Mergers & Acquisitions Plant-Based Meat & Dairy Alternatives
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F R E D E R I C K S M I C H A E L & CO.
MERGERS | ACQUISITIONS | DIVESTITURES
Mergers & Acquisitions
Plant-Based Meat & Dairy Alternatives
Member of SIPC and FINRA
1 October 2021
Private & Confidential
Table of Contents
I. Introduction to FM&Co.
II. Plant-Based Alternatives: Market Overview
III. Plant-Based Dairy Alternatives
I. M&A Overview & Key Market Participants
II. Capital Markets Observations
III. Financial Sponsor Observations
IV. Plant-Based Meat Alternatives
I. M&A Overview & Key Market Participants
II. Capital Markets Observations
III. Financial Sponsor Observations
V. Team Biographies
22 Private & Confidential
FM&Co – Key Plant-Based Dairy & Meat Alternatives Relationships
Plant-Based Dairy Alternatives Plant-Based Meat Alternatives
FM&Co. has established relationships with the key stakeholders in the Plant-Based Foods sector
33 Private & Confidential
Overview of Fredericks Michael & Co.
Global Reach in Mergers and Acquisitions…
▪ A global investment bank providing clients with discerning and unbiased advice
▪ Founded in 1984 – over 35 years of experience
▪ Extensive global operations with a proven track record in over 25 countries
▪ Broad expertise and capabilities focused on: Mergers & Acquisitions (buy-side/sell-side), Joint Ventures,
Capital Raising Solutions
▪ Over 25 employees comprised mostly of veteran advisors with many decades of relevant industry experience
35+ 25+
Years of Experience Employees
25+ 8+
Countries Covered Languages Spoken
44 Private & Confidential
Fredericks Michael & Co. > Key Attributes
...Providing Independent, Comprehensive, Cross-Border Advice…
Proven Focused Approach Global in Reach and Practice
Target clients. For over three decades, Fredericks Michael & Co. Global reach. Regional headquarters in New York, London and São
(“FM&Co.”) has served as a financial advisor to large Paulo with extensive transaction experience and presence in over
corporations, private and family-controlled businesses, and 25 countries
financial sponsors
Local expertise. Team of seasoned, multinational professionals
Core services. Advising clients seeking to expand, consolidate or provide clients the critical local knowledge, cross-cultural
rationalize their operations across Europe, the Americas, and Asia understanding and industry relationships needed to carry out
transactions almost anywhere
Select industries. Our team has developed close relationships
with senior executives in leading companies in the industries we Cross-Border transactions. Most of our advisory engagements
focus on. Our firm’s institutional knowledge and experience in involve cross-border transactions leveraging our team’s skill-set,
these industries ensures we provide our clients with timely, experience and relationships
actionable, and informed perspectives
Long-Term Client Relationships Experienced and Tenacious
Relationships that transcend individual transactions. We focus Veteran, experienced advisors in every transaction, every step of
on building trust, establishing credibility, and developing the way. By staffing assignments with senior level professionals,
longstanding relationships we help our clients navigate complex opportunities, anticipate
challenges, and realize their goals
Repeat engagements. Most of our advisory engagements involve
previous clients or companies with whom our firm’s senior Relentless. Our firm is known for its unwavering approach in all
bankers have established relationships dating back many years aspects of a transactions regardless of size. Leaving no stone
unturned is our mantra
55 Private & Confidential
Fredericks Michael & Co. > Capabilities
…And Focused on Unlocking and Executing Complex Transactions
Buy-Side Sell-Side
▪ Providing Access to Global Industry Knowledge ▪ Sale of non-core and underperforming assets
and Participants ▪ Sale of family businesses with generational
▪ Execution of exhaustive search & screen analyses challenges
and target approaches ▪ Targeting international as well as local, strategic
▪ Initiating unique one-on-one transactions, and financial buyers
avoiding auctions ▪ Exhaustive effort to maximize price
▪ Providing senior access to companies ▪ Solutions oriented to ensure transaction closing
▪ Structuring complex transactions ▪ Remaining involved in all details of transaction
▪ Remaining involved in all details of transaction through closing
through closing
Trusted and
Differentiated
Advisory Services
Capital Raises Joint Ventures
▪ Advising on capital raises for corporate growth ▪ Initiating unique transactions that create value
▪ Accessing international investors with specific through corporate partnerships
industry and/or geographic interests ▪ Unlocking value without immediate sale of the
▪ Exhaustive effort to maximize success business
▪ Solutions oriented to ensure transaction closing ▪ Providing entry to new geographic markets with
▪ Involved in all details of closing the experience of local partners
▪ Structuring of shareholder agreements with
appropriate exit options
66 Private & Confidential
Fredericks Michael & Co. > Global Reach and Industry-Wide Expertise
▪ Global reach is increasingly important for all types of transactions
▪ FM&Co. has global expertise coupled with local knowledge in the major markets
London
New York
FM&Co. maintains a network
of partners across the APAC
Hong Kong region that it can leverage
and collaborate with on an ad
hoc basis
Headquarters
São Paulo
Regional Office
FM&Co. APAC Partners
Transaction Experience
77 Private & Confidential
Table of Contents
I. Introduction to FM&Co.
II. Plant-Based Alternatives: Market Overview
III. Plant-Based Dairy Alternatives
I. M&A Overview & Key Market Participants
II. Capital Markets Observations
III. Financial Sponsor Observations
IV. Plant-Based Meat Alternatives
I. M&A Overview & Key Market Participants
II. Capital Markets Observations
III. Financial Sponsor Observations
V. Team Biographies
88 Private & Confidential
Relationships by Food Sector
Protein Dairy
Pasta,
Healthy &
Rice,
Organic
Grains
Bread,
Soups,
Snacks,
Sauces
Bakery
Confectionary Edible
Oils
99 Private & Confidential
The Shift to Plant-Based Dairy & Meat Alternatives
Consumer Trends Pushing The Industry’s Response to Companies Following the
the Plant-Based Movement These Trends Trend
Dairy Companies
Conscious consumers wanting to Several food-tech startups have
reduce their environmental gained size and their brands
impact have become consumer’s
everyday choices
Increased concern for animal Protein Companies
welfare These companies now pose
both a challenge and an
An increasing consumer acquisition opportunity for
traditional animal protein and
awareness in antibiotics and
dairy producers Other Food Companies
GMO feed given to animals
Protein and dairy companies
There has been a rise in
have responded by
allergies, intolerances, and
either acquiring plant-based
discomfort related to traditional Foodservice
brands or by developing their
dairy and protein
own alternatives in-house
10
10 Private & ConfidentialThe Plant-Based Alternatives Market > Milk Is the Largest Single Category
Plant-Based Dairy Market Overview Plant-Based Meat Market Overview Total Market Overview
Chicken is the largest individual market, with 40% of
the total market. This strengthened by the extensive Plant-based meat requires a lot more R&D to achieve
Milk is the oldest and largest category in the plant- selection of plant-based chicken products animal-product like features than other dairy
based dairy market, accounting for 63% of the total alternatives like plant-based milk – a possible
market size Ground beef alternatives accounts for 35% of the total contributor to the lower market size
market. Burgers is the largest category amongst plant-
Cheese is the market with the lowest penetration. based beef products
Plant-based cheese make up less than 1% of the total
cheese market Pork only accounts for 15% of the total market but is
growing in popularity as more plant-based sausage Plant-based milk, accounting for 37% of the total
Other products include cream, butter, spreads, ice alternatives are being brought to market market, has become an extremely competitive
cream and other dairy products category – industry participants are looking to
Other products are expected to increase as companies capture market share in other categories such as
are looking to capture market share in plant-based yogurt and cheese alternatives
seafood in the future
Global Plant-Based Dairy Market Global Plant-Based Meat Market Global Plant-Based Alternatives
US$ Billion (2020) US$ Billion (2020) Market US$ Billion (2020)
1.0 1.4
2.0
2.1
5.6 14.0
4.5 US$ 20bn US$ 14bn US$ 34bn
20.0
12.5
4.9
(1)
Milk Other Diary Products Yogurt Cheese Chicken Beef Pork Other Products Dairy Meat
(1) Seafood, Lamb, etc.
Sources: Grand View Research – Plant-Based Meat Market Analysis (2020); Future Market Insights – Plant-Based Sausages Market (2020); Meticulous Market Research Pvt. Ltd. – Plant-Based Food Market by Product Type
11
11 Private & ConfidentialDemand for Plant-Based Dairy & Meat Alternatives Is Growing Rapidly
Plant-Based Dairy Market Outlook Plant-Based Meat Market Outlook Total Market Outlook
Plant-based alternatives are expected to make up at
In the coming years, alternative cheese and fresh dairy least 11% of the total meat and dairy market by 2035
Plant-based meat alternatives are expected to continue
products are expected to grow at the fastest pace
its strong growth in the coming years as new and more
developed products come to market The global plant-based foods market was valued at
The global cheese market is valued at US$ 72bn and around US$ 34bn in 2020 and is expected to grow by
participants are looking to capture market share by 12% p.a. from 2020 to 2027
Plant-based beef, chicken and pork are expected to
creating plant-based alternatives
make up 25% of all the plant-based foods by 2035
Plant-based milk, the largest category in the market by
The plant-based chicken market is expected to see the North America and Europe are the most mature
size, is expected to grow at around a 7% CAGR
fastest growth in the coming years markets, and Asia-Pacific is expected to see fast
Adoption of plant-based dairy alternatives is heavily growth in the coming years
Adoption of plant-based meat alternatives is heavily
dependent on taste, texture and price
dependent on taste, texture and price Latin America and the Rest of the World are small
markets but are expected to grow fast
Plant-Based Dairy Category CAGR(1) Plant-Based Meat Category CAGR(1) Geography CAGR(1)
27% 26% 31% 32%
60% 30% 35%
50%
50% 25%
22% 21%
30%
40% 20% 22%
40%
36% 36% 20% 19% 25%
22% 17%
20%
30% 15%
12% 14%
12% 12%12%
15%
8% 9% 9% 10% 10%
6%
20% 10%
12% 10%
7% 6%
10%
7% 7% 8% 8% 5%
5%
0% 0% 0%
CAGR 2020-2025 CAGR 2025-2030 CAGR 2030-2035 CAGR 2020-2025 CAGR 2025-2030 CAGR 2030-2035 CAGR 2020-2025 CAGR 2025-2030 CAGR 2030-2035
(2)
Milk Fresh Dairy Cheese Beef Pork Chicken APAC Europe North America Latam ROW
(2)
(1) Growth in Consumption of Alternative Proteins in Million Metric Tons; (2) Rest of World
Sources: BCG – Food for thought (2021); Meticulous Research Pvt. Ltd. – Plant Based Food Market – Global Opportunity Analysis and Industry Forecast
12
12 Private & ConfidentialTable of Contents
I. Introduction to FM&Co.
II. Plant-Based Alternatives: Market Overview
III. Plant-Based Dairy Alternatives
I. M&A Overview & Key Market Participants
II. Capital Markets Observations
III. Financial Sponsor Observations
IV. Plant-Based Meat Alternatives
I. M&A Overview & Key Market Participants
II. Capital Markets Observations
III. Financial Sponsor Observations
V. Team Biographies
13
13 Private & ConfidentialPlant-Based Dairy > Select Ingredients Overview
Ingredient Nutritional Benefits Nutritional Cons Related Intelligence
▪ High protein content ▪ Common allergen ▪ High usage of GMOs during soy production
▪ Good source of potassium ▪ Contains natural antinutrients ▪ Has been linked to increase risk of breast cancer
▪ Low in saturated fats ▪ Low in calcium (unless fortified) due to the isoflavones, plant estrogen
Soy
▪ Concerns regarding the high-water usage in the
▪ Low in saturated fats and high in unsaturated fats ▪ Not suitable for nut-allergens
production of almonds. 74 liters of water is
▪ High in Vitamin E ▪ Low in protein
required to produce one glass of almond milk
▪ Low calories ▪ Low in calcium (unless fortified)
▪ High usage of pesticides in production
Almond
▪ High sugar content in order to achieve desirable
▪ High in fiber ▪ High in carbohydrates
taste
▪ High in Vitamin E ▪ Low in protein
▪ Production of oat milk is simple, and essentially
▪ No colesterol ▪ Low in calcium (unless fortified)
only requires to mix and blend oats and water
Oat
▪ High usage of water during production as rice
▪ The most hypoallergic among the alternatives ▪ High in carbohydrates soaks up water when processed, requiring 54 liters
▪ No saturated fats ▪ Low in protein of water to produce one glass of rice milk
▪ No colesterol ▪ Low in calcium (unless fortified) ▪ Produces more greenhouse gas emissions during
production than any other plant-based milk
Rice
More Plant-Based alternatives will enter the market to address concerns regarding ingredients
Sources: BCG – Food for thought (2021); Meticulous Research Pvt. Ltd. – Plant Based Food Market – Global Opportunity Analysis and Industry Forecast;
BBC – Which milk alternative should we be drinking?; NY Times – Are Plant-Based Milks Good for You?
14
14 Private & ConfidentialPlant-Based Dairy > Geographical Differences
Europe North America APAC
Increasing concerns regarding water usage in almond Plant-based alternatives have a long history in the APAC
Soy is the most frequently used ingredient in plant-
production region due to a large portion of the population being
based milk products in Europe, but sales have been
lactose intolerant
declining as new alternatives have entered the market
Almond producers in California are facing challenges to
meet demand with current droughts Soy products are well established and are competitively
Oat has quickly become one of the most popular
priced, which has solidified its position as the most
sources for plant-based dairy products, with Swedish
Oat milk is becoming increasingly popular, and its popular ingredient
giant Oatly being the industry leader
growth is outpacing all competitors. In 2020, US sales
increased by 131% Plant-based dairy products are not considered a luxury
New ingredients are being used in plant-based milk,
product in the APAC region, like it is in Europe and
such as chickpeas and potatoes, as concerns increase
US sales of soy and rice milk declined in 2020, while North America
regarding additives in many products
almond milk grew by 9%
If new ingredients are going to capture market share,
Environmental concerns are also causing a shift in
Almost 40% of American households now purchase they must decrease prices to compete with soy
attitude towards certain plant-based dairy ingredients
plant-based milk to some extent products
5% Plant-Based Milk by Source Plant-Based Milk by Source Plant-Based Milk by Source
4%
2% 9% 10%
7% 15% 6%
2%
12% 13%
9%
55% 55%
8%
17%
63% 12%
Soy Milk Almond Milk Oat milk Soy Milk Almond Milk Oat Milk Soy Milk Almond Milk Oat Milk
Coconut Milk Rice Milk Other Peamilk Rice Milk Other Coconut Milk Rice Milk Other
Sources: BCG – Food for thought (2021); Meticulous Research Pvt. Ltd. – Plant Based Food Market – Global Opportunity Analysis and Industry Forecast; Grand View Research – Dairy Alternatives Market; Markets and Markets – Dairy Alternatives Market by
Sources: CBS – Oatly, the world’s biggest oat milk company, set to go public; Food Navigator – Beyond Soy and Almond: APAC’s plant-based dairy firms step out of the conventional box with alternative sources and formats
15
15 Private & ConfidentialPlant-Based Dairy > Select Market Participants
Global Plant-
Based Dairy
Companies
North America Latam Europe Asia
Arla
Regional / Local
Leaders Blue Diamond Growers Hood Foods
Valio
KKR
Team Foods
Campbells Soup
DFA Nutriops Fazer
Other Local Hain Celestial
Companies Wessanen
Marvelous Foods
Ebro Foods (40%) Sanitarium Upfield
Veg of Lund
Note: Text under the logos are the brand owners
16
16 Private & ConfidentialTable of Contents
I. Introduction to FM&Co.
II. Plant-Based Alternatives: Market Overview
III. Plant-Based Dairy Alternatives
I. M&A Overview & Key Market Participants
II. Capital Markets Observations
III. Financial Sponsor Observations
IV. Plant-Based Meat Alternatives
I. M&A Overview & Key Market Participants
II. Capital Markets Observations
III. Financial Sponsor Observations
V. Team Biographies
17
17 Private & ConfidentialPlant-Based Dairy > M&A Observations
M&A transactions in the industry will continue to feature significant amounts of activity as the market
continues to grow and as consumers increasingly see plant-based alternatives as a norm
Established food and drink companies and financial investors gaining access to the fast-growing
High Growth
plant-based alternatives market
Shifting Market Large dairy companies are expanding their portfolios to include plant-based alternatives in order
Dynamics to remain competitive as consumers are shifting away from traditional dairy products
Start-ups Requiring Start-up companies requiring investments from individuals, financial or corporate investors in
Investments order to accelerate their growth and to bring new plant-based food solutions to the market
Companies looking to consolidate and expand existing positions to achieve economies of scale and
Economies of Scale
to reach new geographies
Plant-Based Dairy M&A is expected to continue in the foreseeable future
18
18 Private & ConfidentialPlant-Based Dairy > Key Recent M&A & Capital Markets Milestones
WhiteWave Foods Company China Resources Verlinvest Health Campbell Soup Company KKR acquired Upfield Holdings BV (the
acquired Vega Foods for Investment Ltd. And Ostersjostiftelsen acquired Pacific Foods of Oregon global spreads business from
US$ 550mn acquired Oatly AB for US$ 142mn Inc for US$ 688mn Unilever) for US$ 8.3bn
2015 2016 2017
Hain Celestial through Lima Danone SA acquired The Coca Cola and Coca-Cola Femsa Otsuka Pharmaceutical Co Ltd
N.V. acquired Mona WhiteWave Foods Company for US$ acquired AdeS from Unilever for US$ acquired Daiya Foods Inc for US$
Naturprodukte for US$ 42mn 12bn 575mn 326mn
PepsiCo acquired a 10% stake in Saputo acquired Dairy Crest with
Bel Group acquired 80% alternative milk and cereal company non-dairy spreads brand Vitalite Doehler acquired Wessanen acquired
interest in All in Foods Rude Health for US$ 10.5mn for US$ 1.4bn Nutrafood Abbot Kinneys
2020 2019 2018
Oatly raised US$ 200mn at a valuation Upfield Holdings BV acquired Dean Foods Company
of US$ 2bn from Blackstone, Oprah, Arivia S.A. for US$ 555mn acquired Good Karma Foods
and others Inc for an undisclosed price
SunOpta acquired Dream Bel Group partnered with Big Chobani confidentially
Danone acquired Saputo acquired Bute and WestSoy from Hain Idea Ventures to accelerate filed for an IPO, valuation Britvic acquired
Follow Your Heart Island Foods Celestial for US$ 33mn The New Protein Fund may exceed US$ 10bn Plenish
2021
Oatly raised US$ 1.43bn in The Very Good Food Company Organic Garage acquired The Future Danone Manifesto Ventures Above Food acquired
its IPO with a valuation of completed the acquisition of of Cheese Company by issuing acquired a majority stake in plant-based dairy
US$ 10bn The Cultured Nut 13.8mn shares at US$ 0.45 Harmless Harvest, for an company Culcherd
undisclosed price.
M&A activity is expected to continue as demand for plant-based products continue to grow
Sources: MergerMarket, Company Websites, Press Releases
19
19 Private & ConfidentialKey Plant-Based Dairy Market Participants > Danone (France)
Company Overview: Select Brands:
Revenue: Danone – US$ 23.3bn; Danone’s Plant-Based Dairy – US$ 2.7bn
Brands: Silk, Alpro, Activia, Oikos, So Delicious, Provamel, Follow Your Heat, Honest to Goodness
Presence: Danone is present in +130 countries globally
Locations: Danone has 190+ facilities globally
Related Intelligence: Danone wants to expand its plant-based category in Europe as it looks to
increase plant-based sales worldwide from around US$ 2.7bn in 2020 to US$ 6.0bn in 2025
Significant Developments:
Danone acquired a majority
Acquired WhiteWave Foods Company Danone announced the launch of a Acquired Follow Your Heart, US- stake in US-based organic
for US$ 12bn including the global Danone launched coconut- Plant-Based Acceleration Unit with the based maker of vegan and plant- coconut products company,
portfolio of brands such as Silk, Alpro, based versions of Oikos in goal to increase their global plant-based based dairy foods, for an Harmless Harvest, for an
So Delicious, Provamel, and others Europe and North America sales to US$ 6bn by 2025 undisclosed amount undisclosed price.
2016 2018 2019 2020 2021
Danone launched almond, coconut, Danone launched plant- Danone launched plant-based Danone partnered with Banza, a food
and oat-based versions of Activia in based coffee creamer cheese, shreds and slices, as well manufacturer using chickpeas, to launch a
Europe and North America through the Honest to as creamy spreads, through the So chickpea-based pizza with Follow Your
Goodness brand Delicious Dairy Free brand Heart plant-based cheese as topping
Sources: MergerMarket, Company Websites, Press Releases
20
20 Private & ConfidentialKey Plant-Based Dairy Market Participants > Oatly (Sweden)
Company Overview: Select Brands:
Revenue: Oatly – US$ 528mn
Brands: : Oatly offers various products under the Oatly brand, including oat-based milk, yogurt,
cream, custard, ice-cream, and lattes
Presence: Oatly is sold in over 60,000 retail locations in over 20 countries, and over 30,000 coffee
shops
Locations: Oatly has two production facilities in Europe, and one in the US
Related Intelligence: Oatly is planning on opening 6 new production facilities in the US, Asia, and
Europe to reach its goal of 1.4bn liters of production capacity by 2023 (299mn liters in 2020)
Significant Developments:
China Resources-Verlinvest JV and
Ostersjostiftelsen, acquired Oatly AB Oatly entered the US Oatly reached revenues of Oatly raised US$ 1.43bn in their IPO at
from Industrifonden, for a consideration market and growth Oatly launched oat- US$ 200mn with a CAGR of US$ 17 per share, giving the company a
of US$ 142mn skyrockets based Ice Cream 39% over the last 3 years valuation of US$ 10bn
1985 2016 2018 2019 2020 2021
Oatly is founded Oatly AB raised US$ 200mn in equity led by Oatly launched Oatly Oatly launched cream cheese
Blackstone Growth, with participation from Oprah Oatgurt, an oat-based spreads, oat heavy cream, and
Winfrey, Roc Nation, Natalie Portman, Howard yogurt alternative whippable oat cream in select
Schultz, Orkila Capital, and Rabo Corporate European countries
Investments
Sources: MergerMarket, Company Websites, Press Releases
21
21 Private & ConfidentialKey Plant-Based Dairy Market Participants > Nestlé (Switzerland)
Company Overview: Select Brands:
Revenue: Nestlé – US$ 92.3bn; Nestlé Plant-Based Meat & Dairy – US$ 335mn
Brands: Nestlé offers plant-based dairy alternatives to numerous of its existing brands
Presence: Globally
Locations: Nestlé has 376 production facilities in 81 countries worldwide
Related Intelligence: Globally, Nestlé has around 300 employees in 8 R&D centers researching and
developing plant-based products
Significant Developments:
Nestlé acquired Terrafertil and Nestlé launched Nesquik Nestlé partnered with Bucron
Nestlé launched non- launches almond milk through Nestlé launched Ninho GoodNes in the US, an oat and Nestlé launched non- and Merit to accelerate the
dairy Haagen-Dazs Terrafertil’s brand, Nature’s Forti+ in Brazil, an oat pea-based alternative to dairy Starbucks creamers development of plant-based
ice-cream globally Heart in Latam, US and UK and pea-based beverage traditional Nesquik in August in the US dairy alternatives
2017 2018 2019 2020 2021
Nestlé launched coconut and almond- Nestlé launched coconut, almond Nestlé launched the Nestlé launched rice, Nestlé launched plan- Nestlé launched pea-based
based coffee creamers under the and oat-based cappuccinos under world’s first condensed oat, and pea milks under based version of Milo, the milk, Wunda, in France, the
Natural Bliss brand in the US the Nescafe Gold brand in Europe oat milk through the the Nesfit name in Brazil chocolate malt beverage, Netherlands, and Portugal,
and Oceania brand Carnation in the UK in the Asian market and is planning on launching
in more European countries
Sources: MergerMarket, Company Websites, Press Releases
22
22 Private & ConfidentialKey Plant-Based Dairy Market Participants > Saputo (Canada)
Company Overview: Select Brands:
Revenue: Saputo – US$ 11.6bn, Saputo Plant-Based Dairy - NA
Brands: Vitalite, Sheese, Dairystar
Presence: Saputo predominantly sells plant-based dairy in Europe, the US, and Canada
Locations: As one of the largest dairy processors in the world, Saputo has production facilities in
Canada, the US, Argentina, and Australia
Related Intelligence: Saputo has plant-based beverage production starting this fall at its facility in
Port Coquitlam, Canada
Significant Developments:
Saputo closed two dairy plants
Acquired Dairy Crest and announce that they will Acquired Bute Island Foods
with non-dairy spreads invest more into plant-based with non-dairy cheese brand
brand Vitalite alternatives Sheese
2013 2019 2020 2021
Saputo acquired Morningstar Vitalite launched non-dairy Saputo Foodservice launched Saputo presented new Global
Foods LLC, US-Based producer cheese product line with plant-based mozzarella shred Strategic Plan, emphasizing
of dairy and non-dairy blocks and slices for foodservice customers product innovation in plant-
products for US$ 1.45bn based alternatives for cheese
and beverages
Sources: MergerMarket, Company Websites, Press Releases
23
23 Private & ConfidentialKey Plant-Based Dairy Market Participants > SunOpta (Canada)
Company Overview: Select Brands:
Revenue: SunOpta – US$ 807.1mn
Brands: Sown, Sunrich, WestSoy, Dream
Presence: SunOpta develops, produces and co-manufactures a variety of plant-based beverages
globally. It also sell their products through its own brands primarily in the US
Locations: All SunOpta’s production facilities are in Canada and the US
Related Intelligence: SunOpta are looking to expand oat extraction capacity by 4x, and is targeting
US$ 100mn of revenue growth in the next two years
Significant Developments:
Appointed David J Colo as Divested organic SunOpta announced new
CEO and conducts a value Divested specialty and ingredients segment investment in its Allentown, PA, Acquired Dream and
SunOpta acquired creation plan with Oaktree organic soy and corn Tradin Organic for US$ manufacturing plant to increase WestSoy from Hain
Sunrich Inc. as advisors business for US$ 66.5mn 394mn manufacturing capabilities. Celestial for US$ 33mn
1999 2016 2017 2019 2020 2021
Announced US$ 85mn Exited its nutrition bars Raised up to US$ 60mn from SunOpta launched new SunOpta announced that they
investment from Oaktree product lines and Oaktree and Engaged Capital to organic oat creamer are building a new “mega”
operations invest in plant-based dairy products brand SOWN plant-based beverage facility
in Midlothian, Texas
Sources: MergerMarket, Company Websites, Press Releases
24
24 Private & ConfidentialTable of Contents
I. Introduction to FM&Co.
II. Plant-Based Alternatives: Market Overview
III. Plant-Based Dairy Alternatives
I. M&A Overview & Key Market Participants
II. Capital Markets Observations
III. Financial Sponsor Observations
IV. Plant-Based Meat Alternatives
I. M&A Overview & Key Market Participants
II. Capital Markets Observations
III. Financial Sponsor Observations
V. Team Biographies
25
25 Private & ConfidentialPlant-Based Dairy > Capital Markets Observations
Capital markets are giving plant-based companies access to capital to scale up production and to further
invest in R&D to develop new products
Plant-based companies are gaining attention from investors and are given high valuations
More plant-based companies are looking to launch their IPOs in order to capture market share and attention
from investors and the general public
Activity in capital markets is expected to increase in the future
26
26 Private & ConfidentialPlant-Based Dairy > Select Publicly Traded Companies > Oatly
Oatly (NasdaqGS:OTLY) – Share Price in US$ Key Ratios(1) – in US$ mn
Market Cap 8,373.6
30.00 28.73
TEV 7,607.0
Revenue 528.0
25.00 EBITDA (108.9)
TEV/Revenue 14.4x
20.00 TEV/EBITDA NM
20.20
Debt/Equity 5.8%
15.00 14.15 52 Week High 29.00
Share Price 14.15
% 52 Week High 48.8%
10.00
Key Developments Key M&A Takeaway
May 2021: Oatly had its IPO on the Nasdaq Stock Market on May 19th, 2021, at US$ 17 per share. It ▪ Early financial sponsor investments enabled Oatly to
raised US$ 1.43bn, reaching a US$ 10bn valuation quickly expand internationally and enter the US market
▪ Oatly has invested heavily in expanding its own facilities
June 2021: In the midst of the pandemic, Oatly reached its all-time high stock price, at US$ 28.73 per rather than pursuing M&A. In the coming years, Oatly is
share. Up 69% from its IPO price expecting to open 6 new production facilities
▪ Currently, Oatly has not had the production capacity to
June 2021 – August 2021: Oatly struggles to meet the high demand for its products in the US meet demand in the US, and other players have been able
to capitalize and grab market share
August 2021: News break that Canada based competitor SunOpta is building a “mega-factory” for its ▪ Competitors have been active in M&A to build out their
plant-based drinks portfolios and ramp-up production
August 2021: Oatly announced increase in oat base capacity at its Ogden, Utah facility to meet
increasing demand
(1) As of closing 10/11/2021
Sources: CapitalIQ, MergerMarket, Company Websites, Press Releases
27
27 Private & ConfidentialPlant-Based Dairy > Select Publicly Traded Companies > SunOpta
SunOpta (TSX:SOY) – Share Price in CAD Key Ratios (1) – in CAD mn
Market Cap 1,159.7
20.97
TEV 1,508.2
20.00
Revenue 1,005.7
EBITDA 62.6
15.00
TEV/Revenue 1.5x
TEV/EBITDA 18.5x
10.00 10.71
Debt/Equity 75.0%
52 Week High 21.63
5.00 3.65
Share Price 10.71
% 52 Week High 49.5%
0.00
Key Developments Key M&A Takeaways
April 2020: Oaktree Capital and Engaged Capital agreed to invest up to US$ 60mn in SunOpta in the ▪ Previously a pure co-manufacturer for plant-based milk
form of convertible preferred shares companies, SunOpta has been able to further capture
growth in the market through strategic M&A, adding its
January 2021: CEO announced that the company has completed its turnaround phase and will focus own plant-based brands to its offerings
on acquisitions in the plant-based milk sector ▪ Through divestments of several business lines, SunOpta
has been able to finance its acquisitions and complete its
April 2021: SunOpta acquires plant-based brands Dream and WestSoy from Hain Celestial turnaround to become a major player in the plant-based
milk sector
August 2021: SunOpta announces that it will build a “mega-factory” to increase production of plant-
based milk
(1) As of closing 10/08/2021
Sources: CapitalIQ, MergerMarket, Company Websites, Press Releases
28
28 Private & ConfidentialPlant-Based Dairy > Select Publicly Traded Companies > Veg of Lund AB
Veg of Lund AB (OM:VOLAB) – Share Price in SEK Key Ratios (1) – in SEK mn
Market Cap 432.7
60.00 59.00
TEV 429.9
50.00
Revenue 1.6
EBITDA (14.9)
40.00
TEV/Revenue 276.3x
35.40
30.00 TEV/EBITDA NM
Debt/Equity 8.1%
20.00
52 Week High 63.20
9.91
10.00 Share Price 35.40
% 52 Week High 56.0%
0.00
Key Developments Key M&A Takeaways
February 2020: Veg of Lund had its IPO and started trading on the First North Growth Market Sweden ▪ Veg of Lund has not pursued M&A in the past, but has
established key partnerships in multiple regions that has
December 2020: Veg of Lund announced that they have developed a plant-based milk made from allowed for international expansion
potatoes, named DUG® and it also entered a partnership with Scandi Standard to develop plant-based ▪ As part of its international expansion, M&A could provide
meat products Veg of Lund the resources to successfully launch its
product and capture market share in new regions
March 2021: Veg of Lund signed a sales agreement with Organic Food Brokers with the goal to start ▪ M&A could allow Veg of Lund to ramp up production as
selling its plant-based milk in the US in H2 2021 demand builds for its plant-based milk
May 2021: DUG® started selling in grocery stores in Sweden
June 2021: DUG ® started selling in the UK and China
(1) As of closing 10/11/2021
Sources: CapitalIQ, MergerMarket, Company Websites, Press Releases
29
29 Private & ConfidentialTable of Contents
I. Introduction to FM&Co.
II. Plant-Based Alternatives: Market Overview
III. Plant-Based Dairy Alternatives
I. M&A Overview & Key Market Participants
II. Capital Markets Observations
III. Financial Sponsor Observations
IV. Plant-Based Meat Alternatives
I. M&A Overview & Key Market Participants
II. Capital Markets Observations
III. Financial Sponsor Observations
V. Team Biographies
30
30 Private & ConfidentialPlant-Based Dairy > Financial Sponsor Observations
The sector is gaining attention from private equity houses who are expected to drive consolidation
Venture Capital companies provide necessary capital for early-stage plant-based companies to gain
traction
Private Equity has played a significant role in the inflow of capital towards plant-based dairy alternatives,
allowing established companies to benefit from the rapidly growing domestic and international demand
Investments from financial sponsors are expected to continue due to the vast market growth currently experienced
31
31 Private & ConfidentialSelect Financial Sponsors > Plant-Based Dairy
Date Fund Target Relevant Investments(1) Comments
US-based venture capital firm providing long-
term growth capital to innovative companies
with a focus on environmental sustainability
Ajax Strategies
Ripple Foods, a US-based plant-based dairy
UK-based venture capital firm specializing in
company, raised US$ 60mn in its Series E funding
07/26/2021 late-stage investments in tech companies
round led by Rage Capital, Ajax Strategies, and S2G
across multiple sectors
Rage Capital Ventures
US-based venture capital firm investing in
sustainable and healthy food systems
S2G Ventures
Singapore-based state-owned sovereign
Perfect Day, a US-based company producing non-
wealth fund of the Government of Singapore
animal dairy protein through precision
fermentation, raised US$ 350mn in a funding round
Temasek Holdings
at a US$ 1.5bn valuation. The round was co-led by
06/02/2021
Temasek and Canada Pension Plan (CPP) Investment
Board
Canada-based state-owned pension fund
sponsor investing in equity, fixed income,
Status: Active
and alternative markets across the globe
CPP Investment Board
Financial sponsors have played a critical role in the capital formation for Plant-Based Dairy start-ups allowing them to
develop into established companies
(1) Current investments, unless noted otherwise
32
32 Private & ConfidentialSelect Financial Sponsors > Plant-Based Dairy
Date Fund Target Relevant Investments(1) Comments
The Not Company (NotCo), a Chilean-based plant-
based food company, announced that they have US-based investment firm managing hedge
raised US$ 235mn in a funding round led by Tiger funds and private equity funds. The firm
07/26/2021
Global invests primarily in early-stage companies,
growth-oriented companies, and start-ups
Status: Active
Tiger Global Management, LLC
Enlightened Hospitality Investments, a US-based
growth equity fund, made a strategic investment in US-based growth equity fund associated with
The Not Company (NotCo) to boost its ability to USHG and over 30 yeas of experience in the
06/02/2021
expand into the US hospitality business and beyond. Danny
Meyer, founder of Shake Shack, is a partner
Enlightened Hospitality Status: Active
Investments
Plant Tap, Inc, with the brand Numilk, secured a US$
2mn investment from Mark Cuban on the
US-based, Mark Cuban is an American
entrepreneur TV-show Shark Tank, for 7% equity in
03/27/2021 entrepreneur, TV-personality, media
the company
proprietor and investor
Status: Active
Mark Cuban Companies
EVR Foods, who own the plant-based yogurt and
milk brand LAVVA, secured a US$ 5mn investment
from Health and Plant Protein Group (HPP) and S2G US-based venture capital firm investing in
02/16/2021
Ventures, for a combined 60.5% interest in LAVVA sustainable and healthy foods
Status: Active
S2G Ventures
Financial sponsors have played a critical role in the capital formation for Plant-Based Dairy start-ups allowing them to
develop into established companies
(1) Current investments, unless noted otherwise
33
33 Private & ConfidentialSelect Financial Sponsors > Plant-Based Dairy
Date Fund Target Relevant Investments(1) Comments
UK-based producer of vegan ice cream, Northern
Bloc Ice Cream, secured a seven-figure investment UK-based private equity firm investing in
01/18/2021 from private equity house Mobeus domestic companies in various industries,
with a focus on SME’s and Startups
Status: Active
Mobeus
The Not Company (NotCo) confirmed US$ 85mn France-based venture capital firm focused on
funding from the France-based venture capital firm investing in new technologies
Future Positive Future Positive Capital and American-French private
09/09/2020
equity company L Catterton
US-based private equity firm and one of the
Status: Active largest and most global consumer focused
L Catterton
Oatly AB, plant-based dairy company made from
oats, raised US$ 200mn in equity led by Blackstone
US-based private equity firm that provides
Growth, with participation from Oprah Winfrey, Roc
financial advisory services including M&A,
07/14/2020 Nation, Natalie Portman, Howard Schultz, Orkila
restructuring and reorganization advisory
Capital, and Rabo Corporate Investments
services and fund placement services
Status: Active
Blackstone
Financial sponsors have played a critical role in the capital formation for Plant-Based Dairy start-ups allowing them to
develop into established companies
(1) Current investments, unless noted otherwise
34
34 Private & ConfidentialSelect Financial Sponsors > Plant-Based Dairy
Date Fund Target Relevant Investments(1) Comments
The Collaborative, a UK-based plant-based yogurt US-based growth equity fund that provides
and desserts brand, secured US$ 7mn Series A financial and strategic support as well as
04/24/2020 investment from PowerPlant Ventures operational expertise to natural foods
brands. Other investments include Beyond
Status: Active Meat, Veggiegrill, and Rebbl
PowerPlant Ventures
Qatar Investment Authority led Califia’s latest series Qatar-based, Qatar Investment Authority is
D funding round with three other investors for a Qatar's sovereign wealth fund. The QIA was
01/15/2020 total of US$ 225mn founded by the State of Qatar in 2005 to
strengthen the country's economy by
Status: Active diversifying into new asset classes
QIA
Ambrosia Investments invested US$ 50mn into
Singapore-based investment holding
Califia Farms, in a Series C funding round
07/02/2018 company interested in integrated food
services sector
Status: Active
Ambrosia Investments
US-based venture capital and private equity
REBBL, a California-based manufacturer of coconut
firm investing in high growth, iconic
milk-based beverages based, closed a US$ 20mn
consumer brands. CAVU was founded by
05/18/2018 financing round led by CAVU Venture Partners
consumer products veterans and serial
entrepreneurs Rohan Oza, Clayton
Status: Active
Christopher, and Brett Thomas
CAVU Venture Partners
Financial sponsors have played a critical role in the capital formation for Plant-Based Dairy start-ups allowing them to
develop into established companies
(1) Current investments, unless noted otherwise
35
35 Private & ConfidentialSelect Financial Sponsors > Plant-Based Dairy
Date Fund Target Relevant Investments(1) Comments
Ripple Foods, an Emeryville, California-based maker
of plant-based dairy product alternatives, secured
US$ 65mn in Series C funding in a round. The Series
US-based single-family office that invests
01/29/2018 C was led by Euclidean Capital, with participation
individual & family services management
from Goldman Sachs, and Fall Line Capital
Euclidean Capital Status: Active
Kohlberg Kravis Roberts & Co. L.P. (“KKR”) agreed to
acquire Upfield, the Netherland-based US-based global investment firm that
manufacturer of cheese spreads and other plant- manages investments across multiple asset
12/15/2017 based products business of Unilever Plc., for US$ classes including private equity, energy,
8.3bn infrastructure, real estate, credit and hedge
funds
Kohlberg Kravis Roberts Status: Active
China Resources-Verlinvest and Östersjöstiftelsen, China-based JV between China Resources
along with management and other existing and Verlinvest, seeking to invest in mid-sized,
shareholders acquired Oatly AB, the Sweden-based high-growth businesses in the healthy
food company engaged in providing oat-based non- branded Food & Beverage and Senior Care
12/02/2016 China Resources Verlinvest dairy products, from Industrifonden, the Sweden- sectors
based venture capital firm, for a consideration of
US$ 142mn Sweden-based foundation focused on
research and the training of doctoral
Östersjöstiftelsen Status: Active students
Stripes Group, LLC invested US$ 50mn in Califia
US-based private equity and venture capital
Farms, the US-based company engaged in providing
firm invests in companies between US$ 10mn
plant-based food alternatives, together with Sun
09/15/2015 to US$ 150mn with a sector-specific focus on
Pacific
Internet, SaaS, Healthcare IT, and Branded
Consumer Products
Status: Active
Stripes Group
Financial sponsors have played a critical role in the capital formation for Plant-Based Dairy start-ups allowing them to
develop into established companies
(1) Current investments, unless noted otherwise
36
36 Private & ConfidentialTable of Contents
I. Introduction to FM&Co.
II. Plant-Based Alternatives: Market Overview
III. Plant-Based Dairy Alternatives
I. M&A Overview & Key Market Participants
II. Capital Markets Observations
III. Financial Sponsor Observations
IV. Plant-Based Meat Alternatives
I. M&A Overview & Key Market Participants
II. Capital Markets Observations
III. Financial Sponsor Observations
V. Team Biographies
37
37 Private & ConfidentialPlant-Based Meat > Select Ingredients Overview
Ingredient Nutritional Benefits Nutritional Cons Related Intelligence
▪ High usage of GMOs during production of soy
▪ High protein content
▪ Common allergen ▪ Has been linked to increase risk of breast cancer
▪ Good source of potassium
▪ Contains natural antinutrients due to the isoflavones, plant estrogen
▪ Low saturated fats
▪ High sodium content in final products ▪ Highly processed to achieve animal protein-like
▪ Many soy derivatives like tofu and tempeh
features and flavor
Soy
▪ Low in Vitamin B12 ▪ Yellow peas are the fastest growing source of
▪ High protein content
▪ Low in methionine, an amino acid found in meat, protein used in plant-based meat products
▪ Contains all 9 essential amino acids
fish and dairy products ▪ Highly processed to achieve animal protein-like
▪ No significant GMO concerns
▪ High sodium in final products features and flavor
Peas
▪ Wheat gluten-based protein, not appropriate for ▪ Used in primarily plant-based chicken products as
▪ High protein content
people with gluten-allergies it has similar textures
▪ Low in carbs
▪ Low in lysine, an essential amino acid ▪ Highly processed to achieve animal protein-like
▪ Low in fat
▪ High sodium in final products flavor
Seitan
▪ Potential to be used for many plant-based seafood
▪ High protein content ▪ Has been linked to allergic reactions products due to its texture
▪ High in fiber ▪ Can cause symptoms such as nausea ▪ Cost-effective and does not require as much
▪ Rich in essential amino acids ▪ High sodium in final products processing to achieve meat-like features, but
requires processing to achieve flavor
Mycoprotein
New food technologies will emerge to address concerns regarding ingredients
Sources: BCG – Food for thought (2021); Meticulous Research Pvt. Ltd. – Plant Based Food Market – Global Opportunity Analysis and Industry Forecast; Bloomberg – Beyond Meat Sparked a Run on Peas and Protein Revolution; Healthline – Is Seitan (Vital
Wheat Gluten) Healthy?; Healthline – What is Mycoprotein and Is It Safe to Consume?
38
38 Private & ConfidentialPlant-Based Meat > Different Meat Alternatives
Plant-Based Microorganism Cultivated Meat
Some products such as plant-based burgers close to Proteins are derived from yeast, single-celled algae, or Newly emerging technology where protein is produced
reaching cost parity with traditional proteins fungi (mycoprotein), and then processed to achieve directly from cells from a living animal, without killing
meat-like texture and flavor or harming the animal. Upside Foods has developed
Yellow peas and soy are currently the two dominating chicken from small samples of cells from chickens
categories used in the production of plant-based meat Some industry players are already using this technique,
such as Quorn, Marlow Foods and Meati Foods Not technically a vegan option, but the technology
Technology needs to advance to achieve traditional addresses many of the concerns with animal welfare
protein like features with less processing Is expected to be a good substitute for eggs and cheese and the environment
due to its physical properties
Essential vitamins and amino acids needs to be added Financial sponsors have been actively investing in food
to the products in order to make it a sustainable diet Currently an expensive process and it will have to tech startups as the technology continues to develop
and healthy alternative for humans further develop to achieve competitive pricing with
traditional proteins Cultivated meat is expected to grow significantly
Despite many health benefits, plant-based meat between 2025-2035, with expectations of products
products generally have a high sodium content Expected to experience rapid growth in coming years as being available on a retail scale in 2022
alternatives are developed for more animal products
Meat Alternatives by Source - 2020 Meat Alternatives by Source - 2035 Meat Alternatives CAGR
4% 140%
120%
6% 120% 111%
100%
23% 80% 66%
60% 52%
45%
40%
12% 16%
71% 20% 7% 8%
96% 0%
CAGR 20-25' CAGR 25-30' CAGR 30-35'
Plant-Based Microorganism Plant-Based Microorganism Cultivated Meat Plant-Based Microorganism Cultivated Meat
Sources: BCG – Food for thought (2021); Meticulous Research Pvt. Ltd. – Plant Based Food Market – Global Opportunity Analysis and Industry Forecast; Food Engineering - Alternative protein processors using cell- or plant-based methods can
learn from biotech; Research and Markets - Mycoprotein - Global Market Trajectory & Analytics
39
39 Private & ConfidentialPlant-Based Meat > Select Market Participants
Global Plant-
Based Meat
Companies
North America Latam Europe Asia
ConAgra Brands
Regional / Local Tyson Foods JBS Paulig Group
Leaders
Maple Leaf Foods Maple Leaf Foods Monde Nissin
Hain Celestial
Otsuka Pharmacueticals
Raisio
Other Local
Midsona
Companies
Livekindly Collective
Note: Text under the logos are the brand owners
40
40 Private & ConfidentialTable of Contents
I. Introduction to FM&Co.
II. Plant-Based Alternatives: Market Overview
III. Plant-Based Dairy Alternatives
I. M&A Overview & Key Market Participants
II. Capital Markets Observations
III. Financial Sponsor Observations
IV. Plant-Based Meat Alternatives
I. M&A Overview & Key Market Participants
II. Capital Markets Observations
III. Financial Sponsor Observations
V. Team Biographies
41
41 Private & ConfidentialPlant-Based Meat > M&A Observations
M&A transactions in the industry will continue to feature significant amounts of activity as the market
continues to grow and as consumers increasingly see plant-based alternatives as a norm
Established food and drink companies and financial investors gaining access to the fast-growing
High Growth
plant-based alternatives market
Shifting Market Large meat companies are expanding their portfolio to include plant-based alternatives in order to
Dynamics remain competitive due to rising market norms towards plant-based alternatives
Start-ups Requiring Start-up companies requiring investments from individuals, financial or corporate investors in
Investment order to accelerate their growth and to bring new plant-based food-tech solutions to the market
Companies looking to consolidate and expand existing positions to achieve economies of scale and
Economies of Scale
to reach new geographies
Plant-Based Meat M&A is expected to continue in the foreseeable future
42
42 Private & ConfidentialPlant-Based Meat > Key Recent M&A Milestones
Maple Leaf Foods Maple Leaf Foods acquired
Monde Nissin Corp acquired Atlantic Natural Foods acquired Tyson acquired a 5% stake acquired Lightlife Foods Field Roast Grain Meat Co
Quorn Foods for US$ 831mn Loma Linda Brand from Kellogg in Beyond Meat for US$ 140mn for US$ 120mn
2015 2016 2017
Gilde Buy Out Partners Atlantic Natural Foods Pulmuone acquired Vitasoy USA including Nature Soy acquired Nestlé acquired Sweet
acquired Enkco B.V. acquired Neat Foods the brand Nasoya for US$ 50mn Veggieland Earth Foods
Conagra Brands acquired Pinnacle
Midsona acquired Ekko Jensen Meat Co. owners Beyond Meat IPO raised US$ Foods including the brand Gardein Hilton Food Group acquired
Gourmet for US$ 1mn acquired Before the Butcher 240mn with a valuation of US$ for US$ 10.9bn Dalco Food B.V.
1.5bn
2019 2018
Estavayer Lait acquired Cranswick Plc acquired Katsouris Pfeifer & Langen acquired Unilever acquired the Kerry Group acquired Ojah B.V.
SoFine Foods Brothers Plc for US$ 62mn AMIDORI Food Company Vegetarian Butcher for US$ 19mn
LIVEKINDLY Collective Vestar made a majority Sigma Alimentos
B.V. Kennemervis Group acquired remaining 49% Midsona acquired System LIVEKINDLY Collective investment in Dr. Praeger’s acquired a minority stake
acquired Bobeldijk Food stake of Like-Meat Frugt for US$ 33mn acquired No Meat sensible foods in The Live Green Co
Group
2020 2021
Foods United acquired Foods United (Blue Horizon) LIVEKINDLY Collective PepsiCo and Beyond Meat LIVEKINDLY Collective Raisio acquired JBS acquired
51% of Like-Meat acquired LIVEKINDLY Media and acquired Oumph! announced that they are acquired The Dutch Verso Food for Vivera for US$
rebrands as LIVEKINDLY Collective forming the joint venture The Weed Burger US$ 8.4mn 407mn
Planet Partnership
M&A activity is expected to continue as demand for plant-based products continue to grow
Sources: MergerMarket, Company Websites, Press Releases
43
43 Private & ConfidentialKey Plant-Based Meat Market Participants > Nestlé (Switzerland)
Company Overview: Select Brands:
Revenue: Nestlé – US$ 92.3bn; Nestlé Plant-Based Meat & Dairy – US$ 335mn
Brands: Sweet Earth, Garden Gourmet, Harvest Gourmet
Presence: In the US through Sweet Earth, Europe through Garden Gourmet, and Australia, China
and Malaysia through Harvest Gourmet
Locations: Nestlé has 376 production facilities in 81 countries worldwide
Related Intelligence: Globally, Nestlé has around 300 employees in 8 R&D centers researching and
developing plant-based products. This R&D network has allowed Nestlé to launch “PB triple play” – all
plant-based ingredients for a bacon cheeseburger in just 10 months, and plant-based tuna in 9 months
Significant Developments:
Nestlé announced
Nestlé announced that they will partnership with Corbion to Nestlé announced partnership Nestlé opened plant-based Nestlé launched
commit to zero net emissions by develop microalgae-based Nestlé launched new plant- with Burcon and Merit for production facility in plant-based chicken
Nestlé acquired Sweet 2050 including offering more ingredients for plant-based based tuna under the plant-based meat and dairy Malaysia to expand Harvest through their Sweet
Earth Foods in the US plant-based products products Garden Gourmet brand ingredients Gourmet Range in Asia Earth brand
2017 2019 2020 2021
Nestlé acquired Garden Nestlé launched new plant-based Nestlé launched new plant- Nestlé launched new plant- Nestlé launched new plant- Nestlé launched new plant-based
Gourmet in Europe burgers and grounds in the US through based pizza and lasagne with based sausages in Europe based product offerings in Hot Dogs and Jerky, and a new
Sweet Earth and Europe through Garden Sweet Earth Awesome through Garden Gourmet China under the Harvest version of their Awesome burger
Gourmet and in Australia through Grounds and US through Sweet Earth Gourmet Brand through Sweet Earth
Harvest Gourmet
Sources: MergerMarket, Company Websites, Press Releases
44
44 Private & ConfidentialKey Plant-Based Meat Market Participants > The LIVEKINDLY Collective (US)
Company Overview: Select Brands:
Revenue: LIVEKINDLY Collective – No estimates
Brands: Like Meat, Fry’s, No Meat, Oumph!, The Dutch Weed Burger
Presence: The products are available in North America, Europe and South Africa
Locations: The LIVEKINDLY Collective’s HQ is in the US, and they operate globally through their brands
Related Intelligence: CEO Kees Kruythoff has emphasized that LIVEKINDLY is specifically targeting the
plant-based chicken market. They have announced ambitions to expand their product offering into
China during 2021
Significant Developments:
LIVEKINDLY Collective partnered
LIVEKINDLY Collective with RCL Foods in South Africa LIVEKINDLY completed the LIVEKINDLY Collective secured US$ LIVEKINDLY Collective LIVEKINDLY Collective
announced US$ 200mn LIVEKINDLY Collective supplying plant-based chicken acquisition of Oumph!, a 335mn in funding round lead by The appointed six new acquired The Dutch Weed
was raised in a round acquired remaining to major fast-food chains like plant-based meat brand Rise Fund, bringing total funds raised in members to Board of Burger, a plant-based meat
led by Blue Horizon 49% stake of Like-Meat KFC and Nando’s made from beans the first year to US$ 535mn Directors brand made from seaweed
2020 2021
Foods United Foods United acquired LIVEKINDLY Collective LIVEKINDLY LIVEKINDLY Collective LIVEKINDLY Collective formed a LIVEKINDLY Collective LIVEKINDLY Collective partnered up
acquired 51% of LIVEKINDLY Media and formed plant-based ready- Collective partnered acquired The Fry Joint Venture with PURIS acquired No Meat, a with Rival Foods, a Germany-based
plant-based chicken changes name to The meals partnership with with PHW Gruppe Family Good Co Holdings to accelerate adoption plant-based meat brand start-up to develop plant-based
brand Like-Meat LIVEKINDLY Collective Ospelt of plant-based nutrition. using soy, beetroot, chicken products
beans and more
Sources: MergerMarket, Company Websites, Press Releases
45
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