Great news for Australia’s amazingly innovative small food brands!
Some of the deals are staggering to contemplate — $600 million for a protein bar company started four years ago in a west suburban basement, $250 million for a popcorn brand launched in a Minnesota couple’s garage, and $700 million for an organic broth maker acquired by the world’s largest soup company.
Remember when food companies used to make their own new products?
Times are tough in the packaged food industry as shoppers — millennials in particular — continue to reach for products they consider to be healthy, natural or better quality than some older brands. Faced with declining sales, large food companies are forking over fat cash for upstart brands in hopes of growing once more, while also reformulating outdated brands to be more modern.
READ THE FULL ARTICLE AT: https://www.chicagotribune.com/business/ct-biz-food-industry-deals-20171010-story.html