Latest news with #SunnyD
Yahoo
28-05-2025
- Business
- Yahoo
'We need to go buy some more things' – Brynwood Partners' Henk Hartong III eyes more M&A after Chef Boyardee deal
US private-equity firm Brynwood Partners has announced two significant deals in the last two months – the acquisition of pasta and Italian meals brand Chef Boyardee from Conagra Brands and the disposal of Sunny D juices maker Harvest Hill Beverage Company to Castillo Hermanos. Brynwood Partners is the buy-out house behind US manufacturer Hometown Foods, which it founded in 2018 to buy a collection of assets from JM Smucker and has since built through M&A. Just Food caught up with Henk Hartong III, Brynwood Partners' chairman and CEO, to discuss the two transactions, his plans for Chef Boyardee and his thoughts on the wider M&A environment. Henk Hartong III (HH): We raised our ninth fund in 2023. That's a $750m fund. I had been working on the divestiture of Harvest Hill, which was our biggest portfolio company and owned by Brynwood VIII, a previous fund to our current fund. We started working probably since the fall of 2024 on the divestiture of Harvest Hill. We ended up divesting in that business for over $1.4bn. With Harvest Hill leaving, I was looking at the balance of the portfolio and thinking with Hometown Food that we wanted to have an anchor that would provide us with scale. We got the agreement of our limited partners to have an acquisition of Hometown Food, a collection of iconic American brands – Pillsbury, Hungry Jack, Martha White, De Waffelbakkers, Arrowhead Mills – into fund nine because fund eight, which was then fund seven, the owners of it were at the end of their lives. We were able to do that; we completed that transaction first, so that Hometown Foods is owned by Brynwood IX and the second leg was to get Chef Boyardee, which we were able to negotiate and secure from Conagra. Those two businesses will be merged together at the closing, which we expect will happen in early June. HH: That story was accurate. We did explore that. We didn't get the outcome or offers that we were looking for and, at that point, we decided to continue to drive the performance of the business. We have a bunch of different components within that company that have had nice performance. The nice part about the Chef Boyardee business is it's big, it's predominantly a US business, which suits very well our combination of assets already in Hometown Food and it's a single manufacturing operation in central Pennsylvania. Our predominant ambient manufacturing for the current business sits in Toledo, Ohio, about 500 miles away. There's some pretty good business synergy combinations. The moment you buy something out of a big company you end up with freight and manufacturing dis-synergies. In this case, we actually created synergies because we're going to be able to pool our two ambient businesses of really significant scale together to ship our customers all the products on the same truck. HH: It's not that dissimilar from Sunny D. When we bought Sunny D in 2015 for less than $200m and people said, 'What are you doing, Henk? Its best days are behind it. The heyday was with Procter and Gamble.' I said, 'This business has been fundamentally under-managed. It's a great, iconic, American brand that has lost its way.' Our whole investment strategy is providing our operating skills and insights with the retailer and supplier and manufacturing know-how. Those connections and relationships can help us unlock value if we can get a business in our hands that we feel has the potential to respond to that level of therapy, triage and initiative. If you look at that business at the time of acquisition, it was $250m in sales and, when we closed on it yesterday, the TTM [trailing twelve months] sales were almost $550m on a business that people had started their sentence, 'Sunny D? Oh, I used to drink that when I was a kid.' When you ask someone about Chef Boyardee: 'Oh, I used to eat that when I was a teenager or whatever' but you got to get the 'used to' out of there. That's going to require some work, right? HH: We're not going to do that by just selling the current format. It's going to have to go into different applications in the store. We're not going to do anything to change the existing offerings. We may look to improve them if we feel that's the appropriate fix but the core offerings would be the core offerings. That brand is so well known. I would argue it's better known than Sunny D. Conagra, nothing against their efforts but big companies make choices of what are core brands and, when something's determined to be non-core and non-strategic, they manage it for cash. That means that business does not get the things it needs that respond to trends in the market. We will correct that quickly. We'll look at the adjacencies within the category that we're in and find ways to compete in different parts of the store. Chef Boyardee has the legs to run. We just need to give it the resources to get there quickly. We're selling in the canned meals, cup meals sector but we're not in skillet meals, for example. We should be. We're not in shelf-stable trays. We're not in shelf-stable cups, microwavable cups. We're not in refrigerated, ready-to-eat, high-quality meals, which is a big segment of the store that consumers are often going to for slightly differentiated eating experiences. The foodservice business hasn't been a priority. We think there's a big application for foodservice. We have a long list of go-gets. What does that take to get into those categories? Capital investment. Marketing initiatives. It takes new product, R&D work. That wasn't getting funded by the current owner of the business not because it wasn't a good idea but because this was not a growth brand for them and that's what we have to change. We did the same thing with Sunny D. The brand has the legs to run. We just need to give it the resources to get there quickly. HH: It's a good question. We obviously were aware of what was being proposed from a regulatory perspective. We were mindful of that as we looked at this opportunity. Fortunately, the larger companies have been more proactive in terms of taking some of these voluntary initiatives to make adjustments. Whether they're merited or not to be made, they've been doing them anyway. We are confident that, whatever regulations will come down, that these products are not going to have substantial, if any, modifications required. Where does this go from here, that I can't opine on but, from what I can see in terms of legislative or regulatory requirement changes, I don't anticipate that this is going to affect the Chef Boyardee business in any meaningful way. The proposed regulations are banning certain ingredients that, quite frankly, I don't think they've determined to be unsafe or unhealthy The tariffs, on the other hand, are far more problematic in terms of managing rising costs in the time when we're looking to try to control inflation and grocery prices. A lot of the initiatives are catching areas of the economy that are unintended, I think, from the administration's application of these tariffs. They don't intend to catch steel cans for food packaging when you're putting these wild tariffs on steel but they are catching it because 90% of the steel tin plate that's required to service the US manufacturing businesses is produced outside of the US at the moment. The proposed regulations are banning certain ingredients that, quite frankly, I don't think they've determined to be unsafe or unhealthy because, if they were, they would already be regulated by the FDA, and they're not. And yet, at the same time, you can buy tobacco and alcohol, there's plenty of other things that are known to be harmful that they're not posing bans on, so the double standard, in my judgment, seems to be quite significant. It appears to be a political opportunity, not something that's applied equally across all regulatory decisions that have been made, across anything that people are able to buy or consume. Putting that aside, one benefit for someone in the M&A business is, look at the times where industry has been afflicted with a common set of problems. The four times I can remember – 9/11, the great financial crisis, coronavirus and now the current political instability – at those four moments in time, businesses were afflicted with the same set of problems and, what I found for Brynwood is, when we're dealing with that, our opportunity to outperform the market is always better. I compare it to duplicate bridge, I always tell our investment team. Duplicate bridge, everybody has the same cards but somebody wins. It's the best player. In this circumstance, we're all afflicted with the same set of problems and some people are choosing to sit out and wait for things to calm down. We're choosing to buy. We feel that our operating skills, given the same set of cards that everyone's dealing with, will allow us to outperform the market. HH: That's a good question. We're a middle-market buy-out fund, so this deal is outsized. We made a substantial commitment from fund nine, so we need to have some diversification in our portfolio. We'll continue to look for traditional, middle-market deals. If we see an opportunity that we feel is too good to pass up, then we will go raise the required funds, or co-investment, or whatever we need to get a bigger deal done. We continue to look at both of them but I would not consider us being in a position where we're only going to go out and do bigger deals. We wanted to do that when we raised a bigger fund but I'm not necessarily inclined to do that because I think our strategy that we've consistently applied for 41 years is best applied against the size of deals that we've typically done through our business history. HH: Yes, we're both looking at selling and buying opportunities right now. HH: I hope so, both buy-side and sell-side. That's my job. HH: We're active in the beverage space but we have a non-compete in the categories that Harvest Hill participates in, both in alcohol and in juice. That said, we're currently in contract manufacturing through Carolina Beverage, which makes Monster and Spindrift and some of the larger seltzer and energy-drink brands, so that's an active space that we're still in and not actively trying to exit right now. I would expect given the challenges of the current market you will continue to see portfolio reshaping, which will lead to further M&A activity. HH: I don't know if it's increasing but I would consider corporate portfolio structuring and rationalisation is always something that's happening in our business, regardless of the condition of the market. I would say, in the current market, if you just look at the public companies in the food and beverage space that have released earnings in the past six months, just look at the results: down, soft, sales are down, earnings are missing. When you're in that position, you typically look to start a path to growth again. One of the ways to get a path to growth is to divest your non-growth, non-strategic businesses. The question is what price can you get in this market with all this uncertainty? You may not be willing to sell a non-growth business at a price that you can get paid because it's dilutive and there's tax leakage. There's a combination of factors that end up answering that question that depend on the company itself. I would expect that given the challenges of the current market that you will continue to see portfolio reshaping, which will lead to further M&A activity. The question is do those deals get done because buyers and sellers can get together on price? HH: I would say I think the market for us is better because, anytime there's a down market, if we're buying under-nurtured, under-managed businesses that require some form of operational involvement to accelerate the performance, that's not a growth market. Most private-equity firms back growing businesses, growing sectors, management teams, etc. If you have a non-core brand in a down market with no management team in the corporate carve-out, well that doesn't meet any of their requirements, so it eliminates a lot of the financial buyers from these opportunities. I think that creates more deal flow for us. HH: I don't think so, not for the deals that we're looking at. I would argue that right now a lot of private-equity folks are on the sidelines if they don't have the ability to raise high-leverage deals, given the fact that there hasn't been a lot of interest-rate compression that they'd hoped for. Traditional LBOs for businesses that may have some headwinds for growth and are in a general category of products that are fighting for volume typically don't lend themselves to a low-touch, private-equity, LBO model. That lends itself to guys like us, so we need to go buy some more things. "'We need to go buy some more things' – Brynwood Partners' Henk Hartong III eyes more M&A after Chef Boyardee deal" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Miami Herald
28-05-2025
- Lifestyle
- Miami Herald
Upstart nutrition brand rivals Red Bull with unusual energy drink
I'm not a health nut by any stretch of the imagination, but I have worked with a nutritionist to learn how to better fuel my body. I now pay attention to macros - particularly protein - on food and beverage labels. My go-to breakfast most days is a chocolate protein shake that knocks out much of my daily protein intake goal before 9 a.m. Although I have slacked off from following my nutritionist-approved food plan, I still read labels. Whenever I see a more protein-rich version of a food or beverage I consume, it will go into my cart, especially if it's from a brand I already know and like. But I'll even give a new brand a second glance if it means getting in more nutrients. I recently switched to a new Greek yogurt brand because it somehow manages to cram a whopping 20 grams of protein into that little container. Related: $500M supplement brand lands Target and Walmart in 2 years I know I'm not nearly as serious about reading food and beverage labels as gym rats devoted to sculpting their pecs or abs. But I'm also probably not alone in my shopping approach of opting for items with a nutrient boost. And that's exactly what one nutrition brand is banking on with its new product launch. Image source: Horwood/Getty Images Performance nutrition brand Ryse is known for its supplements, protein powders, and energy drinks. Ryse Fuel is the official energy drink of the Buffalo Sabres, and collaborations with iconic flavors like Kool-Aid, Country Time Lemonade, and SunnyD have also helped expand the brand's reach. But to nab more of the energy drink market share from the likes of Red Bull and Monster, Ryse will soon be selling a sugar-free flavored energy drink with a boost of protein and prebiotics. Related: Red Bull adds a flavor Coca-Cola and Pepsi don't offer This latest product is the result of over a year spent testing and refining a formula. But Ryse has higher hopes than just presenting a new product to thirsty consumers. It wants to break through to a whole new category of healthy energy drinks. For the macro-counting crowd, this new product isn't meant to replace a morning or pre- or post-workout protein shake. And that's the whole point: This new energy drink is a light and refreshing way to get a boost of protein without the heaviness (and let's be honest, sometimes chalkiness) of a protein shake. More Retail: Huge retail chain closing more stores soon (locations revealed)Struggling drugstore chain announces second bankruptcyBeloved discount grocery chain has massive US plans "We weren't trying to create another milk-based or high-protein drink with caffeine. We set out to build a smarter energy drink," said Ryse CEO Nic Stella in a press release. "This is about offering real functional benefits: clean energy, a boost of protein, and prebiotics for gut health, all in one crave-worthy can." Red Bull and Monster Energy have long been go-to brands for those looking for a way to beat an afternoon slump or to keep partying through the night. But the important thing to remember here is that Ryse is a nutrition brand first and foremost. So not only does this drink contain functional whey isolate protein, but it's also got good-for-the-gut prebiotics, an ingredient that's currently trending in the soda space with brands like Poppi. It's also got 150 milligrams of natural caffeine for the boost people want in an energy drink, but it ditches the sugar - another plus in the healthy column. There's definitely a demand for energy drinks. In 2024 alone, the Austrian-born Red Bull sold 12.67 billion cans of its famous energy drink worldwide. That's a whole lot of energy and, depending on your choice of can, a whole lot of sugar. While Red Bull and other energy drink makers like Rockstar and Monster Energy do offer sugar-free options, it's pretty clear that Ryse would love to grab at least some of those consumers. The company aims to expand sales nationwide. Right now, Ryse drinks, powders, and supplements are sold in 30,000 stores across the country - places like Target, Walmart, GNC, The Vitamin Shoppe, and select Circle Ks. And for now, the extra nutrients don't come with an extra charge. Ryse plans to keep the new cans at the same price point as other energy drink competitors. Related: 3 popular beverages discontinued, won't be in stores The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Scottish Sun
01-05-2025
- Entertainment
- Scottish Sun
Iconic drinks brand from 90s launches brand new flavour and shoppers are itching to try it
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) AN ICONIC drinks brand beloved in the 90s has launched a tasty new flavour which has been labelled as the "best one yet". Shoppers have been rushing to stores to try and find the sour apple flavoured fruity beverage scanning for less than £1. Sign up for Scottish Sun newsletter Sign up 3 Shoppers have been rushing to Heron Foods to try and find the sour apple flavoured fruity beverage scanning for less than £1 Credit: Alamy 3 Sunny D's new flavour is sour apple Credit: Facebook Sunny Delight, known as Sunny D, now stock the fresh sour apple drink in two British supermarkets. Shoppers at Heron Foods and Farm Foods can snap up the fascinating green drink for just 90p. And on July 3, it will also be available in Asda stores across the UK. The official sunny D Instagram account announced the new addition to their drinks range at the end of April. read more in money URGENT ALERT Popular item at Tesco & WHSmith urgently recalled over 'serious risk of fire' They said: "Sour apple has entered chat! "A whole new tang just dropped, all the nostalgia of original sunny D but with a crisp twist! ㅤ "Not to be dramatic, but… this might be our best one yet." The low calorie and high in vitamin drink has Dozens of people rushed to the comments of numerous posts to say how excited they were over the drink. One wrote: "Love the sound of this!" As another told their friend: "I wanna try lol." A third even chimed in: "Wow I need that." Shoppers run to Primark as perfect spring jacket reduced to just £5 in sale Other shoppers who have already purchased the drink even commented on the great price. One said it was scanning at tills in Heron Foods for only 90p. It comes just weeks after sunny D also released a new pink lemonade flavour. It is being sold exclusively at Iceland with shoppers able to get five bottles for £5. Other flavours available include the classic Florida style citrus fusion, blue raspberry and very cherry. In other exciting news for fizzy drink fanatics, a "legendary" Coca-Cola bottle has returned to shelves in UK shops - 12 years after being discontinued. The comeback is inspired Gen Z's quest for "authentic connection," the beloved brand has said. Shoppers have also been going wild over a new Walkers snack spotted on supermarket shelves which is based on beloved crisps. Wotsits have been turned into a full-blown meal in a surprising revamp in the form of Mac 'n' Cheese bowls. The flavours include Sweet & Spicy, Flamin Hot and Really Cheesy. Why are products axed or recipes changed? ANALYSIS by chief consumer reporter James Flanders Food and drinks makers have been known to tweak their recipes or axe items altogether. They often say that this is down to the changing tastes of customers. There are several reasons why this could be done. For example, government regulation, like the "sugar tax," forces firms to change their recipes. Some manufacturers might choose to tweak ingredients to cut costs. They may opt for a cheaper alternative, especially when costs are rising to keep prices stable. For example, Tango Cherry disappeared from shelves in 2018. It has recently returned after six years away but as a sugar-free version. Fanta removed sweetener from its sugar-free alternative earlier this year. Suntory tweaked the flavour of its flagship Lucozade Original and Orange energy drinks. While the amount of sugar in every bottle remains unchanged, the supplier swapped out the sweetener aspartame for sucralose.
The Sun
01-05-2025
- Entertainment
- The Sun
Iconic drinks brand from 90s launches brand new flavour and shoppers are itching to try it
Georgie English, Foreign News Reporter Published: Invalid Date, AN ICONIC drinks brand beloved in the 90s has launched a tasty new flavour which has been labelled as the "best one yet". Shoppers have been rushing to stores to try and find the sour apple flavoured fruity beverage scanning for less than £1. 3 3 Sunny Delight, known as Sunny D, now stock the fresh sour apple drink in two British supermarkets. Shoppers at Heron Foods and Farm Foods can snap up the fascinating green drink for just 90p. And on July 3, it will also be available in Asda stores across the UK. The official sunny D Instagram account announced the new addition to their drinks range at the end of April. They said: "Sour apple has entered chat! "A whole new tang just dropped, all the nostalgia of original sunny D but with a crisp twist! ㅤ "Not to be dramatic, but… this might be our best one yet." The low calorie and high in vitamin drink has Dozens of people rushed to the comments of numerous posts to say how excited they were over the drink. One wrote: "Love the sound of this!" As another told their friend: "I wanna try lol." A third even chimed in: "Wow I need that." Shoppers run to Primark as perfect spring jacket reduced to just £5 in sale Other shoppers who have already purchased the drink even commented on the great price. One said it was scanning at tills in Heron Foods for only 90p. It comes just weeks after sunny D also released a new pink lemonade flavour. It is being sold exclusively at Iceland with shoppers able to get five bottles for £5. Other flavours available include the classic Florida style citrus fusion, blue raspberry and very cherry. In other exciting news for fizzy drink fanatics, a "legendary" Coca-Cola bottle has returned to shelves in UK shops - 12 years after being discontinued. The comeback is inspired Gen Z's quest for "authentic connection," the beloved brand has said. Shoppers have also been going wild over a new Walkers snack spotted on supermarket shelves which is based on beloved crisps. Wotsits have been turned into a full-blown meal in a surprising revamp in the form of Mac 'n' Cheese bowls. The flavours include Sweet & Spicy, Flamin Hot and Really Cheesy. Why are products axed or recipes changed? ANALYSIS by chief consumer reporter James Flanders Food and drinks makers have been known to tweak their recipes or axe items altogether. They often say that this is down to the changing tastes of customers. There are several reasons why this could be done. For example, government regulation, like the "sugar tax," forces firms to change their recipes. Some manufacturers might choose to tweak ingredients to cut costs. They may opt for a cheaper alternative, especially when costs are rising to keep prices stable. For example, Tango Cherry disappeared from shelves in 2018. It has recently returned after six years away but as a sugar-free version. Fanta removed sweetener from its sugar-free alternative earlier this year. Suntory tweaked the flavour of its flagship Lucozade Original and Orange energy drinks. While the amount of sugar in every bottle remains unchanged, the supplier swapped out the sweetener aspartame for sucralose.
Yahoo
05-04-2025
- Lifestyle
- Yahoo
Costco's Best Deals Under $10 This Month
These 12 products offer the best deals under $10 this month at Costco. The products are on sale now for a limited is here, and there's no better time to stock up on spring essentials—especially when Costco is offering deals on some of our favorite products. From crispy Honey Bunches of Oats that'll fuel your day to buttery garlic shrimp that makes dinner easy, these deals are here to fill your cart without stretching your budget. Don't wait to grab these April finds—some of them won't last long! Deal: $8.99 (-$5.00 until 4/13) Need a sip of nostalgia? Sunny D brings a burst of citrusy sweetness with just the right amount of tang—perfect for refreshing spring days. Stock up on this 30-pack while it's on sale to enjoy the drink chilled on its own or as a tasty mixer for seasonal beverages. Deal: $7.29 (-$2.00 until 4/27) This classic sauce brings rich, homestyle flavor to every meal, whether you're making a hearty spaghetti dinner or a cozy baked ziti. With three large bottles in each pack, this spring sale is the perfect chance to fill your pantry and simplify mealtime. Deal: $7.49 (-$2.50 until 4/6) Dot's Homestyle Pretzels are one of our favorite crunchy, flavor-packed snacks with a signature buttery, seasoned twist. They're perfect for road trips, spring picnics, or just munching on straight out of the bag. Deal: $7.49 (-$2.50 until 4/13) These fan-favorite cookies are irresistibly crisp and packed with buttery, melt-in-your-mouth chocolate chips. When your sweet tooth calls, these treats are almost always the answer. Deal: $4.89 (-$1.70 until 4/6) These fan-favorite chips are made with simple ingredients and fried with avocado oil for a lighter snack. With their rich, savory flavor, they're a great choice for spring picnics, parties, or anytime you need a crunchy bite. Deal: $5.99 (-$2.00 until 4/20) You won't be fully set for spring baking without this essential ingredient. It's a must-have in every kitchen, so don't miss out on this chance to stock up at a low price. Deal: $9.99 (-$3.00 until 4/13) Motor City Pizza Co. brings the authentic Detroit-style pizza right to your oven, with a thick, crispy crust and double the pepperoni for extra flavor. With two pizzas in each pack, it's a perfect meal to share or keep on hand for quick and delicious springtime dinners. Deal: $8.99 (-$3.50 until 4/6) You know those people who think everything is better with ranch? Yeah, that's us. With Hidden Valley Ranch Homestyle Dressing and Topping, you can add a zesty, herby ranch twist to nearly any meal, making it a hit with the whole family. Deal: $5.59 (-$2.30 until 4/6) Bringing the perfect balance of crispy flakes and crunchy clusters, Honey Bunches of Oats is a staple cereal in our pantries. With two bags per box and a generous 50-ounce size, this deal will definitely be added to our carts. Deal: $7.99 (-$4.00 until 4/6) This variety pack delivers a mix of Clear Mind, Island Mango, and Superberry flavors, packed with probiotics and organic ingredients. Whether you're craving a crisp, herbal boost or a fruity, tropical sip, this six-pack is a delicious way to stay refreshed and energized this spring. Deal: $9.99 (-$5.00 until 4/6) This fan-favorite freezer find makes dinnertime effortless with tender shrimp coated in rich, savory garlic butter. With two 16-ounce bags, it's perfect for quick weeknight meals—just sauté, serve over pasta or rice, and enjoy. Deal: $6.99 (-$2.20 until 4/13) Frosted Flakes' crispy, sweet taste never goes out of style, making breakfast easy and delicious. With two big bags in each box, there's plenty to keep everyone happy all month long. Read the original article on ALLRECIPES
