Homegrown acquires Napa Valley Kitchens and Fantastic Foods
Homegrown Natural Foods, Inc. (Napa, CA) has announced that it has entered into agreements to acquire Napa Valley Kitchens, Inc., and Fantastic Foods, Inc.
The acquisition will provide Homegrown with Napa Valley Kitchens' Consorzio brand of marinades, salad dressings and flavored olive oils, and Fantastic Foods' soup and meal cups.
Homegrown is also a majority stakeholder in packaged natural macaroni and cheese products maker, Annie's Homegrown Inc.
Under the agreements, Homegrown will acquire and operate the companies as wholly owned subsidiaries.
According to John Foraker, Homegrown's co-founder and CEO, "Consorzio and Fantastic are well loved brands that meet consumers' demands for great tasting, convenient natural foods. All consumers, whether traditional natural food purchasers or not, are seeking natural alternatives to the staple brands found in their local supermarkets. Our goal at Homegrown is to build these acquired brands and make them available to more consumers, while remaining true to the product quality and brand heritage created by each company's founders."
Food industry analysts expect Homegrown's lastest move to make it a significant player in the natural foods category.
"Homegrown's strategic acquisitions are notable in this traditionally, highly fragmented natural food industry," commented Carole Buyers, natural food analyst of Tucker Anthony Capital Markets. "All these brands deliver on current consumer purchase priorities. They are better-tasting products made with familiar `real food' ingredients that consumers would find in their own cupboard -- and they are available broadly in local natural and grocery supermarkets. The halo benefits of brand recognition add to the luster."
Napa Valley Kitchens' Consorzio marinades, flavored olive oils and salad dressings were created by chef, author and PBS cooking show host Michael Chiarello.
Fantastic Foods was started by founder Jim Rosen's achievements in creating natural vegetarian meals-in-a-cup and boxed side dishes and entrees.
Annie's Homegrown totally natural macaroni and cheese products are among the best selling products for natural food retailers.
"There's a strong commitment at Homegrown to maintain the vegetarian heritage of the Fantastic Foods brand," said Founder Jim Rosen. "In addition, Homegrown will provide the energy to grow the brand through innovative new products and creative marketing approaches."
Homegrown Natural Foods, Inc., was founded by John Foraker and E. Michael Moone in 1999 as a platform to purchase, consolidate and grow high quality, branded companies in the natural foods industry. Homegrown's subsidiaries develop, market and sell branded natural food products to specialty foods, natural foods, supermarkets, and club stores.