Baking and dairy ingredients specialist Synercore secures US$4.7M from Norfund to fund expansion plans

SOUTH AFRICA – Norfund, the Norwegian investment fund for developing countries, is investing ZAR 80M (US$4.7M) in convertible debt in the expansion plans of Synercore Holdings, a South African food ingredient manufacturer. Established in 2016, Synercore has a specialty in the formulation and manufacture of food ingredients which it sells to fast-moving consumer goods companies, precisely in the dairy and…

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South African prices for frozen potato chips set to fall as anti-dumping duties lapse

SOUTH AFRICA-The anti-dumping tariffs on French fries placed on three European countries by the International Trade Administration Commission of South Africa (Itac) have lapsed creating room for cheaper imports. This means relief to potato consumers according to frozen food importer Hume International. In July last year, concerns were raised about higher prices and even shortages after the International Trade Administration…

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General Mills divests natural tortilla snacks company “Food Should Taste Good” 10 years after its acquisition

USA – General Mills has divested natural tortilla snacks company “Food Should Taste Good” to Real Food from the Ground Up for undisclosed sum. Founded in 2006 by Peter Lescoe, Minnesota-based Food Should Taste Good makes natural tortilla chips from corn, multi-grains, and black bean chips in a variety of flavors. The company also carries non-GMO credentials, producing plant-based snacks…

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UK Capital Markets Authority blocks Jus-Rol by Cerelia over monopoly concerns

UK – French firm Cérélia, a Puff pastry giant, has been denied the green light to purchase Jus-Rol over concerns it may leave UK retailers and shoppers facing “higher prices and lower quality products.” The UK Competition & Markets Authority (CMA) has further directed Cerelia to sell the business which it acquired from General Mills. Inc in January 2022. The…

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FDA greenlights increase in vitamin D fortification in cereal-based products

USA- The US Food and Drug Administration (FDA) has given the greenlight to food companies to the fortification levels of vitamin D fortification in cereal-based category products. The approval comes 3 years after Kellogg, a major player in the UK breakfast cereal category, petitioned the regulator to update guidelines for Vitamin D fortification for cereal products.   For Kellogg, adding…

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Grupo Bimbo snaps up Vel Pitar as it marks entry into the Romanian market

MEXICO-Mexican bakery giant, Grupo Bimbo, has acquired Romanian bread maker Vel Pitar from New York-based private-equity fund CHL capital. Vel Pitar was formed in 2001 through the merger of four NCH-owned companies with operations in bakery, milling, and retail. The milling operations were placed under Sapte Spice company, which will remain in NCH’s portfolio as they were not part of…

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Canadian bread maker Backerhaus Veit acquired by private equity firm PNC Riverarch Capital

NORTH AMERICA – Middle-market private equity firm PNC Riverarch Capital has acquired baked foods manufacturer Backerhaus Veit, Ltd from Swander Pace Capital for an undisclosed sum. Founded in 2011 and headquartered in Pittsburgh, North America, PNC Riverarch capital specializes in investing in market-leading companies to maximize their growth potential while preserving their culture and legacy. Based in Mississauga, Backerhaus Veit…

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Egypt to import 4M tonnes of wheat in 2023 to support bread subsidy program

EGYPT-Egypt, the world’s largest importer of wheat, is planning to import 4 million tonnes of wheat to meet its annual production of subsidized bread. The bread subsidy program costs the Egyptian government nearly US$3 billion each year or approximately 60% of total expenditure on food subsidies. This is not surprising as Bread is a major staple for the country with…

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Cargill CFO Jamie Miller steps down, Joanne Knight takes over in an interim capacity

USA – Agricultural commodities trading company, Cargill has announced that Jamie Miller, is stepping down just 18 months after joining the company from GE where she had held various leadership positions. Miller is leaving Cargill to take up a new role as Global chief financial officer (CFO) of UK-headquartered Audit and Consultancy firm Ernst & Young (EY). Miller’s departure comes…

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Energis develops breakthrough wheat tempering solution that does not alter flour functionality

USA- Food safety solutions supplier Energis Solutions has developed a new pathogen reduction technology that does not alter flour functionality A recently validated study showed that the solution dubbed Guardian performs at a 225% higher kill rate than acid-based solutions without leaving chemical residuals or altering the functionality of wheat and flour.  The study performed by a trusted 3rd party lab in…

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