Portfolio Company Update: Foods United
13 March 2020
Portfolio Company Foods United Announces Rebranding as the LIVEKINDLY co., Raises US$ 200 Million to Invest in Plant-Based Chicken Substitutes
The Board at Agronomics is pleased to confirm that Foods United, a major holding, has completed its US$ 200 million financing and rebranded as the LIVEKINDLY co "LIVEKINDLY". LIVEKINDLY is building its portfolio of brands that offer plant-based chicken alternatives, including The Fry Family Food Co and LikeMeat. As a result of this fundraise, the Company's expects its equity interest in LIVEKINDLY co. to be 1.5%.
The complete announcement is set out below without material changes or adjustments.
New York, NY // MARCH 11, 2020 -The LIVEKINDLY co. is leading a movement to build a sustainable future, today, fueled by a $200-million founders' funding round led by founders, entrepreneurs, and global leaders. Establishing a collective of heritage and start-up brands, the company is on track to become one of the world's largest plant-based food companies.
Brands under the LIVEKINDLY co. portfolio offer consumers non-GMO, plant-based chicken alternatives and include: The Fry Family Food Co. and LikeMeat, as well as the fastest-growing plant-based digital media platform, LIVEKINDLY Media-from which the new company name derives and means embracing a sustainable and compassionate lifestyle. With these investments and an equity stake in PURIS Holding, a vertically integrated player of non-GMO, plant-based ingredients, the LIVEKINDLY co. is the only company in the plant-based food sector to own and operate the entire value chain of production.
The LIVEKINDLY co. is committed to transforming the global food system by partnering with forward-looking poultry production companies seeking to embrace and contribute to plant-based options. Products offer consumers recognizable natural ingredients made with environmentally friendly meat alternatives that mimic the taste and texture of chicken.
Plant-based food products are becoming increasingly popular as consumer demand for cleaner, more sustainable options grow, and production technologies improve to significantly enhance taste and texture. The plant-based protein market could reach 9% of the estimated $2.7 trillion global meat market by 2040-positioning the LIVEKINDLY co. for strong future growth.
Leading the LIVEKINDLY co. is a global team of industry executives including Kees Kruythoff, Chairman & CEO (formerly President Unilever North America and Global Home Care Division); and Roger Lienhard, Board of Directors and Founder (founder of Blue Horizon Corporation). The leadership team also includes veterans of the food and industry: Mick Van Ettinger, Chief Marketing Officer (formerly of Unilever), and Aldo Uva, COO and Chief R&D Officer (formerly of Nestle, Firmenich, and Ferrero), and Jodi Monelle, CEO and Founder LIVEKINDLY Media.
"Unlike any other company in this space, the LIVEKINDLY co. is creating a movement that will drive impact at scale and at speed," said Kruythoff. "We are starting with one of the world's most consumed meats-chicken by providing outstanding, tasty, plant-based foods that are more sustainable and environmentally friendly. We're also partnering with incumbent poultry companies including PHW in Europe and RCL Foods in South Africa, who are committed to embracing plant-based options."
"The LIVEKINDLY co. 's approach offers a path forward for transforming the global food industry. Our team has built a new formula for success by bringing innovation, experience, resources, and scale throughout the plant-based chicken value chain," said Lienhard. "It started with bringing together like-minded founders who share a vision for smarter, sustainable living, and allows the food industry to better align around the evolving values of consumers who are focused on climate change, animal welfare, and human health."
The founders' round of funding will be used for further acquisitions, scaling the current plant-based food portfolio of brands and investments to rapidly increase the plant-based food industry capacity.
The LIVEKINDLY co. is a collective of plant-based heritage and start-up brands including: The Fry Family Food Co., LikeMeat, and LIVEKINDLY Media. Committed to transforming our global food system and the only company in the plant-based food sector to own and operate the entire value chain of production, the LIVEKINDLY co. has established strategic partnerships with seed growers, producers, distributors, and has invested in infrastructure to transform traditional meat production facilities to plant-based products. The LIVEKINDLY co. and its portfolio of brands are creating delicious plant-based food without the need for animals or the depletion of natural resources. We're bringing kindness where it belongs: to your plate.
Blue Horizon was founded in 2015 with the vision that profit-oriented strategies and the common good can be united. Blue Horizon is a global-mission-driven private sector investment firm focused on scalable ventures that accelerate that global transition towards sustainable food and agriculture.
Agronomics is an AIM-listed investment company focused on the nascent field of cellular agriculture, precision fermentation and synthetic biology, with an emphasis on improving the efficiency and sustainability of current supply chains, with a focus on eliminating the requirement of animals to meet our resources absolute. The Company was launched in April 2019, with the appointment of a highly experienced team of investors and entrepreneurs including Richard Reed, Jim Mellon and David Giampaolo.
Agronomics believes that we are on the cusp of the most significant disruption in our global food system, which will be fundamental to feeding the world's growing population as it approaches 10 billion people by 2050. The transformation of the food production system through utilisation of synthetic biology is a viable solution to improve the health and wealth of the planet and the global population, by reducing energy, water and land requirements.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
For further information, please contact:
Beaumont Cornish Limited
Zeus Capital Limited
Peterhouse Capital Limited
+44 (0) 1624 639396
+44 (0) 207 628 3396
+44 (0) 20 3829 5000
+44 (0) 207 469 0936
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