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April 23, 2020

Passport Foods sells assets to Asian-style foods maker SAVr

Investor-backed Passport Foods, an ethnic cuisine manufacturer, has sold a facility in Washington state along with a couple of brands.

By Dean Best

Investor-backed Passport Foods, an ethnic cuisine manufacturer, has sold a facility in Washington state, along with a couple of brands to SAVr, a producer of Chinese-style products.

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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
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SAVr, located in Seattle, Washington, will purchase Passport Foods’ plant in the city of Kent, along with its The House of Bee and Golden Pheasant brands for an undisclosed sum.

By offloading the brands, Passport chief executive Mark Thomson said the Ontario, California-based business can now focus on its core ethnic foods portfolio such as its Mexican line-up. The company, which is owned by private-investment firm Skyview Capital in Los Angeles, supplies the retail, foodservice and club channels.

Skyview Capital CEO Alex Soltani said the divestiture will allow Passport to pursue strategic acquisitions.

The House of Bee and Golden Pheasant brands include noodles, Chinese sauces, spices, rice products and canned fruit.

Isaac Cheng, the vice president of operations at SAVr, added: “We are extremely excited by this acquisition as it allows us to launch modernisation of our manufacturing processes. These enhanced manufacturing capabilities and capacity provide great opportunities for us to extend our national accounts and widen our distribution network.”

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Free Report
img

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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