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September 25, 2018

US private-equity fund Kainos Capital acquires frozen soup business of Norpac Foods

US private-equity fund Kainos Capital has acquired the frozen soup business of Norpac Foods, an Oregon-based farmer cooperative, for an undisclosed sum.

US private-equity fund Kainos Capital has acquired the frozen soup business of Norpac Foods, an Oregon-based farmer cooperative, for an undisclosed sum.

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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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The transaction was conducted through Kettle Cuisine, which Kainos Capital bought in 2015. The company manufactures soups, sauces and side dishes for the foodservice sector and retailers. It has four plants in Lynn, Massachusetts, Morgan Hill and Union City – both in California – and Green Bay in Wisconsin.

Meanwhile, Kainos Capital is to combine three of its businesses into one company: Kettle Cuisine, Bonewerks Culinarte and Savory Creations. The new entity will operate as Kettle Cuisine and will maintain the Bonewerks, Savory Creations, and Soup Supreme brands.

Daniel Hopkin, a partner at Kainos Capital, said: “The newly-expanded Kettle Cuisine platform is positioned to serve an exciting intersection of consumer preferences for convenient, fresh food. At the same time, the combined company will even better meet operator needs for a supplier partner that can provide collaborative, chef-driven product development, redundant scale manufacturing, and the commitment to food safety and culinary principles that are the foundation of our brands.” 

In a statement yesterday (24 September) announcing the deal, Kainos Capital said it had supported growth in Kettle Cuisine through add-on acquisitions and capital investment. Over the past three years, the private-equity firm has invested US$250m to acquire and integrate complementary businesses and has expanded its “from-scratch” bone broth capabilities.

Liam McClennon, the chief executive of Kettle Cuisine, added: “The addition of Bonewerks and Savory Creations to the portfolio, as well as the Norpac soup business, adds several outstanding brands. We are proud to expand our product offering to include sous vide entrees, demi-glace, broths, and other speciality sauces, enabling us to bring more comprehensive meal solutions to our customers.”

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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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