Ezekiel Bronfman

I have written a lot lately about protein and where the category is heading. This deal is another data point worth paying attention to. Second Nature Brands, the PE-backed snacking platform behind Brownie Brittle, Sahale Snacks and Voortman, just agreed to acquire Tillamook Country Smoker. Tillamook generates more than $175 million in annual sales and makes clean-label zero-sugar jerky, beef sticks and sausages. This is Second Nature's first move into protein snacks. The category numbers explain why. Dried meat snack sales excluding jerky rose 10.7% to $3.3 billion in 2024. PepsiCo entered this year with Good Warrior. Chomps, Jack Link's Protein Snacks and Archer Meat Snacks are all scaling. The category has gone from a niche better-for-you play to one of the most competitive aisles in the store in a very short window. For Second Nature, Tillamook gives them a platform in a category with real consumer tailwinds. For CapVest, the PE firm backing Second Nature, this is the roll-up playbook working exactly as designed. Buy castoffs and undermanaged brands, add distribution muscle and retail relationships, and let the category growth do some of the work. The harder question is whether clean-label meat snacks can hold their positioning as the category gets crowded with scaled players. Full article: https://lnkd.in/gvsRjjzQ

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GENERAL MILLS SELLS MUIR GLEN TO VIOLET FOODS Violet Foods, a portfolio company of Amphora Equity Partners, has acquired Muir Glen from General Mills. Financials undisclosed. General Mills acquired Muir Glenn in 2000 to expand into organic foods. The company divested Food Should Taste Good in 2023 and its North American yogurt business ($2.1B to Groupe Lactalis in 2025). Amphora is a F&B specialist PE firm launched in 2025 by two Brynwood Partners veterans and has been moving aggressively in the tomato category acquiring Don Pepino and Sclafani from B&G Foods Inc.. Another deal on the wave of CPG conglomerates shedding smaller, mature assets while PE firms capitalize on these carve-out opportunities. Similar PE carve-outs are: - General Mills selling Helper and Suddenly to Eagle Family Foods for $610M (2.60x sales) - Conagra Brands selling Chef Boyardee to Brynwood for $600M (1.33x sales) - B&G Foods acquired College Inn & Kitchen Basics for $100M for 2.2x ebitda

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Important discussion shared by PeakBridge on ultra-processed foods and the clean-label movement that is growing louder. But one surprising reality is rarely discussed: Most “vanilla flavor” used in food products is not real vanilla. Not because companies don’t want to use it — but because natural vanilla supply has historically been too fragile, volatile, and limited to support global demand. For decades, the industry filled this gap with synthetic flavor systems. If the food industry is truly moving toward cleaner labels and real ingredients, then the ingredient supply chains behind them must evolve as well. At Vanilla Vida, our mission is to help enable that shift by building a scalable and reliable natural vanilla supply chain — combining controlled farming and industrial curing to bring stability to a historically unpredictable crop. #TheVanillaParadox

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Searching for growth? General Mills has announced plans to boldly go after the over 55s in their quest to increase volumes. While much of CPG chases 18-45s or the latest wellness fad, General Mills is placing its bets on three under-the-radar, high-leverage consumer groups: - Adults aged 55 +, who account for nearly half of U.S. households and have enormous spending power. - Consumers using GLP-1 medications (up to 12%+ of U.S. adults), who’re eating less but seeking more protein, more functional nutrients, smaller portions. - Hispanic shoppers, where General Mills plans to ramp up innovation and engagement by ~40% in FY26. This move takes product renovation in new directions - redesigning products and formats to match how people now live, eat and feel. They’re innovating for smaller households (smaller pack sizes), higher-protein need states, functional nutrition and not just indulgence. And this isn’t an isolated move. It’s part of a broader CPG reboot as the absence of growth looms. Full article by Elizabeth Crawford here: https://lnkd.in/eC7uqJSk #CPG #Innovation #ConsumerTrends #GeneralMills #Wellness #GLP1 #MidlifeConsumers #BrandStrategy

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