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January 8, 2021

Lotus Bakeries takes minority stake in allergen-free biscuit maker Partake Foods

Lotus Bakeries has made a third investment via the Belgium food firm's venture fund launched in 2019, it has said.

By Dean Best

Beglium-based Lotus Bakeries has made a third investment via its venture fund with a minority stake in US allergen-free biscuit maker Partake Foods.

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The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
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Lotus, which owns snack brands including Bear and Nakd, took the holding through a Series A financing round, which included Marcy Venture Partners, a US venture capital fund co-founded by hip-hop artist Jay Z, and CircleUp Growth Partners, an early stage investor, also in the US.

Also taking part were Chuck Muth, the chief growth officer of US-based meat-free firm Beyond Meat, John Foraker, the founder of brands including Annie’s and Once Upon a Farm, and singer Rihanna.

Further investment details were not disclosed.

Lotus' FF2032 fund, launched in 2019, has previously invested in UK-based sour dough crispbread maker Peter's Yard, along with US business Love Brands, which owns the Love Corn line of snacks.

New York-based Partake Foods was founded in 2016 by former Coca-Cola executive Denise Woodward, who is the company's CEO. It manufactures gluten-, vegan- and allergy-friendly cookies free from the eight major allergenic foods: dairy, eggs, fish, shellfish, tree nuts, peanuts, wheat and soy. The products, sold in US retailers and natural food stores, are also non-GMO.

In 2019, Partake Foods received US$1m from an investor group that again included Muth and Marcy Venture.

Commenting on the latest round, Woodward said: "Lotus Bakeries' rich traditions and commitment to healthy and accessible snacking are a welcome complement to Partake's mission of providing daily moments of joy to every consumer. In addition, their global footprint, experience in scaling businesses, and aligned values make them a wonderful partner, and we welcome them on board as an investor in this next stage of growth. "

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Free Report
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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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