Olam buys peanut company in Alabama
Olam International Ltd. has acquired a 100% interest in Brooks Peanut Co., Samson, Ala., at an enterprise value of $85 million. The acquisition expands Olam’s peanut sourcing network into Alabama and Florida. Brooks, the sixth-largest peanut-sheller in the United States, processes about 110,000 Farmer Stock Tons and has an annual capacity of 175,000 Farmer Stock Tons.
“We are pleased to have the opportunity to acquire Brooks’ procurement and processing capabilities, which complement our footprint in the U.S. and significantly strengthen our network and product offerings to our customers and growers,” said Anupam Jindel, president of Olam’s global peanut business, when the deal was announced June 9. “Given our strengths in the U.S. peanut industry and global marketing reach, we feel quite confident that we will be able to take Brooks to its full potential fairly quickly.”
Singapore-based Olam International in 2014 acquired McCleskey Mills, Inc., a peanut-shelling company with two locations in Georgia. Olam International said it is the third largest peanut-sheller in the United States.
“Olam has a significant global presence in the peanut industry, and we are excited to be joining their team,” said Barrett Brooks, president of Brooks Peanut Co. “I believe the combination of our modern processing assets and strong procurement franchise with Olam’s expertise in peanut processing, marketing and risk management will be a very successful one.”
A combination of internal accruals and existing debt facilities will fund the transaction, which is expected to be completed by the end of the third quarter. It is expected to be earnings accretive in 2016 and meet the targeted EBITDA on invested capital range of 13% to 16% from the first full year of operations in 2017.
“The acquisition will be earnings and talent accretive from the beginning,” said Joe West, head of Olam’s U.S. peanut-shelling operations. “Brooks has a strong leadership team, which will continue to manage the operations from Alabama and also help extract synergy value with our existing peanut business. Our combined team will be able to offer highly differentiated products like high-oleic, bar-ready peanuts to our discerning customers and also our high quality seed to Brooks’ growers, while capitalizing on the growth prospects in the industry.”
ADM enters stevia, monk fruit partnership
Archer Daniels Midland Co. will become the exclusive global marketer and distributor of stevia and monk fruit sweeteners made by GLG Life Tech Corp. under an agreement announced by the two companies June 6.
“More and more consumers are looking for healthier foods that are made with natural ingredients and taste great,” said Rodney Schanefelt, director of sugar and high-intensity sweeteners for Chicago-based ADM. “ADM is already helping customers meet that growing demand with our comprehensive portfolio of ingredients and flavors. Now, we’re expanding that portfolio even further by offering customers around the world a wide array of great stevia and monk fruit sweeteners. We are pleased to partner with GLG, which has a demonstrated advantage in developing non-G.M.O. stevia varietals and a pipeline of future innovative products.”
Vancouver-based GLG Life Tech is a vertically integrated producer of zero-calorie natural sweeteners, including stevia extracts and monk fruit extract. The company had revenues of $7,357,000 in the fiscal year ended Dec. 31.
“This partnership — combining GLG’s capabilities and reputation as one of the largest, most trusted manufacturers of low-calorie sweeteners with ADM’s global distribution capabilities and existing ingredient portfolio — offers tremendous opportunities for both companies and their customers,” said Brian Meadows, president and chief financial officer of GLG Life Tech. “Consumers are demanding healthy, delicious foods and drinks with clean labels, natural ingredients and reduced added sugar. Together, ADM and GLG will be the go-to source for food and beverage companies looking to meet that demand.”
New Dow ingredient reduces fat in fried foods
Dow Food Solutions has introduced Wellence FR, a fat reduction ingredient line, from a new production line in Midland. Wellence FR features a patented technology designed to decrease the amount of fat and oil uptake in fried foods, according to Dow Food Solutions, a business unit of The Dow Chemical Co.
When added to a batter or coating system, Wellence FR may decrease fat and associated calories by 35% or more, and the process has minimal impact on the sensory profile of foods, according to the company.
“Consumers are looking for healthier food options, and we can help our customers meet this demand with a tailored option that’s easy to implement,” said Marc Van Gerwen, business director for Dow Pharma & Food Solutions. “The new technology can be incorporated into production and yield great results from bench top to pilot plant to full scale production runs.”
Wellence FR acts as an oil barrier during frying, said Michiel Van Genugten, global marketing leader for Dow Food Solutions. Wellence FR, a range of cellulose-based food gums, is based on Dow’s patented DPM technology. Mr. Van Genugten said the technology allows dried powders to dissolve in the best way possible. For example, the technology will keep lumps from forming and assist in other issues with mixing and blending.
Coated and battered meat and meat analogues are one potential application for Wellence FR. Mr. Van Genugten said fried snack foods, such as those containing potatoes, might be another.
Dow Food Solutions will feature Wellence FR at the Institute of Food Technologists’ annual meeting and food exposition July 16-19 in Chicago.
“Wellence FR can help food manufacturers position their products as more health-conscious and still give the consumer the flavor and texture that they associate with their favorite fried foods,” said Chris Spontelli, marketing manager for Dow Food Solutions.
Virginia Dare launches new brand identity
Virginia Dare, a Brooklyn, N.Y.-based producers of flavors and extracts, plans to debut a refreshed and evolved brand at the 2016 IFT show in Chicago. The new brand will be supported by a new logo, web site, and marketing and sales materials.
“Virginia Dare’s combination of superior flavor platforms with focused industry expertise makes us the leading partner for attaining preferred taste with strategic business value,” said Howard Smith, president of Virginia Dare. “While maintaining our position as an established, expert partner, this brand evolution will allow us to better communicate our broad capabilities, innovative ideas, and high quality.”
The company is also highlighting its product line newly designated as Virginia Dare’s Taste Foundations platform, which includes premium vanilla, tea, coffee and cocoa extracts. Additionally, the company’s Taste Collaborations platform offers taste enhancement and modulation to achieve preferred taste in healthy and clean label products.
“Consumers want products that offer health benefits without compromising taste,” said Michael Springsteen, vice-president of business and product development for Virginia Dare. “Whether it’s removing an off-note with a masking solution or enhancing sweetness without adding sugar, our Taste Collaborations™ promote better taste without compromising clean labels.”
Virginia Dare’s brand refresh will help the company’s partners see the business advantages of its Taste Foundations and Taste Collaborations platform, the company said, as well as its knowledge of sourcing and producing natural flavors.
IDF debuts frozen, dry bone broth ingredients
IDF Technology, Springfield, MO., is adding bone broth powders and frozen concentrated bone broth to its poultry portfolio.
“As a business built on poultry ingredient expertise, and a rich history of innovations in broth, we chose to direct our efforts toward developing a formulation-friendly bone broth that brands can rely on, not just for consistency and quality, but for functional claims, as well,” said Stephanie Lynch, vice-president of technology, sales and marketing for IDF. “It’s no secret that people are increasingly seeking wellness from within, feeding their bodies for holistic, long-term healthfulness. As we’ve increased our investments in innovation and R&D, bone broth was a natural next step.”
The company’s IDF JMP (Joint Microbiome Performance) bone broth powder, developed for the supplement market, offers guaranteed levels of chondroitin and prebiotic and gut health benefits, according to IDF. For food applications, IDF created IDG 3515 bone broth powder, which offers a roasted flavor and works in just-add-water applications.
IDF’s frozen concentrated bone broth has a light cooked flavor and, according to the company, is easily applicable in beverages, sauces, ready meals and soups.
“From R.-T.-E. to just-add-water applications, bone broth provides foundational nutrition and flavor for on-trend savory snacks and meals,” said Erin Danastasio, marketing communications manager for IDF. “From a formulation perspective, the powder is very convenient and offers a nice roasted flavor, while the frozen broth is lighter in color and flavor, a great option for a sipping broth. Our bone broths provide great foundations for a variety of food and supplement applications. We’re looking forward to collaborating with brand partners in the development of applications that deliver great nutrition and a delicious eating experience to consumers.”
DSM launches new white cheese cultures
Royal DSM, based in the Netherlands, is launching a range of cultures for white cheese producers as the popularity of white cheese, such as feta, grows in popularity.
DSM’s white cheese culture solution consists of coagulants, cultures, lipases and technical support. It allows producers to extend shelf life and reduce bitterness, according to the company, and also provides the desired texture profile and the possibility to differentiate on flavor. The range also enables a fast fermentation and accelerates ripening. Additionally, DSM provides a process scan to optimize production and a proactive approach for controlling phage during culture performance in cheese production.
TIC Gums offers pectin replacements for beverages
TIC Gums, White Marsh, Md., is showcasing its options for replacing pectin in R.-T.-D. juices and teas,.
To add texture to beverages, Ticaloid 310 S replaces the viscosity and mouth-coating commonly provided by pectin, said Karen Silagyi, product manager for TIC Gums. Ticaloid 310 S is a blend of natural gums, including gum acacia and xanthan.
“It takes advantage of gum-gum synergies to add to the viscosity and mouth-coating in common applications such as juice and tea beverages,” Ms. Silagyi said.
The usage level of Ticaloid 310 S in juice and tea beverages is generally between 0.05% and 0.07%, which compares to a usage level of 0.15% and 0.2% for pectin, she said.
In acidified protein beverages, Dairyblend Acidified Beverage 120 from TIC Gums provides stabilization, increases the rate at which the beverage clears the mouth and reduces the awareness of particulates without relying on pectin alone, she said.
When choosing pectin alternatives, clean label issues may arise.
“Pectin is generally recognizable to consumers and viewed favorably,” Ms. Silagyi said. “While there is no regulatory body defining the term ‘natural,’ some grades of pectin undergo processing that may not be viewed as such. Additionally, pectin is non-G.M.O. but is often standardized with other carbohydrates that may not meet the clean label parameter.”
Like pectin, Ticaloid 310 S is non-bioengineered/non-G.M.O., according to TIC Gums.
“When recommending pectin alternatives, we work with our customers’ specific clean label requirements,” Ms. Silagyi said. “Although there is not a clear definition of clean label, we have developed a clean label chart to help our customers determine which hydrocolloids can meet their specific parameters.”
Fuchs launches Latin-inspired collection of seasonings, bases and flavors
Fuchs North America, Baltimore, MD., is launching its Latin Action Collection, a new line of seasonings, bases and flavors inspired by Latin culinary traditions. Among the 10 offerings in the collection are seasonings and blends for snacks, meat rubs, sauces and soup bases.
“Latin foods are becoming ever-more popular today,” said Ken Wuestenfeld, vice-president of sales and technical servies for Fuchs. “Our new collection showcases the wide range of Latin and Iberian flavors and how they’re influencing all sorts of different culinary creations. The American taste palette continues to expand in very exciting ways, and food companies have picked up on that trend. Latin-inspired foods are no exception. While Tex-Mex will always be popular, we’re seeing an entirely new world opening up, with all sorts of unexpected offerings that were practically unheard of just a few years ago. It’s happening because of more adventuresome eaters who are willing to try new twists and tastes on Latin themes.”
Fuchs’ Latin Action Collection includes:
- Chimichurri Argentino
- Chipotle Adobo Seasoning Blend
- Chorizo Sausage Seasoning
- Cracker Coriander & Green Chili
- Elote Street Corn Snack Seasoning
- Mayan Hot Chocolate
- Spicy Guacamole Snack Seasoning
- Tomatillo Seasoning Blend
- Valencia Style Rice Seasoning Blend
- Yucatan Chicken & Lime Soup Base