March's Lunch Box 🧰

Happy Friday.

In this month’s edition:

• Real estate highlights

• Notable fundings & aquisitions

• What I’m consuming (and enjoying!)

Enjoy!

REAL ESTATE HIGHLIGHTS

The tofu maker Pulmuone Foods USA in Fullerton is expanding in Buena Park. The company is doubling its office space, leasing an extra 7,000 square feet at Village Business Park. Terms of the lease expansion were not disclosed by Stanton Road Capital, which owns the property. (source: OC Register)

Every Body Eat leased a renovated 20,000 square foot at 1012 Chicago Ave, Evanston, Illinois, a former car dealership and service center. (source: Evanston Roundtable)

Boogie Lab, a European food technology company, is expanding to North America with the debut of Boogie Lab USA and Boogie Bakery, the company’s first US-based “micro bakery.” The bakery is set to open later this spring in New York City and will incorporate artificial intelligence for improved quality, increased efficiency, and expanded accessibility, the company said. (source: Food Business News)

Portland, Oregon-based Bridgetown Natural Foods, a co-manufacturer of natural, organic, and gluten-free snack brands, is investing $78.3 million to open a manufacturing and distribution facility in Lebanon, Tennessee. The new facility is expected to house multiple manufacturing lines capable of producing nearly 100 million lbs of natural, organic, and gluten-free snacks. In addition, the plant is expected to optimize distribution to the East Coast by shortening delivery times and reducing shipping costs. (source: Food Business News)

Walmart Inc. plans to build its third milk processing plant in Robinson, Texas. The plant is scheduled to open in 2026. Walmart opened its first milk processing plant in 2018, in Fort Wayne, Indiana, and previously announced a $350 million facility in Valdosta, Georgia, which is scheduled to open in 2025. The facility will serve more than 750 stores throughout the South, including Texas, Oklahoma, Louisiana, and parts of Arkansas and Mississippi. (source: AG Proud)

NOTABLE FUNDINGS & ACQUISITIONS

Liquid Death closed a $67 million financing round valuing the beverage company at a $1.4 billion valuation. The money will be used to grow distribution nationally to meet demand and accelerate product innovation. The investment includes contributions from national distributors, along with names in entertainment and sports, such as actor Josh Brolin and NFL All-Pro DeAndre Hopkins. (source: FoodDive)

Jersey City, New Jersey-based indoor strawberry grower Oishii, an indoor vertical grower of organic strawberries and tomatoes using Japanese-rooted farming methods, has closed a $134 million equity up round led by Japanese telecommunications company NTT. The Series B, which is far larger than Oishii’s $50 million Series A in 2019, defies the VC pullback from vertical farming and includes participation from prominent foodtech investors like Bloom8. (source: Pitchbook)

Sazerac — which owns brands like Fireball Cinnamon Whisky and Buffalo Trace Bourbon — is buying BuzzBallz, a ready-to-drink cocktail business, for an undisclosed amount. The demand for ready-to-drink canned cocktails is booming, with longtime heavyweights like Boston Beer and Diageo investing heavily in the offering. The category is projected to be worth $33 billion by 2033, increasing at a compound annual growth rate of 6%, according to Future Market Insights. (source: Food Dive)

WHAT I’M CONSUMING (AND ENJOYING!)

❓ According to this article in Food Dive, food marketing is evolving to emphasize the “why” through storytelling, helping brands and startups carve out their path and grow faster.

🖨 If you’re wondering about 3D printing’s place in the food industry, this Food Dive piece is the one to read.

🆕 I’m guessing this isn’t an exhaustive list, but here are some interesting new products from the recent Natural Products Expo West. It's probably not a surprise, but there are a lot of healthy versions of traditionally not healthy foods.

🍜 “Our mission is to have meals that bring protein to people who cannot afford it and do not have access to it — we are affordability-focused,” said Borealis Foods co-founder Dr. Reza Soltanzadeh. The way they intend to do so: high-protein ramen. Inspiring read about a food tech company trying to appeal to and help include a lowe- income audience.

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Erik Stiebel
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