Vertical farming business Spread has signed a sustainability-linked loan of $4.6 million (JPY 600 million). The loan defines sustainability performance targets (SPTs) in accordance with the Japanese company's business strategy and has tied lending conditions, such as interest rate, to the achievement of these. In this way, it serves as an incentive for the company to strengthen its commitment towards environmental, social and governance management. The SPTs include an improvement in the labour productivity at Spread’s vertical farms of 30% in comparison with FY 2018, and the maintenance of energy consumption per production volume at the level of FY 2021. Spread’s general manager of corporate planning department, Masaki Kushiro, said: “In anticipation of further growth, following the equity financing last summer, we expect this sustainability-linked loan to be a big step in the promotion of expansion and effective use of indirect financing”. “As a vertical farming company, we are expected to keep contributing to environmental and social issues. By announcing some of the tasks that we are working on and linking them to economic conditions, the loan allows us to express our intention to achieve corporate growth and social contribution in parallel.”

Valeo Foods has appointed Ronald Kers as its next group CEO, following Seamus Kearney's decision to relinquish the leadership role. Kers will assume the position in the summer following five years as chief executive of 2 Sisters Food Group. He commented: “I’m thrilled to be joining Valeo Foods and look forward to partnering with the team to help realise the ambition of building a scale and growing a platform of multinational food brands”. In a LinkedIn post, Kers wrote that it was with "mixed feelings" that he informed his network of his decision to leave Boparan Holdings (BHL), 2 Sisters Food Group’s parent company. He wrote that "I have thoroughly enjoyed my time as CEO of BHL for the past five years," adding, "I believe that the time is right for me to move on to the next challenge". Richard Pennycook, chairman of BHL, said: “The business remains focused and in good shape following the challenges of Covid, Brexit and continuing inflationary pressures. We are well-placed to handle a smooth succession process in light of Ronald’s departure later this year.” Outgoing Valeo CEO Kearney has held the position for more than 11 years, during which time the company says he has “spearheaded a period of exceptional growth and expansion of the group, including leading 18 acquisitions”. Kearney said: “While my role is evolving in the business, I remain incredibly passionate and excited about the future for Valeo Foods, and I look forward to supporting Kers and the Bain Capital team in a different capacity and as a long-term committed shareholder”.

Easy Ice, a US-based provider of full-service ice machine subscription solutions, has acquired the ice machine division of San Diego Ice Company (SDIC), a family-owned business. This follows Easy Ice's acquisition of Cube Aire late last year. Darren Boruff, chief acquisitions officer at Easy Ice, said: "I am extremely excited to expand our platform in southern California with such an established company. San Diego Ice Company has offered great products and wonderful service since 1983, and we're excited to carry on that tradition." SDIC will now focus exclusively on ice manufacturing and delivery, merchandising and carving. The company says that employees and customers affected by the acquisition can expect a smooth transition to Easy Ice. Anthony Toma, VP and director of Operations at SDIC, commented: "It has been a pleasure working with long-time friend Darren Boruff of Easy Ice. His expertise in the field of commercial ice machines has been invaluable in helping us meet our business needs.” He added: “We look forward to continuing our partnership in the future, and we trust that Easy Ice is the right company to take over a 40-year-old legacy that started with my father Sabah Toma". Further details of the transaction were not disclosed.

Chilled dessert brand Gü has expanded its portfolio with the addition of a new line of cocktail-inspired chilled desserts, Gü Mixology, in three flavour varieties. The layered desserts are contained in ramekins and contain traces of alcohol, mimicking the flavour of three popular cocktails. The Passionfruit Martini flavour dessert has an exotic, zesty flavour and is layered with popping candy, passionfruit and champagne compote, passionfruit curd, vanilla vodka cream, and crunchy biscuit. The Espresso Martini-inspired treat is layered with chocolate coffee pearls, coffee liqueur cream, coffee crème and cocoa and coffee biscuit. The Strawberry Daiquiri-flavoured dessert is made with Jamaican rum and strawberries, layered with daiquiri compote, daiquiri cream, strawberry and lime curd and red biscuit. The Gü Mixology range will be available in Asda stores across the UK from 18 February for an RRP of £3.95 per 2-ramekin format.

Ferrero is set to launch a trio of ice cream sticks under its Ferrero Rocher and Raffaello brands. The Ferrero Rocher Classic and Ferrero Rocher Dark ice creams are coated with crunchy hazelnut pieces and filled with hazelnut-flavoured ice cream. Meanwhile, the Raffaello ice cream sticks feature a crispy coating with a sprinkling of coconut shavings and crunchy almond pieces with refreshing coconut-flavoured ice cream. Jason Sutherland, UK & Ireland sales director at Ferrero, said: “Ferrero Rocher and Raffaello are well-loved and trusted brands by many, and, as a key player within the confectionery category, we are confident that the newest addition to our portfolio will drive cross-category purchase between confectionery and ice cream. It will attract existing Ferrero shoppers to the ice cream aisle as well as recruiting new ones, supporting retailers in strengthening the category." He continued: “As we approach the warmer months, it’s the ideal time for retailers to offer their customers something new, and summer remains a pivotal season which accounts for almost half of annual category sales”. The Ferrero Rocher and Raffaello ice creams will be available at grocery stores from this month for an RRP of £2.00 for single sticks and £4.75 for multipacks of four.

Palsgaard has started work on an €18 million expansion at its Netherlands factory, set to double its polyglycerol polyricinoleate (PGPR) emulsifier production capabilities. PGPR is a plant-based co-emulsifier primarily used in the production of chocolate to control flow, reduce viscosity and optimise moulding and enrobing. It can also be used to reduce fat content in margarine spreads and act as a colour-dispersing aid to replace petrol-based waxes in plastics. According to Palsgaard, the work is expected to be completed in 2024 and will double the company’s global capacity to produce PGPR. The extension includes 1500 square meters of solar panels along with three new reactors and a downstream processing line. Palsgaard Netherland’s site director, Joris Dhont, said: “As well as almost doubling our PGPR capacity to 11500 metric tonnes annually, this expansion will substantially increase storage capacity for raw materials and finished goods, which will secure business continuity in times of supply chain disruptions”. The company is also investing €125 million in its main production site in Denmark where it is installing a 30,000-metric-tonne spray cooling tower. Palsgaard says that the Denmark facility will be supported by the construction of new reaction, distillation and esterification plants and will also double its production capacity by 2024.

Mars Wrigley has announced the launch of a new HFSS-compliant fruity confectionery, Starburst Fruit Squares. The Fruit Squares are available in two flavours: Fruit Mix, which features a blend of apple, strawberry, blackcurrant and orange, and Tropical Mix, a combination of pineapple, mango, passionfruit and lemon. The snack contains real fruit and is high in fibre. Mars Wrigley's marketing director, Kerry Cavanaugh, said: “The launch of Starburst Fruit Squares is a response to the ever-evolving confectionery landscape, particularly at a time where HFSS regulations are impacting the sector”. He continued: “As fruity confections are growing at +17% year-on-year, the Starburst brand is a perfect platform for Mars Wrigley’s first HFSS-compliant fruity confectionery venture, bringing an additional audience of 1.4 million to the sector. We’re pleased to provide a front-of-store-compliant confectionery product to retailers that continue to drive innovation across the fruity confectionery category.” The fruit snacks will be available in Morrisons stores from 27 February and Sainsbury’s in later months, with an RRP of £1.00 per 25g pack.

Fonterra has entered into a strategic partnership with Man Energy Solutions to reduce CO2 emissions in dairy production through the use of heat pump technology for steam generation. Man Energy Solutions is a German multinational company that provides engines and turbomachinery solutions. The partnership will see the design and implementation of industrial-scale heat pump technology, which will be trialled to replace non-renewable energy in steam generation. As a result of the project, the co-op could reduce its CO2 emissions by 60,000 metric tons per year, which is "the equivalent of taking 25,000 cars off New Zealand's roads," according to Fonterra. With the Man Heat Pump solution, Fonterra will be able to produce steam, used to dry dairy ingredients, using renewable electricity sources such as hydro, solar, geothermal and wind. The pump is expected to be able to produce more than 30 metric tons of process steam per hour, which is equivalent to a 25-megawatt thermal output. Fonterra's COO, Fraser Whineray, said: “Improving energy efficiency and trying a range of fuels in our manufacturing operations remains a vital part of our decarbonisation strategy. We’re working to meet the expectations of our customers, consumers and stakeholders here in New Zealand and around the world, who are increasingly wanting us to accelerate progress to reduce our emissions." He continued: “A key contributor to this reduction is the co-operative’s transition away from coal by 2037. By the end of the year, it is expected that only six out of 29 sites will be using coal. “We see huge value in collaborating with innovative partners to achieve this ambitious goal. Man Energy Solutions will provide a resilient and efficient heat pump solution for our sites producing nutrient-rich dairy products.” Uwe Lauber, CEO of Man Energy Solutions, added: “We have put technology solutions to lower greenhouse gas emissions from industry at the heart of our strategy. Man's heat pump technology brings the economic and climate-friendly benefits of heat pumps to a crucial sector, such as the industrial food and beverage industry." “With Fonterra being the third biggest milk ingredient producer in the world, we are very much looking forward to supporting their decarbonisation journey with our expertise and cutting-edge technology solutions. Innovations that arise from such strong partnerships are key in the decarbonisation of industrial processes.”

The Kellogg Company has posted organic net sales growth of 11.5% in its full-year results, exceeding its “twice-raised guidance”. On a reported basis, net sales increased by 8%, driven by double-digit price/mix growth across all of the company's regions, which more than offset a “modest” decline in volume and adverse foreign currency translation. Meanwhile, reported net sales for the fourth quarter increased by 12% year on year. The company also announced that it has decided to retain its plant-based business, which represents 2% of net sales, after considering spinning it off. Last June, Kellogg announced that it planned to split into three, spinning off its North American cereal and plant-based foods businesses. It continues to work towards separating the regional cereal operations. Kellogg chairman and CEO, Steve Cahillane, said: “Facing significant cost inflation, worldwide bottlenecks and shortages, and a significant inventory rebuild in North America cereal following last year's fire and strike, the team executed with grit and agility to deliver another year of better-than-expected results, while at the same time making progress toward our planned transformation”. He added: “We enter 2023 in solid financial condition with strong momentum around the world. And we remain as convinced as ever that the pending separation of our company will create value for all stakeholders.” The company forecast organic sales growth of 5% to 7% for its 2023 full-year guidance.

Welcome to this exclusive podcast interview with FoodBev Media. Here, Siân Yates is joined by Vanessa Gougeon, marketing manager EMEA; Markus Matuschek, technical director for food and nutrition; Andrey Zhukov, market segment director for food and health EMEA, and Jatin Sharma, digital and marketing director EMEA, all at Azelis – an innovation service provider in the food ingredients industry. Siân sat down with the team to discuss the explosive plant-based sector, as well as the rise of vegan and flexitarian diets globally. You may also like to listen to: Podcast: Improved NutriScore through reformulationPodcast: Food supply chain in the current pandemic and geopolitical context

Indian snacking brand 4700BC has released a new line of popped crisps, Corn Chips+, available in Salt and Truffle, Hawaiian Barbecue, Cheese and Herbs and Sundried Tomato. Corn Chips+ is made with 100% non-GMO corn and uses a unique popping process to create a light and crunchy texture that is nearly 60% lower in fat than traditional chips without sacrificing flavours. Chirag Gupta, founder of 4700BC, said: “Who doesn't love chips, but let's be real, they usually aren't the healthiest option. But we were fortunate to have come across a new age method of solving this problem, and with months of experimentation brought together a product that we can now claim is the future of Chips - Corn Chips+..." The snack offers a tasty, crunchy chip that appeals to consumers seeking healthier snack options.

Private equity firm Kainos Capital announced the closing of its Kainos Capital Partners Fund III, with over $1 billion in capital commitments. Kainos aims to build strategically relevant food and consumer companies by implementing initiatives and leveraging its industry experience and relationships to help partner businesses capitalise on growth opportunities, improving profitability. The fund will primarily target family-owned businesses and corporate carve-outs in the food and consumer products sectors with at least $10 million EBITDA. According to the company, “Fund III can commit in excess of $300 million of equity, and potentially more with our Limited Partner co-investment programme, in any single transaction”. Andrew Rosen, managing partner of Kainos, said: “Our bench of seasoned investors and operators within the food and consumer sectors helps drive financial and operational performance by working hand-in-glove with management teams”. He continued: “We believe Kainos’ sector experience, industry relationships, and robust operating capabilities make us an attractive partner to families and entrepreneurs who are excited about their business’ prospects yet seek to diversify their wealth. “We are grateful for the strong support we received from our investors, whose continued partnership is a testament to the strength of our team and our Change Capital investment approach.” Currently, Fund III is approximately one-third invested across three platform acquisitions: CellCore Biosciences, a wellness company that provides dietary supplements that are primarily sold through the practitioner channel; Specialty Sales, a speciality dairy cow health distribution business; and Evriholder Products, a provider of impulse products and merchandising solutions for retailers.