Page 8 - Food&Drink Jan-Feb 2022 magazine

NEWS
New CEO for PepsiCo
THE vice president and general manager of PepsiCo’s US Frito-Lay business Kyle Faulconer is the new CEO of PepsiCo ANZ.
Faulconer has been with PepsiCo for 24 years in field operations, strategic account leadership, and direct-to- consumer sales strategy. His most recent role was leading the strategic agenda for Frito-Lay’s snacks business in Walmart.
He replaces Danny Celoni, who is moving to head up Carlton & United Breweries for Asahi Beverages.
PepsiCo APAC CEO Wern-Yuen Tan said Faulconer’s deep customer experience, strong track-record of driving long-term growth in competitive markets and people-first leadership approach will be a significant asset to the local team.
Faulconer said he was excited at the prospect of helping grow the business in Australia and NewZealand. ✷
Marley Spoon buys Chefgood
SUBSCRIPTION-BASED meal kit company Marley Spoon has completed its $21 million acquisition of Melbourne-based ready meal business Chefgood. The deal was announced in December 2021.
Chefgood targets the health-conscious consumer, with a weekly rotation of more than 30 meals based on a subscription plan.
Marley Spoon said the company has a positive earnings before interest, taxes, depreciation, and amortisation (EBITDA) and net cash flow, with a net revenue run rate of $26 million reflecting its 137 per cent year-on-year growth.
The acquisition would allow Marley Spoon to tap into other market segments and expand its portfolio of existing brands including Martha Stewart & Marley Spoon and Dinnerly.
Marley Spoon managing director Australia, global COO and management board member Rolf Weber said they look forward
to working with Chefgood CEO Michelle Sievwright.
“We are very excited to be partnering with Michelle and the Chefgood team since we share the same vision of making our customers’ lives easier with easy, tasty high-quality meal solutions,” Weber said.
Marley Spoon said it identified revenue and cost synergy opportunities across
operations, supply chain, marketing, product development and digital execution. The savings are expected to lead margin improvements for both companies in Australia.
“We are all about healthy, tasty, honest food. Everyone at Chefgood is looking forward to working with Marley Spoon,” saidSievwright. ✷
Tattarang takes stake in Bega, ProForm Foods
DR Andrew Forrest’s private investment fund Tattarang Agri Investments has become a major shareholder in Bega Cheese after buying a 6.61 per cent stake in the business for $108 million over the course of November and December last year.
Bega’s stock jumped three per cent on the news, providing a nice rebound from a 10.3 per cent slump following the company’s financial guidance that disappointed investors.
Tattarang’s Harvest Road also secured a minority stake in one of Australia’s most established plant- based food companies, ProForm Foods.
ProForm was established in 2008 and has patented technology
to make plant-based meat products. Founder
Stephen Dunn pioneered technology to produce plant- based protein at scale. Since its launch, ProForm has invested more than $20 million in R&D and product development.
The company launched its first retail brand MEET in 2021, with all products having a minimum 4 Star Health Rating.
CEO Matt Dunn said Harvest Road’s investment will help accelerate ProForm’s next growth phase including the
expansion of its production facilities on Sydney’s northern fringe to develop domestic and international markets and strengthen its focus on locally sourced ingredients.
The company currently uses a minimum of 70 per cent Australian ingredients with a mission to be using 100 per cent locally sourced ingredients by 2025.
Dunn said the new partnership with Harvest Road has arrived at a pivotal moment for the company.
“Harvest Road is driven by a vision to create sustainable businesses that deliver more positive environmental outcomes, enhance food security for Australia and support local manufacturing. We’re excited by this alignment of values and the opportunity to take our quality, plant-based products to new
Australian and international consumers,” Dunn said.
Harvest Road CEO Paul Slaughter said the investment in ProForm was part of Harvest Road’s commitment to supporting high quality and environmentally sustainable food companies that prioritise Australian providence.
“Sustainable food production that meets the growing global demand for protein is a challenge we must all rise to, and we recognise the opportunity to invest in Australian innovators who are ahead of the game in the development of high-quality, plant-based protein sources,” Slaughter said.
For Slaughter, ProForm’s innovative production techniques are “world-leading”, making it ideally placed for internationalgrowth. ✷
8 | Food&Drink business | January-February 2022 | www.foodanddrinkbusiness.com.au