AUA Private Equity Partners, LLC (“AUA Private Equity”) is pleased to announce the acquisition of Weaver Holdings, LLC (“Weaver Popcorn Manufacturing” or the “Company”), a fourth-generation family-owned manufacturer of popcorn and snacking products. Financial terms of the transaction were not disclosed.
Weaver Popcorn Manufacturing is the largest independent manufacturer of popcorn products in the United States. The Company is recognized for its scale, quality, and innovation by its blue-chip retail and branded customers. Alongside its investment in Weaver Popcorn Manufacturing, AUA Private Equity will bring the firm’s significant experience in professionalizing and improving family-owned food manufacturing businesses to help expand on the Weaver Family’s well-invested assets and passionate employee base.
“Our partnership with the Weaver Family and Weaver Popcorn Manufacturing is emblematic of what AUA Private Equity does best – partnering with family-owned businesses to take them to the next level,” said Andy Unanue, Managing Partner of AUA Private Equity. “We will proactively focus on operational upside by supporting the team with capital and resources while preserving Weaver Popcorn Manufacturing’s entrepreneurial and solution-oriented culture. We are eager to continue building upon the Company’s ongoing success.”
David Benyaminy, Partner of AUA Private Equity commented, “We see tremendous opportunity to help Weaver Popcorn Manufacturing expand, and the Company possesses all of the necessary attributes to accelerate its success: an excellent management team, an engaged and aligned family-owner, and a flexible capital structure. Our plan is to make this a best-in-class partner for customers and all their snacking needs.”
Charlie DeVries, Vice President of AUA Private Equity added, “We are tapping into our bench of operating partners to enact meaningful change at the Company. We’ve added Mike Tracy, formerly the SVP of Supply Chain at Conagra, and Ted Schouten, formerly the President of TruFood Manufacturing to the board of directors. Both individuals will help oversee the investment and augment governance.”
Jason Kashman, CEO of Weaver Popcorn Manufacturing, said: “We are thrilled to partner with AUA Private Equity and its phenomenal team, who has a demonstrated history of success in food manufacturing and helping to propel the growth of family-owned businesses. By building on the foundation that the Weaver family put in place, AUA Private Equity will allow us to expand our capabilities operationally and increase the pace of product innovation. The resources that AUA Private Equity brings will ultimately benefit our customers and associates at Weaver. We are excited to join the AUA Private Equity family.”
Will Weaver, shareholder and fourth-generation owner added, “AUA Private Equity is the right partner to build on Ira Weaver’s original mission — to offer the world’s highest quality, best-tasting popcorn at the lowest possible price. We are very excited for what the future has to offer.“
The AUA Private Equity deal team was led by Partner David Benyaminy, Vice President Charlie DeVries, Senior Associate Nico Pflaum and Associate Luke Phillips. McDermott Will & Emery served as legal advisor for AUA Private Equity Partners and Proterra Investment Partners provided the debt financing. Grant Thornton and Boston Consulting Group also served as commercial and financial advisors for AUA Private Equity. Taft Stettinius & Hollister served as legal advisor for Weaver. Ernst & Young Capital Advisors, LLC served as the exclusive financial advisor to Weaver Popcorn Manufacturing in connection with the transaction.
The Consumer Electronics Show (CES) has become synonymous with innovation and that was certainly the case in Las Vegas last week as agbioscience brands like John Deere, Kubota and more flooded the tradeshow floor. Kristen Owen, executive director of equity research at Oppenheimer and Co., joins us to talk about innovation’s ability to create impact in a tightening economy and what she sees ahead as major shifts in industry trends.
One of the big ones from CES? Artificial intelligence (AI). With the cost of capital still high, AI has a chance to move from hype to help. Kristen examines where it can impact productivity in agriculture – from equipment to the bio-economy – to reduce variability for farmers’ operations.
As we brace for economic turbulence, what does Kristen see ahead for the broader food and ag economy? She talks about the investment landscape that will impact the next wave of agbioscience innovation, austerity creating opportunity and the one big trend she sees for the industry in 2024.
AgroRenew’s story begins where most good ideas form: at the kitchen table. Founders Brian and Katie Southern join us to talk about a new transformation in agbioscience – unused watermelon byproduct (rinds) becoming eco-friendly bioplastics. Based in Knox County, Indiana, AgroRenew announced plans at the end of 2023 for an $83 million investment in the form of a processing facility, a business that will ultimately employ nearly 250 people.
All the right factors came together to make this new company possible. Knox County is known for specialty crop production (watermelons, cantaloupe, pumpkins) and the Southerns have worked closely with The Pantheon to bring this idea to life. Brian and Katie talk about the science behind the product, their long-term vision to blend with other crop waste streams and contributing to a circular economy that generates more sustainability in the agbiosciences.
So what comes next? Brian and Katie discuss their long-term objectives and potential, adding value to the farmer’s operation and the timeline of getting AgroRenew plastics in stores.
Proven Science and In-Field Performance Attracted Private Investment and Management Buyout
DPH Biologicals, a leading biological company formed in 2018 focused on bringing best in class biologicals to broad acre farms, today announced a management-led buyout with a private investment group.
The company will continue to market under the DPH Biologicals brand and provide customers with the same high-quality products and service they have come to expect.
“With proven science, robust field data, strong industry relationships and a focus on biologicals, we are proud of DPH Bio’s robust and profitable growth the past several years. As the biologicals market grows, we believe farmers and producers around the world will increasingly demand biological products that work within existing management practices and offer multiple bottom-line benefits, beyond yield,” said Mick Messman, DPH Bio president and CEO.
The full management team brings decades of experience in agricultural sales, marketing, research, product development, supply chain management and business strategy, both domestically and internationally, and led the company’s rapid scale up and product portfolio expansion, building upon its flagship product – TerraTrove® SP-1®. The DPH Bio management team includes Mick Messman, Alex Cochran, Chris Feiden, Trey Soud, Brad Holzworth, Roberto Werneck and Cliff Watrin, and Mario Tenerelli as Latin America advisor.
“Our team has demonstrated business success in the ag industry and a commitment to deliver value to farmers. We saw the need for a company focused on developing and scaling biological technologies and began the transformation of DPH Bio in mid-2021. When ownership discussions started last year, the existing management team decided the time was right and we were ready and willing to fully invest in the company ourselves,” Messman said.
Poised for Growth in 2024
2023 was DPH Bio’s most successful year to date, with multiple milestones accomplished leading to a clear growth plan, Messman said, including:
● Launched a regenerative technology platform for biological products, RegenAphex™, a proprietary plant-based humus extract, representing a more sustainable and effective alternative to humic acid and synthetic fertilizers.
● EPA-registration and OMRI approval of BellaTrove Companion Maxx ST®, a biofungicide seed treatment labelled on multiple crops.
● Expanded sales of TerraTrove Residuce®, a unique biodigester product that breaks down crop residue and recycles nutrients, which is now used on over 1 million acres.
● Secured sales and distribution agreements with leading channel partners in the US and abroad and added more than 30 new retail partners in the US ag market.
● Advanced a pipeline of five novel biologicals, with initial sales beginning in 2024.
● Entered a multi-year research collaboration with University of Illinois Urbana-Champaign’s Crop Physiology lab run by Dr. Fred Below.
● Re-organized the T&O and International businesses with national distribution agreements and an asset light fertilizer model.
With highly experienced scientists, agronomists and cross-functional teams based in Indianapolis, Ind. and Princeton, Ill., and territory managers located in key markets, DPH Bio will continue bringing its diverse and growing product line to customers around the world, including planned expansion into Brazil.
Indiana-based agriculture & energy cooperatives Ceres Solutions Cooperative, Inc. and Co-Alliance Cooperative, Inc., announce today that both boards and memberships have overwhelmingly approved the merger. The effective date of the merger is March 1, 2024, and the company will be named Keystone Cooperative, Inc. This merger creates a farmer-owned cooperative focused on delivering an unmatched customer experience, with the resources needed to support farmer-owners as they grow into the future.
Keystone Cooperative will serve customers in Indiana, Ohio, Michigan, and Illinois. It will have four core divisions, including Energy, Agronomy, Grain, and Swine & Animal Nutrition. Keystone will employ over 1,700 dedicated team members throughout the states served, with expected annual revenue of $3 billion.
The boards have chosen Kevin Still, current President & CEO of Co-Alliance, to be the President & CEO of Keystone Cooperative. Ceres Solutions current CEO Jeff Troike will become the Executive Vice President of Keystone Cooperative, Inc. alongside Co-Alliance’s current Executive Vice President, Scott Logue.
“Keystone Cooperative brings together two financially strong, legacy-rich and highly successful cooperatives. This historic merger creates a cooperative that is equipped to navigate the ever-changing markets of today’s agriculture and energy industries,” said Kevin Still. “This powerful combination will build a cooperative that maximizes efficiencies, capitalizes on technology, and has the resources to enhance our customer experience while preparing for the needs of our future stakeholders,” concluded Still.
“Our membership has recognized the value of this combination, and we are looking forward to achieving our promise of a cooperative that is focused on the success of our members, the vitality of our rural communities, and providing an unparallelled return for our farmer-owners,” Jeff Troike added.
This merger announcement comes after a thorough due diligence process and the collaborative joint venture, Endeavor Ag & Energy, which serves Central Michigan in agronomy, propane and feed.
Rick Brubaker, Chairman of Ceres Board of Directors underscored the value of the merger, saying, “Our successful partnership with the Endeavor business in Michigan helped exhibit the collaborative capacity of our organizations. We look forward to seeing this team find even more synergies with our broader businesses.”
Tim Burke, Chairman of Co-Alliance Board of Directors affirmed the merger opportunity, stating, “This merger is a testament to our shared vision and unwavering commitment to delivering exceptional value to our customers. Together we will create a stronger, more resilient cooperative that will remain successful for our future generations.”
Keystone Cooperative will be headquartered in Indianapolis, Indiana.
Project will assess how antioxidant carotenoids in NutraMaize Orange Corn can mitigate negative health effects associated with heat-induced oxidative stress
NutraMaize, an agriculture company, has received a three-year, $460,455 grant from the National Institute of Food and Agriculture (NIFA), part of the U.S. Department of Agriculture.
The grant will study how a class of antioxidants called xanthophyll carotenoids affect egg-laying hens that experience heat stress. The project builds on previous studies conducted by NutraMaize and Purdue University collaborators funded by USDA Small Business Innovation Research grants. These studies demonstrated the ability of NutraMaize Orange Corn to reduce the incidence and severity of foot pad dermatitis in broiler chickens and significantly enhance yolk pigmentation in laying hens. The findings were published in the peer-reviewed journal Poultry Science.
NutraMaize was founded by CEO Evan Rocheford and his father, Torbert Rocheford, the Dr. Fred L. Patterson Endowed Chair in Translational Genomics for Crop Improvement and a professor of agronomy in Purdue University’s College of Agriculture. The company’s nutritionally enhanced orange corn is currently available through a line of premium milled products under the brand Professor Torbert’s Orange Corn.
Heat stress and its effects on laying hens
Evan Rocheford said heat stress is a major health and productivity challenge for egg-laying hens. Due to climate change, heat stress events are becoming increasingly frequent and severe, leading to physiological changes in laying hens. These changes result in reductions in productivity that equate to millions of dollars of lost revenue for egg producers every year.
“One of the major consequences is oxidative stress, which is caused by the production of excess free radicals, or unstable atoms that damage cells,” Rocheford said. “Antioxidants neutralize free radicals and prevent damage. Therefore, increasing the antioxidant intake of birds has been proposed as a mitigation strategy for heat stress.”
Several antioxidant compounds have demonstrated beneficial effects against heat stress, but no studies have been conducted on the effect of xanthophyll carotenoids.
“Xanthophylls are potent antioxidants and anti-inflammatory agents that have high physiological activity within laying hens,” Rocheford said. “Xanthophylls are involved in yolk pigmentation and they bioaccumulate throughout laying hens’ bodies. They provide the color of the birds’ distinctive yellow fat, beaks, shanks and feet.”
Goals of the NutraMaize project
Rocheford said the research project has three goals:
Investigate the role xanthophyll carotenoids play in the physiological response of egg-laying hens during a heat stress event.
Determine if increasing carotenoid intake can be used as a strategy to help mitigate the negative health and production effects of heat stress.
Evaluate NutraMaize’s high-carotenoid Orange Corn as an alternative feed ingredient to deliver the potential benefits to egg-laying hens.
“NutraMaize Orange Corn has significantly higher xanthophyll carotenoid levels compared to yellow corn,” Rocheford said. “The carotenoids in orange corn also appear to be more bioavailable than commercial carotenoid supplements, making it an attractive alternative for delivering higher levels of carotenoids into the diets of laying hens.”
Rocheford said the project will test the hypothesis that the NutraMaize Orange Corn will deliver more carotenoids into the blood and tissues of egg-laying hens and increase their total antioxidant capacity. It is hypothesized that, in turn, this will reduce oxidative stress, stabilizing egg-laying hen health and performance during a heat stress event.
“This project will make a meaningful contribution to poultry science and the laying hen industry for a number of reasons,” Rocheford said. “First, there is a need for more investigation into the effects of heat stress on laying hens as most heat stress research is conducted on broiler chickens. Second, there is a need to investigate how heat stress affects laying hens across their lifetime, not just during an acute challenge period. Third, there have been no previous investigations into the role of xanthophyll carotenoids in the laying hens’ response to heat stress. Finally, if successful, this project would offer the laying hen industry a practical nutritional approach for addressing heat stress that also enhances yolk pigmentation and the nutritional quality of the table egg, one of America’s most important sources of protein.”
Research approach of the NutraMaize project
NutraMaize will collaborate with researchers at Purdue’s College of Agriculture and Egg Innovations, a leading producer of humanely raised eggs based in Warsaw, Indiana.
Purdue co-principal investigators Darrin Karcher, associate professor of animal sciences and poultry extension specialist, and Gregory Fraley, associate professor of animal sciences and the Terry and Sandra Tucker Endowed Chair in Poultry Science, will oversee a 90-week controlled environment heat stress study at Purdue’s Animal Sciences Research and Education Center. The NutraMaize and Purdue team will also work closely with Egg Innovations to conduct an 84-week field study on three 20,000-bird barns located across the Midwest.
Egg Innovations CEO John Brunnquell said, “As a leading producer of humanely raised eggs with an active research program, we are very excited to partner with NutraMaize and Purdue on this project. Heat stress is becoming an increasingly serious problem for producers like us, so there is an urgent need to identify practical and effective solutions to help mitigate its negative effects on both animal welfare and producer profitability.”
Will jointly develop curriculum, programs and on-site training to ensure the availability of trained employees for novel manufacturing facility in Richmond, Indiana
Liberation Labs and Ivy Tech Community College – Richmond are developing a new biomanufacturing workforce training program specifically to equip future employees of the company with the required skills to work in precision fermentation. The goal will be to ensure that approximately 30 people are trained and ready to work in the plant when operations commence later this year.
Liberation Labs is currently constructing a commercial-scale, purpose-built, precision fermentation biomanufacturing facility with a capacity of 600,000 liters and a fully dedicated downstream process (DSP). The plant will produce bio-based proteins and other building block ingredients at a scale and cost that will fill a pressing need among both new and established consumer packaged goods (CPG) companies and other industrial manufacturers.
The curriculum and training will cover biotechnology fundamentals, fermentation fundamentals, biomanufacturing best practices, quality, compliance, and health & safety. The program will include classroom training, laboratory-based training, online training, and eventually on-site training at the Liberation Labs facility. Liberation Labs expects to begin hiring in Spring of 2024, with training expected to start prior to bringing employees on-site in late Summer.
“We’re able to leverage Ivy Tech’s deep experience in custom workforce education in order to train an already impressive regional workforce in the specific skills needed to work in the next generation of manufacturing,” said Mark Warner, co-founder and CEO of Liberation Labs. “Best of all, we will open up new career opportunities in biomanufacturing for workers in the region, while Ivy Tech can deepen their specialization in biotechnology – it’s a real investment in the future for all.”
While the Richmond and broader Indiana workforce is experienced in many different types of manufacturing, the processes at Liberation Labs facility are unique and require specialized knowledge and skills. To develop the curriculum, Liberation Labs technical team members will collaborate with Ivy Tech curriculum designers and instructors to fuse the specialized skills needed for the plant with Ivy Tech’s proven expertise with training and education.
“We take great pride in offering our students not just training – but opportunity and promise for a successful career,” said Chad Bolser, Chancellor, Richmond Campus at Ivy Tech Community College. “We are so excited that Liberation Labs chose Richmond for their manufacturing site and are grateful for their continued investment in the community and the local workforce. Together, we will all benefit.”
What’s in a name? For the world’s second-largest animal health company, Elanco, its name bears roots from Eli Lilly and Company. More than an acronym for a name, though, the company is on a growth trajectory, an innovation engine looking to create a positive impact for the world’s animals. And for Dr. Tyre Grant, Vice President of Global Product Development and Project Management, the name defines her 19-year career as a scientist (a resume she calls a privilege).
Tyre joins us today to talk about how Elanco thinks about innovation for both farm animal and pet health, what the company is uniquely positioned to solve and how that mindset focuses her team when it comes to bringing new products to the market. She also gets into the importance of partnerships when it comes to innovation, spinning out technologies and striking the right balance to create the most value to farmers and pet owners.
As a career scientist, what has Tyre seen as the biggest advances in the industry over the last two decades? And how do those set the tone for the next 20 years and what’s to come? Tyre talks automation and the intersection between human and animal health solutions. She also gives advice to future scientists looking for their role in the agbioscience industry.
Listen to Dr. Jennifer Miller’s episode on Elanco’s monoclonal antibody for Parvovirus in puppies here.
St. Louis-based Find Your Farmer (FYF), a pioneering online farmers’ market, is proud to announce its acquisition by Indianapolis-based Market Wagon, a leader in connecting consumers with local farms and artisans.
Find Your Farmer was started by five Washington University graduates in 2020 when the pandemic disrupted local farmers’ most robust revenue streams: farmers market and restaurant sales. “That’s when we stepped in,” says Find Your Farmer CEO Noah Offenkrantz. “We were intent on ensuring that farms and artisans stayed afloat during that tumultuous time.” Over the past three years, Find Your Farmer grew to partner with over 50 local farms, artisans, and
distributors, delivering 200,000+ pounds of local groceries to more than 1,000 households in the STL region.
The acquisition by Market Wagon, a company with a similar focus that started in Indianapolis and now operates 18 different local-food hubs across the Midwest, Mid-Atlantic, and Southeast U.S, marks a new chapter for FYF. “By combining Find Your Farmer’s deep community roots with Market Wagon’s expertise and technology, we take a significant step towards building a stronger, more resilient local economy in St. Louis,” says Offenkrantz. Together, the combined operations are poised to make locally-sourced food a more convenient and accessible option for all STL residents.
“The future of local food in St. Louis is bright,” says Market Wagon Co-Founder and CEO Dan Brunner. “Together with Find Your Famer, we will continue to innovate and grow, ensuring that the people of STL have the best of what local farms and artisans have to offer.”
Market Wagon’s vendor list includes artisans such as Blueprint Coffee, Katie’s Pizza and Pasta, and Field to Fire STL as well as farmers such Abundant Pastures, Misfit Farms, Ozark Forest Mushrooms, Eckert’s Family Farms, and Sugar Creek Piedmontese. The order deadline is Sunday night at midnight for weekly home delivery on Tuesdays.
For more information about Find Your Farmer and the new journey with Market Wagon or to do a little shopping, please visit www.marketwagon.com.
From the cowboy boots to his tall stature, Governor Eric Holcomb is a presence. You’ve likely heard him, though not like this. How did Indiana’s leader come to be? He joins us today to tell his story, to dive into his sense of urgency headed into the final 12 months of his administration and to talk about, of course, agbioscience. More specifically, its critical role in securing Indiana’s economy of the future.
Indiana has evolved rapidly under his leadership and Holcomb has established a new approach to economic development – from the READI program and the LEAP concept just north west of Indianapolis, to name a few. How do these assets shape our future? Holcomb talks about being ready for what’s coming and making sure we’ve not put our eggs in one industry basket. He also talks leadership, having a plan and being ready to keep eyes and ears open to adapt to the moment.
Heading into the turn four (a little IndyCar reference), where is Holcomb focused? This is our time, he says, and carpe diem. And because we like basketball in Indiana – it’s time to step up to the line, block out the boos and knock down those important shots to make great things happen.
