
Pernod Ricard has finalized a compensation agreement with workers at its Chivas Brothers subsidiary after the Unite union threatened pre-Christmas strikes.
The Scotch whisky producer is implementing a 6.4% salary increase for its staff, starting from July, along with a one-time payment of £500 ($634). This agreement has been overwhelmingly accepted by the 500 members of Unite at Chivas Brothers.
In October, Chivas Brothers’ proposal for a 6.4% salary increase was declined by 97% of union members.
In addition to the one-time £500 payment, the recent agreement incorporates a second salary boost scheduled for July 2024, contingent on the average inflation over the preceding 12 months.
Unite industrial officer Andy Brown said, “Unite has delivered a significant improvement to the pay packets of our Chivas Brothers membership. The new two-year deal will help them cope with the ongoing cost of living crisis.
“We are pleased that we have negotiated an offer which has been overwhelmingly accepted by the membership bringing the dispute to an end.”
A Chivas Brothers spokesperson said, “We are pleased that following the latest ballot, employees covered by bargaining agreements have now voted to accept our revised proposal, which avoids unnecessary strike action.
“The new deal includes an acceptance of our original pay proposal and enhanced benefits, along with the security of a two-year agreement.
“We are looking forward to continuing to work closely with all our employees to deliver our main business objective, which is the continued supply of our world-renowned whiskies to consumers all over the world.”
The agreement comes after several weeks of negotiations that ensued following the announcement of strike action at the end of November.
Unite suspended scheduled industrial action on December 5th in response to an undisclosed pay proposal.
The planned strikes entailed a series of 24-hour stoppages scheduled between December 11th and 14th, accompanied by a prohibition on overtime and short-notice shifts.
Approximately 1,500 individuals are employed by Chivas Brothers in Scotland.
The union advocates for employees at Chivas Brothers’ Dumbuck warehouse and various distilleries situated in places such as Dalmuir, Beith, Strathclyde Grain, Kilmalid, and Strathisla.
In November, Brown conveyed that the union had consistently cautioned Chivas Brothers about the inevitability of strike action unless there was an enhancement in the current pay offer. Despite our members’ concerns, the company has not heeded the warnings, and now industrial action is imminent in a matter of weeks.
He added the strike would have “a major impact on the company’s ability to supply premier brands over the festive season”.
However, the Chivas Regal maker said at the time, “Considering the proximity to the festive season, and our business resilience plans, we are confident the planned action will have no impact on end-of-year orders, much of which has already shipped globally.”
Reporting its full-year financial results in August, Pernod Ricard posted a 10% rise in organic sales and an 11% increase in underlying operating profit for the year to the end of June.
Group net sales rose 13% to €12.14bn ($13.19bn). Profit from recurring operations was up 11% at €3.35bn. Net profit was 12% higher at €2.28bn.
The Italian spirits group stated its intention to pay a sum of up to $1.32 billion for Courvoisier. Campari’s departing CEO, Bob Kunze-Concewitz, characterized Courvoisier as “a leading historical Cognac house, ranking among the top four.”
Courvoisier’s placement within the Beam Suntory portfolio traces its origins to the division of the UK spirits group Allied Domecq in 2005.
Greg Hughes, President and CEO of Beam Suntory, mentioned that the divestiture of Courvoisier will enable the company to concentrate more on its core areas of expertise, supporting the acceleration of its global growth aspirations.
Campari has stated that it is in the process of “engaging in exclusive negotiations” with Beam Suntory and has obtained a put option to purchase Beam Holding France, the entity that encompasses Courvoisier.
The arrangement of the deal, poised to become Campari’s most significant acquisition surpassing the 2016 Grand Marnier acquisition, involves an initial payment of $1.2 billion. An additional sum, capped at $120 million, is anticipated to be disbursed in 2029. According to publicly-listed Campari, this valuation results in an enterprise value multiple of approximately 17 times the brand’s contribution after A&P (Advertising and Promotion) from the previous year.
Citing data from Beam Suntory, Campari said the Courvoisier business, which also includes the Salignac brand, made net sales of $249m in 2022. The asset’s contribution after A&P was $78m, Campari added.
The owner of Aperol also furnished data for the initial ten months of 2023. During this period, the net sales of the Courvoisier business experienced a year-on-year decline of 33%, amounting to $148 million by October 31. The contribution after Advertising and Promotion (A&P) for the same period was $37 million. However, Campari did not disclose a corresponding figure for the ten months leading up to October 31, 2022.
In its statement, Campari explained, “This performance is influenced by recent market-driven trends, including the normalization of consumption in the US after peak post-Covid sales and destocking at the wholesaler level, aligning with broader trends in the Cognac industry.” Campari further noted that the United States, China, and travel retail collectively contribute to approximately 75% of the total category.
The Cognac markets in both the United States and China have faced challenges in recent quarters. Demand has declined in the US, and in China, the combination of a sluggish real estate sector and faltering economic growth is impacting expenditures on high-end consumer goods.
In October, Rémy Cointreau, the owner of Rémy Martin, reported a 30% fall in its Cognac revenue for the six months ending in September. Sales in the Americas halved during this period.
Based on Beam Suntory data presented by Campari, the United States represented approximately 60% of Courvoisier’s net sales in the fiscal year 2022. Campari highlighted that, collectively, the UK and China contributed to about a quarter of the brand’s net sales. Additionally, travel retail accounted for just over 3% of Courvoisier’s total net sales, as per Campari’s information.
In recent years, there has been speculation within the investment community that Campari might be inclined to undertake a substantial acquisition. This speculation gained renewed attention earlier this year due to a shift in the company’s voting structure, leading to market discussions suggesting the possibility of the group issuing a significant amount of equity without compromising family control.
The acquisition of Courvoisier is slated to be financed through a bridge loan of €1.2 billion ($1.32 billion). Campari stated today that it is consistently exploring different options, considering the evolving market conditions, to potentially fund the transaction using a combination of debt, cash, and equity or equity-like instruments. The timing and amounts for these alternatives are yet to be determined.
Kunze-Concewitz, who is set to step down as Campari CEO in April, said the deal “primed Cognac to become Campari Group’s fourth major leg along with aperitifs, Bourbon and Tequila”.
He added, “The addition of Courvoisier Cognac to our portfolio of global priorities is a rare and unique opportunity to expand our premium spirits portfolio and Cognac offering.”
Hughes has been Beam Suntory’s president and CEO since October, having spent more than eight years at the Maker’s Mark brand owner.
In a post on LinkedIn, Hughes said the sale of Courvoisier was part of the distiller’s “intentional steps to sharpen our focus on our areas of strength and our must-win brands and categories”.
He added, “Our team has thoughtfully built this brand with care, craftsmanship and quality and we know Courvoisier will continue to thrive under Campari Group’s skilled ownership.”
Gyan Dairy, a leading producer of fresh milk and dairy products and a subsidiary of CP Milk & Food based in Uttar Pradesh, has expanded its daily milk production capacity from 11 lakh litres to 15 lakh litres. This strategic move aims to leverage the increasing demand for milk and dairy products in the state of Uttar Pradesh.
The organization has established an advanced facility in GIDA Phase II, Gorakhpur, with a daily capacity of five lakh litres, involving an investment of around INR 120 crores. Spanning 20067 square meters, this facility has contributed to the creation of more than 1800 direct and indirect jobs, providing benefits to over 1 lakh families involved in cattle rearing.
As of November 2023, based on animal husbandry statistics, Uttar Pradesh holds the largest share, accounting for 15.72% of the country’s milk and dairy product production. The state maintains its leading position by annually producing 319 lakh metric tonnes (MTPA) of milk and dairy products. The dairy market in Uttar Pradesh was valued at INR 1,626.7 billion in 2022 and is anticipated to reach INR 3,613.2 billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 14.24% during the period from 2023 to 2028.
“We started our journey in 2007 with just two products in our portfolio, namely Gyan Skimmed Milk Powder and Gyan Desi Ghee. Milk was procured from the market and transported to our plant. The income from the sale of milk had gone to middlemen, depriving dairy farmers of fair compensation for their produce”, said Mr. Jai Agarwal, managing director, of CP Milk & Food Prod
“The situation is different now and everything has changed considerably over the last 6 to 7 years. Today we have a total of four plants in Lucknow, Barabanki, Varanasi and Gorakhpur with an increased capacity of processing 15 lakh per day and providing a range of packaged milk and other dairy products such as Dahi, Paneer, Khoya, Butter, Ghee and dairy-based beverages such as Lassi, Chaach, etc. Our range of products are available across the country via a strong network of over 50,000 retailers and over 50 Gyan Fresh stores”, added Mr. Agarwal.
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