Daily Newsletter

31 August 2023

Daily Newsletter

31 August 2023

Perfect Day inks Superlatus deal for animal-free consumer brands business

The transaction incudes the four CPG brands owned by The Urgent Company.

Simon Harvey August 31 2023

US-based Superlatus and a local pharmaceutical partner have agreed to acquire the consumer brands of animal-free protein supplier Perfect Day.

New York-headquartered Superlatus, self-proscribed as a food-tech innovator and distribution company, merged with Nasdaq-listed TRxADE HEALTH in June. The two companies are set to purchase Perfect Day’s consumer-facing business, The Urgent Company, including the animal-free and alternative brands Brave Robot, Coolhaus, Modern Kitchen and the California Performance Co.

Perfect Day revealed in July it was exploring a sale option for California-based The Urgent Company (TUC) in order to focus on supplying its animal-free whey protein to B2B partners. The company said at the time it would instead centre investment on biology innovation and its food-tech arm Nth Bio.

Superlatus said in a statement it “aims to strengthen its leadership in producing sustainable food products,” such as plant-based snacks, meat- and dairy-alternatives. In June, the business acquired snacks-tech developer Sapientia Technology from plant-based manufacturer Eat Well Investment Group in Canada for $10m.

In snacks, Superlatus said its focus is on the better-for-you category, with a range of private-label products already marketed to “300 federated cooperatives” in Canada.

Post merger, TRxADE will “pivot its business focus and branding to become an industry-leading processing and forming technologies company that creates the latest generation of delicious, high nutrition, high taste and texture plant-based foods and snacks”, according to a statement announcing the Sapientia deal.

“TRxADE plans to divest its existing operating business and assets shortly after the merger.” It currently describes itself as a “health services IT company focused on digitalising the retail pharmacy experience by optimising drug procurement, the prescription journey, and patient engagement in the US".

Announcing the TUC asset deal, Superlatus interim CEO Tim Alford said: “We are excited to welcome the Coolhaus, Brave Robot, Modern Kitchen and California Performance Co. brands to our portfolio of CPG assets. Together, our shared interest in the sustainable and equitable food sectors will, we believe, allow us to expand our market presence and pursue a number of new opportunities to grow our brands together.”

TUC was set up in 2020 by former Glanbia and Aseptic Solutions executive Paul Kollesoff. He established the business alongside Ryan Pandya and Perumal Gandhi, the co-founders of Perfect Day.

Brave Robot is an alternative ice-cream brand set alongside regular ice-cream peer Coolhaus, which TUC bought in 2021 with plans to take the company into animal-free. Modern Kitchen produces animal-free dairy, including cream cheese, while California Performance makes non-animal protein powders.

As part of the acquisition, Natasha Case, the founder of Coolhaus, will rejoin as chief brand officer and an advisor to Superlatus.

TUC co-founder Kollesoff, who revealed M&A ambitions to Just Food last year, said: “Bringing together our companies’ social and climate missions is deeply meaningful to us. This deal also directly speaks to the value The Urgent Company has created in the precision fermentation category and will help continue to satisfy the growing consumer appetite for these delicious, sustainable products.”

Financial terms of the TUC transaction, which has yet to be fully finalised, were not disclosed.

Superlatus added it plans to launch a “pulse protein snack” in the US next year under the Brave Robot brand.

Could the consumer industry be bolstered by the increased use of AI

The consumer goods, foodservice, and packaging sectors are undergoing digital transformation, accelerated by the COVID-19 pandemic and changing consumer preferences. Data science and ML are strong investments across all areas. For the most part, these sectors will not play a significant role in creating and developing AI hardware or platforms, but will instead help scale up the adoption of AI technologies, such as CV, conversational platforms, and smart robots.

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