Latest news with #Tuno
Yahoo
5 days ago
- Business
- Yahoo
Century Pacific Food confirms acquisition of Atlantic Natural brands
Century Pacific Food has confirmed the acquisition of assets from Atlantic Natural Foods, including the Loma Linda ready meals and Tuno alt-tuna brands. The Philippines-headquartered food and drinks business said in a stock exchange filing the transaction was executed through its Century Pacific North America (CPNA) division for "less than" $10m. Century Pacific Food said today (12 August) the asset purchase enables it to 'further scale its growing presence in shelf-stable, plant-based nutrition'. The deal also includes the Neat egg alternative and the caffeine-free Kaffree Roma drinks brands, along with "formulations, select manufacturing assets, licences, and remaining inventory". Greg Banzon, chief operating officer of Century Pacific Food, said: 'We are bringing together a trusted heritage brand and a disruptor brand under one roof - leveraging decades of consumer trust with bold innovation. 'This allows us to serve both loyal customers and new generations seeking accessible, nutritious, and sustainable food choices.' Century Pacific Food had expressed an interest in Atlantic Natural Foods assets and was named the stalking horse bidder in June. Atlantic Natural Foods filed for Chapter 11 bankruptcy in the US in April. A Louisiana bankruptcy court approved the bidding process in June and Atlantic Natural Foods signed an asset-purchase agreement with Century Pacific Food. The bankruptcy filing revealed that Atlantic Natural Foods had assets ranging from $10m to $50m and liabilities between $1m and $10m. Loma Linda, a brand with roots dating back to 1890, was 'transformed' by Atlantic Natural Foods into a 'key player' in health foods, Century Pacific Food said. Since acquiring Loma Linda in 2016, Atlantic Natural Foods developed products such as Big Franks vegan hotdogs, Skallops, and Tuno, its flagship plant-based tuna, which are now available in North America and over 30 countries. Century Pacific Food's US business offers the unMeat brand, a shelf-stable plant-based product line sold in US retailers such as Walmart and over 13,000 stores globally. Banzon concluded: 'The acquisition reflects CPNA's measured and profitable growth strategy: tapping into established markets while accelerating momentum for plant-based food adoption across diverse geographies. 'Ultimately, it reinforces the group's broader mission of building a healthier, more sustainable portfolio that provides affordable nutrition to the consumers we serve.' "Century Pacific Food confirms acquisition of Atlantic Natural brands" 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.
Yahoo
23-04-2025
- Business
- Yahoo
Atlantic Natural Foods files Chapter 11 bankruptcy petition in New Orleans
Plant-based business Atlantic Natural Foods has filed for Chapter 11 bankruptcy proceedings in the US. The Loma Linda ready meals and Tuno tuna alternatives owner initiated bankruptcy protection proceedings in the Louisiana Eastern Bankruptcy Court on 7 April, an official filing shows. New Orleans, Louisiana-headquartered Atlantic Natural Foods has reported assets of $10-50m and liabilities of between $1-10m, according to the filing, which added that the company has 100 to 199 creditors. Fishman Haygood, the New Orleans-based firm appointed to oversee the legal process, had not responded to Just Food's request for more details on the proceedings at the time of writing. A spokesperson for Atlantic Natural Foods declined to share any more information but said the company would 'continue to service customers and consumers as we build up to our new restructured planned outcome'. The court document states Atlantic Natural Foods is owned by ANF Hold Co. and the US division of plant-based peer Above Food. But, late last year, Atlantic Natural Foods revealed it had ended a relationship with Canada-headquartered Above Food and planned to return to private ownership. Nevertheless, the two businesses said in December they would still maintain ties, with Atlantic Natural Foods retaining shares in Above Food, which was also 'retaining interest' in Atlantic Natural Foods. Atlantic Natural Foods entered into a 'partnership' agreement with Above Food in late 2021, described at the time by the Canadian company as a 'binding transaction agreement'. Financial details were not disclosed. Then in May 2023, Above Food said it was set to buy Atlantic Natural Foods as part of its IPO plans and a targeted listing on the Nasdaq stock exchange. Atlantic Natural Foods chairman Douglas Hines said at the time: 'In 2021, Above Food acquired a minority interest, increased it in 2022; today they [Above Food] retain a minority interest. Agreement was finalised that Atlantic Natural Foods will roll the balance of their shares into the IPO and Above Food will have the controlling shares.' Announcing the end of the relationship in December, Atlantic Natural Foods said the 'decision reflects a strategic realignment following a comprehensive evaluation of the evolving business landscape', citing factors such as the Covid-19 pandemic, supply chain disruptions and food inflation. Hines commented: 'Operating in the industry's ever-changing landscape has not been without its challenges, but we remain steadfast in our commitment to resetting the standards for the years ahead. We are drawing on tried-and-true food preparation and supply methods that have withstood the test of time to meet the needs of our global consumers.' Above Food, which supplies plant-based meat, dairy and baby-food products, made its Nasdaq debut in the summer of last year through a merger with a SPAC vehicle. Co-founder, president and CEO Lionel Kambeitz told Just Food in August that the company was pushing the private label part of the business. It focuses on plant-based finished goods for retail and foodservice, along with food ingredients such as seeds, grains and pulses. Last year, Above Food extended its acquisition spree with a deal for Spain's Brotalia, a maker of plant-based chicken, seafood, burgers and meatballs. Building on the ANF transaction in 2023, the Canadian company also acquired Only Oats and Culcherd. NorQuin was added to the stable of brands in 2022. "Atlantic Natural Foods files Chapter 11 bankruptcy petition in New Orleans" 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.
Miami Herald
21-04-2025
- Business
- Miami Herald
Major retail food brand files for Chapter 11 bankruptcy
Retail food brands, whose goods are sold in grocery stores, face many challenges to achieve profitability and avoid financial distress and bankruptcy. Companies need to have adequate marketing and advertising budgets to showcase their products to the public and obtain coveted shelf space in stores where shoppers can obtain their goods. Don't miss the move: Subscribe to TheStreet's free daily newsletter An internet presence is also essential to the success of retail products, as more consumers today are searching Amazon or other online retailers for goods they want or going right to the retail company's website to purchase products. Related: Major healthcare provider files Chapter 11 bankruptcy One of the most significant retail companies to face financial distress and file for bankruptcy was Hostess Brands - the maker of Wonder Bread, Twinkies, Ho Hos, and Ding Dongs - which filed its petition in January 2012, liquidated its products, and disappeared from store shelves for months. Hostess made its comeback after J.M. Smucker in September 2012 agreed to purchase the defunct company for about $5.6 billion. Major dairy companies have also filed for bankruptcy in recent years as Borden Dairy filed bankruptcy in 2020 and 2022, and Dean Foods filed in 2019. Borden and Dean Foods both sold their businesses in bankruptcy in 2020. The Borden's label is still found on many products, and Dean Foods' former products, such as Dairy Pure, Land O'Lakes, and Friendly's, can also still be found in supermarkets. Iconic retail food producer Atlantic Natural Foods LLC, which was established in 1890, markets its plant-based products on Amazon, including its Loma Linda brand Big Franks vegan hot dogs, plant-based canned Tuno fish and canned Chik'n, neat plant-based egg substitute, and its caffeine-free coffee alternative Kaffree Roma. Since 2019, the company's plant-based food products could be found at various stores, such as Costco, Walmart, Target and Aldi, according to company statements. The company has said its products are available in over 25,000 stores in the U.S. and 30 countries. Atlantic Natural Foods LLC filed for Chapter 11 protection on April 7 to reorganize its business five months after terminating a pending merger agreement with Above Foods. The company did not state a specific reason for filing for bankruptcy in its petition. Related: Huge burger chain franchisee files for Chapter 11 bankruptcy Atlantic Natural Foods listed $10 million to $50 million in assets and $1 million to $10 million in liabilities in its petition filed in the U.S. Bankruptcy Court for the Eastern District of Louisiana. More bankruptcies: Popular restaurant and bar chain files for Chapter 11 bankruptcyPopular athletic shoe chain files for Chapter 11 bankruptcyAward-winning cosmetics brand files for Chapter 11 bankruptcy Nashville, N.C.-based Atlantic Natural Foods, which produces six plant-based retail food brands Loma Linda, Chik'n, Tuno, neat, Kaffree Roma, and Modern Menu, in a mutual agreement on Nov. 1, 2024, withdrew from a sale transaction that called for Above Foods to purchase Atlantic Natural Foods. The companies blamed the global impact of the Covid-19 pandemic, supply chain disruptions, and rising food inflation as the key factors in their decision to cancel the deal. The deal was estimated at about $30 million when it was first revealed in October 2021, according to Nosh. The companies said in a mutual statement in November that the decision reflected a strategic realignment following a comprehensive evaluation of the evolving business landscape. "Operating in the industry's ever-changing landscape has not been without its challenges, but we remain steadfast in our commitment to resetting the standards for the years ahead," Atlantic Natural Foods Chairman Doug Hines said in the statement. "We are drawing on tried-and-true food preparation and supply methods that have withstood the test of time to meet the needs of our global consumers." Atlantic Natural Foodsand Above Foods will maintain collaborative ties, with Atlantic Natural Foods retaining shares in Above Foods, which will in turn retain interest in Atlantic, the companies said in a statement. Related: Another huge auto parts brand files for Chapter 11 bankruptcy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
