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Island Pacific Introduces Its New CFO: Mr. Herman S. Chiu

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Island Pacific is pleased to introduce Mr. Herman Chiu, who will be the newest member of its executive team and will take on the role of Chief Financial Officer (CFO) of the company. Herman brings in more than 30 years of finance executive experience to the organization. After graduating from UCLA in 1989, he started his career by working as Supervising Senior at KPMG, the largest public accounting firm at that time.
After 4 years at KPMG, Herman took on a dual role of VP of Finance and VP of Technology at Harbor Distributing LLC, which is part of the largest conglomerate of beer distributorship in the United States. While in Harbor Distributing from 1993 to 2001, he streamlined and improved the efficiency of monthly financial reporting and was responsible for the vast network and information reporting systems for all related organizations across the country.

In Year 2002, Herman took the role of CFO at Santa Monica Seafood which is a multi-state manufacturer of seafood products and is a premier seafood distributor in the southwest United States. As CFO, he executed the company’s financial strategy which resulted in the company’s growth from $35M to $500M in revenue. Herman assembled a top-notch accounting department which resulted in timely preparation of monthly internal financial statement and annual CPA Audited Financial Statement. He transformed the organization into a goal-oriented company by orchestrating detailed budgets and forecasts to improve performance and profitability. Herman also successfully centralized the banking function and leveraged technology to prevent fraud and improve the reconciliation process of Santa Monica Seafood. His accomplishment resulted in him being awarded the 2017 LA Business Journal CFO of the Year for Large Private Company.

After 17 years as CFO at Santa Monica Seafood, Herman joined Tawa Supermarkets which operates the 99 Ranch Supermarket Chain, the largest Asian Supermarket chain in the United States. Herman was brought in to assist the CEO given Tawa’s complex organization and business structure with multiple business units having varied operational objectives. Herman was an integral part of the executive team given his vast experience in finance, accounting, taxation, corporate governance, and risk management.

Island Pacific is thrilled to have Herman Chiu support our mission of promoting Filipino Food and Culture to the rest of the world. His more than 3 decades of Executive Leadership experience in various field of finance and accounting is what Island Pacific needs to bring the company to the next level.

Natural Grocers by Vitamin Cottage Announces Third Quarter Fiscal 2022 Results

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Natural Grocers by Vitamin Cottage, Inc. (NYSE: NGVC) announced results for its third quarter of fiscal 2022 ended June 30, 2022 and refined its outlook for fiscal 2022.

Highlights for Third Quarter Fiscal 2022 Compared to Third Quarter Fiscal 2021
  • Net sales increased 3.0% to $266.3 million;
  • Daily average comparable store sales increased 2.5%;
  • Operating income was $5.7 million;
  • Net income was $3.9 million with diluted earnings per share of $0.17; and
  • Adjusted EBITDA was $13.0 million.

“We are pleased with our results in the third quarter, which were in-line with our expectations,” said Kemper Isely, Co-President. “Consumers continue to be drawn to the quality and value of our offering, along with our convenient shopping experience, making us a leading destination for natural and organic products in our markets.  Since the third quarter of fiscal 2019 our daily average comparable store sales have increased 14.1% and diluted earnings per share have grown 88.9%, underscoring the strength of our differentiated model as well as our emphasis on operational excellence. We remain confident in our fiscal 2022 outlook and continue to focus on driving profitable growth and enhancing shareholder value.”

In addition to presenting the financial results of Natural Grocers by Vitamin Cottage, Inc. and its subsidiaries (collectively, the Company) in conformity with U.S. generally accepted accounting principles (GAAP), the Company is also presenting EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. The reconciliation from GAAP to these non-GAAP financial measures is provided at the end of this earnings release.

Operating Results — Third Quarter Fiscal 2022 Compared to Third Quarter Fiscal 2021

During the third quarte­­r of fiscal 2022, net sales increased $7.7 million, or 3.0%, to $266.3 million, compared to the third quarter of fiscal 2021, due to a $6.4 million increase in comparable store sales and a $2.1 million increase in new store sales, partially offset by a $0.8 million decrease in sales from one store that closed at the beginning of the quarter. Daily average comparable store sales increased 2.5% in the third quarter of fiscal 2022, and was comprised of a 2.7% increase in daily average transaction size, partially offset by a 0.2% decrease in daily average transaction count. The increase in net sales was primarily driven by retail price inflation, our customers’ response to pandemic trends, marketing initiatives, promotional campaigns and increased engagement in our {N}power® customer loyalty program.

Gross profit during the third quarter of fiscal 2022 increased 2.8% to $73.6 million, driven by increased sales volume. Gross profit reflects earnings after product and occupancy expenses. Gross margin decreased 10 basis points to 27.6% during the third quarter of fiscal 2022, compared to the third quarter of fiscal 2021. The decrease in gross margin was primarily driven by lower product margin attributed to higher freight, distribution and shrink expenses, partially offset by store occupancy leverage.

Store expenses during the third quarter of fiscal 2022 increased 5.3% to $60.1 million. Store expenses as a percentage of net sales was 22.6% during the third quarter of fiscal 2022, up from 22.1% in the third quarter of fiscal 2021. The increase in store expenses as a percentage of net sales was primarily driven by higher labor expense as a result of increased wage rates.

Administrative expenses during the third quarter of fiscal 2022 increased 2.6% to $7.5 million. Administrative expenses as a percentage of net sales were 2.8% for each of the third quarters of fiscal 2022 and 2021.

Operating income for the third quarter of fiscal 2022 was $5.7 million, compared to $7.0 million in the third quarter of fiscal 2021. Operating margin during the third quarter of fiscal 2022 decreased to 2.1%, compared to 2.7% in the third quarter of fiscal 2021.

Net income for the third quarter of fiscal 2022 was $3.9 million, or $0.17 diluted earnings per share, compared to net income of $5.0 million, or $0.22 diluted earnings per share for the third quarter of fiscal 2021.

Adjusted EBITDA was $13.0 million in the third quarter of fiscal 2022, compared to $14.6 million in the third quarter of fiscal 2021.

Operating Results — First Nine Months of Fiscal 2022 Compared to First Nine Months of Fiscal 2021

During the first nine months of fiscal 2022, net sales increased $32.6 million, or 4.2%, to $815.4 million, compared to the first nine months of fiscal 2021, due to a $27.6 million increase in comparable store sales and a $5.8 million increase in new store sales, partially offset by a $0.8 million decrease in sales from one store that closed at the beginning of the third quarter of fiscal 2022. Daily average comparable store sales increased 3.5% in the first nine months of fiscal 2022, and was comprised of a 2.0% increase in daily average transaction size and a 1.5% increase in daily average transaction count. The increase in net sales was primarily driven by our customers’ response to pandemic trends, retail price inflation, marketing initiatives, promotional campaigns, and increased engagement in our {N}power® customer loyalty program.

Gross profit during the first nine months of fiscal 2022 increased 5.9% to $229.1 million, primarily driven by increased sales volume. Gross profit reflects earnings after product and occupancy expenses. Gross margin increased 50 basis points to 28.1% during the first nine months of fiscal 2022, compared to the first nine months of fiscal 2021. The increase in gross margin was primarily driven by improved product margin and store occupancy leverage.

Store expenses during the first nine months of fiscal 2022 increased 1.8% to $179.1 million. Store expenses as a percentage of net sales was 22.0% during the first nine months of fiscal 2022, down from 22.5% in the first nine months of fiscal 2021. The reduction in store expenses as a percentage of net sales reflects leverage attributed to higher sales and a more normalized operating environment compared to the prior fiscal year period.

Administrative expenses during the first nine months of fiscal 2022 increased 9.5% to $22.9 million. Administrative expenses as a percentage of net sales was 2.8% during the first nine months of fiscal 2022, up from 2.7% in the first nine months of fiscal 2021.

Operating income for the first nine months of fiscal 2022 was $26.5 million, compared to $19.0 million in the first nine months of fiscal 2021. Operating margin during the first nine months of fiscal 2022 increased to 3.3%, compared to 2.4% in the first nine months of fiscal 2021.

Net income for the first nine months of fiscal 2022 was $19.2 million, or $0.84 diluted earnings per share, compared to net income of $13.4 million, or $0.59 diluted earnings per share for the first nine months of fiscal 2021.

Adjusted EBITDA was $48.6 million in the first nine months of fiscal 2022, compared to $42.5 million in the first nine months of fiscal 2021.

Balance Sheet and Cash Flow

As of June 30, 2022, the Company had $19.9 million in cash and cash equivalents, no outstanding borrowings on its $50.0 million revolving credit facility, and $17.7 million outstanding on its term loan facility.

During the first nine months of fiscal 2022, the Company generated $29.5 million in cash from operations and invested $18.0 million in net capital expenditures, primarily for new and relocated/remodeled stores.

Dividend Announcement

Today, the Company announced the declaration of a quarterly cash dividend of $0.10 per common share. The dividend will be paid on September 14, 2022 to stockholders of record at the close of business on August 29, 2022.

Growth and Development

During the third quarter of fiscal 2022 the Company opened one new store in Colorado, ending the quarter with 162 stores in 20 states. Since June 30, 2022, the Company opened one new store in South Dakota. As of August 4, 2022, the Company has signed leases for an additional five new stores planned to open in fiscal years 2022 and beyond.

Fiscal 2022 Outlook

The Company is refining its fiscal 2022 new store openings, comparable store sales and earnings per share outlook based upon year-to-date performance and current trends, as well as the uncertainty of the pandemic, and economic and inflationary factors. The Company now expects:

Forward-Looking Statements

The following constitutes a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995. Except for the historical information contained herein, statements in this release are “forward-looking statements” and are based on current expectations and assumptions that are subject to risks and uncertainties. All statements that are not statements of historical fact are forward-looking statements. Actual results could differ materially from those described in the forward-looking statements because of factors such as risks and challenges related to the pandemic and government mandates, the economy, inflationary and deflationary trends, periods of recession, changes in the Company’s industry, business strategy, goals and expectations concerning the Company’s market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, future growth, the war in Ukraine, other financial and operating information and other risks detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2021 (the Form 10-K) and the Company’s subsequent quarterly reports on Form 10-Q. The information contained herein speaks only as of the date of this release and the Company undertakes no obligation to update forward-looking statements, except as may be required by the securities laws.

For further information regarding risks and uncertainties associated with the Company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s filings with the Securities and Exchange Commission, including, but not limited to, the Form 10-K and the Company’s subsequent quarterly reports on Form 10-Q, copies of which may be obtained by contacting Investor Relations at 303-986-4600 or by visiting the Company’s website at http://Investors.NaturalGrocers.com.

Investor Contact:

Reed Anderson, ICR, 646-277-1260, reed.anderson@icrinc.com

Retail Roundup: Q2 2022 – Latest Retail Report Shows Buyers Are Embracing Changes

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While 2022 started with the pandemic primarily behind us, new challenges have emerged that again challenge retail buyers of consumer-packaged goods. Supply chain issues were the focus of Q2, along with the emergence of inflationary pressures. Health and healthier food categories sit beside convenience foods on the most searched lists in Q2, along with an unsurprising second quarter of top searches for pet food, CBD, and the seasonal re-emergence of sun protection and cooling.

Online retail product discovery and purchasing platform RangeMe analyzes user data from more than 15,000 retail buyers and around 200,000 suppliers to help report the latest trends. Results from its Retail Roundup: Q2 2022 report show that buyers are taking trends seriously and are planning ahead, having learned from supply chain issues and forthcoming inflation costs.

Searches in Q2 imply that consumer health trends are being heard by retailers. “Mushroom” was one of the top searches in Q2 as it’s not only a tasty product used in increasing amounts of plant-based products, but mushrooms offer many health benefits as consumers continue to prioritize health. Across the U.S. and Europe other healthier food alternatives made the list, including retail buyer searches for salad dressing, pickles, okra, and dried chickpeas.

An increase in pet ownership over the course of the pandemic has led to growing demand for quality pet food and products, which is why “Cat Food” has made it on the top searches list. The lack of ingredients, packaging materials, and supply chain transportation issues, all led to a cat food shortage that impacted cat owners and the retailers they buy from in Q2. Wet cat food, especially, was difficult to find due to an aluminum shortage.

Continuing the health trend searches for “Organic Skincare” have seen an increase along with an increase in “CBD” related products in the U.S. in particular. As we see the return of summer the usual searches for sun protection products like “Sunscreen” make the list again. On RangeMe alone, there are more than 1,130 brands selling more than 2,000 sunscreen products. Whether you’re looking for a zinc-based, reef-safe spray, dermatologist-tested lotion, or tinted powder, the selection of SPF products is endless. There are even a few options for our furry friends.

“We’re not going to sugarcoat it, 2022 has been another whirlwind of a year for the consumer packaged goods industry. Ongoing supply chain issues and rising inflation costs have kept suppliers and retail buyers on their toes, said Nicky Jackson, CEO of RangeMe. “This is why it’s more important than ever to stay on top of emerging trends happening within the industry, to better equip your business for success through current circumstances, and we’re happy we can provide insights to help.”

What is perhaps more exciting to see again in Q2, as in Q1 of this year, is the continued interest in and increased search for diverse, minority, and LGBTQ-certified businesses as well as the most popular buyer Collection this quarter, sustainability. Retailers left and right are implementing sustainability initiatives and declaring war on plastic and harmful ingredients by banning them from their stores completely. And on the brand side, sustainable products are beating their less eco-friendly competitors onto retail shelves time and time again.

More than 90% of Gen X consumers are willing to pay more for sustainable products, up 42% from 2019. Above all, consumers are giving their trust (and money) to retailers who are transparent about their efforts and moving in the right direction when it comes to sustainability.

RangeMe is the global industry standard tool for retail product discovery, sourcing, and purchasing. Suppliers can showcase their range, bring new products to market, increase brand visibility, and grow sales, while buyers use RangeMe to discover new products, search trends, purchase directly from the platform and communicate directly with brands.

Fullscript Appoints New Members to its Board of Directors

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Fullscript, the leading care delivery platform for integrative medicine, has appointed Ninan Chacko, chief executive officer of Monotype, and Solmaz Shahalizadeh, founding partner of Backbone Angels, to the company’s board of directors. As the first independent board members to join Fullscript, these two highly experienced leaders offer a wealth of knowledge and a dynamic background to advance the organization’s growth strategy. This brings the total number of Fullscript board members to eight.
“It’s an honour to have Ninan and Solmaz on our board,” said Kyle Braatz, chief executive officer of Fullscript. “We were looking for individuals who had diverse perspectives, great leadership abilities, strong data and software experience, and vast knowledge of business development to strengthen our growth initiatives. We’ve more than succeeded in reaching these criteria.”

Ninan has more than 20 years of global technology leadership experience. He has held executive positions at Travel Leaders Group, one of the largest retail, corporate, and entertainment travel companies in North America and the UK, along with PR Newswire, and Worldspan. Ninan brings his experience in digital acceleration and revenue generation to Fullscript.

“I am delighted to join Kyle and the talented team at Fullscript as they pioneer this innovative approach to integrative medicine,” Ninan said. “I look forward to working with my board colleagues and the management team, drawing on my background in global technology leadership and strategic operations to support Fullscript’s business goals.”

As an executive, investor, and advisor in the technology and data space, Solmaz is well-versed in building companies and scaling businesses. She previously spent more than eight years as vice president and head of data at Shopify, building their entire portfolio of data and machine learning products, and overseeing a team of more than 500. Her extensive career also includes previous positions at Morgan Stanley and McGill University.

“Throughout my career, I have used technology to solve challenging problems and create new opportunities across multiple industries including healthcare and commerce,” Solmaz said. “I’m thrilled to join Kyle and the Fullscript team and support them in their mission as they scale integrative medicine for everyone and tap into the power of data and machine learning to make it a reality.”

Vital Nutrients Launches First-to-Market Vegan Omega with SPMs

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Vital Nutrients, a practitioner-founded nutritional supplement company dedicated to making a positive impact on the health of people and the planet, announc­ed the launch of its latest innovative formulation, Ultra Pure® Vegan Omega SPM+. This high-performance vegan fish oil alternative provides the most biologically active form of specialized pro-resolving mediators (SPMs), plus 400 mg of triglyceride from omega-3s from sustainably sourced, plant-based algal oil concentrate in mini vegan soft gels.
This innovative formulation addresses the increasing demand for vegan alternatives to marine fish oil to support healthy immune responses, cardiovascular health, and cognitive focus. Vital Nutrients holds the exclusive position on this form of algal-based triglyceride DHA/DPA-derived specialized pro-resolving mediators (SPMs), for better tolerance and absorption, and SPMs specific to DHA + DPA. This is the first and only plant-based combination of omega-3 fatty acids with clinically relevant levels of active SPMs that may facilitate the resolution of inflammatory processes more effectively and up to 5x more than omega-3s can alone.*

“In collaboration with our healthcare practitioners, we identified a critical need in the marketplace for a vegan-friendly SPM solution, as well as smaller omega-3 capsules for increased compliance among the general patient population,” explains John P. Troup, Ph.D., Chief Science & Education Officer, Vital Nutrients. “Our new Vegan Omega SPM+ delivers a first of its kind vegan algae omega formulation, in a capsule that is 40% smaller than traditional fish oils for improved patient compliance.”

According to the CDC, up to 80% of Americans have an omega-3 nutrient gap and deficiency in the essential omega-3 fatty acid DHA. In addition, veganism in the United States has increased 6X since 2014.[i] Traditional fish-oil-derived omega-3 supplements lack clinically relevant levels of SPMs and are not a suitable option for a growing portion of the population following a vegan lifestyle.

In accordance with Vital Nutrients’ commitment to clean supplements, Ultra Pure® Vegan Omega SPM+ is free of gluten, dairy, soy, peanut, tree nut, fish and egg, and contains no artificial flavours, or colours, sweeteners, coatings or binders. The product is non-GMO and free of heavy metals, solvents and pesticides.

Each ingredient in the formula has been hand-selected to provide unique benefits, resulting in a balanced, well-rounded combination of scientifically validated ingredients including:

0.1% DHA/DPA-derived SPMs

Activation and support of healthy immune system responses*
SPMs specific to DHA and DPA offer more precise activation*
390 MG DHA

Supports healthy immune system responses and cardiovascular health maintenance*
Supports Central Nervous System function and healthy cognitive performance*
75 MG DPA[ii] [iii]

Structurally similar to DHA and EPA, the inclusion of DPA provides a full-spectrum omega profile
Provides enhanced support for healthy platelet activity, lipid metabolism and cardiovascular system health*
Can be retro-converted to DHA and EPA
1 MG ASTAXANTHIN

High antioxidant characteristics help protect the delicate omega-3 oils within each softgel
Ultra Pure® Vegan Omega SPM+ is the latest vegan-friendly innovation from Vital Nutrients. More than 70% of Vital Nutrients’ complete line of clean nutritional supplements is vegan-friendly, including new Vegan Pancreatic Enzymes, formulated to promote complete digestion across a broader pH range than animal enzymes.

Loblaw Reports 2022 Second Quarter Results

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Loblaw delivered strong operational and financial results as it continued to execute on retail excellence in its core businesses while advancing its growth and efficiencies initiatives. Drug Retail performance continued to drive overall margin expansion, as sales benefited from growth in higher margin front-store categories.

The positive trend in Food Retail continued with the Company’s conventional stores performing well relative to peers and sales growth in its discount banners, heightened by the strength of the No Frills® and Maxi® hard-discount stores and the Company’s value-focused control brand no name®.

“Loblaw delivered consistent operating and financial results, as customers recognized the value, quality and convenience delivered through our diverse store formats, control brand products, and our PC Optimum loyalty program,” said Galen G. Weston, Chairman and President, Loblaw Companies Limited. “In the quarter we also continued to pursue our strategic growth agenda, with the completion of our acquisition of Lifemark Health Group, bolstering our healthcare services offering and furthering our purpose to help Canadians Live Life Well.”

2022 SECOND QUARTER HIGHLIGHTS

  • Revenue was $12,847 million, an increase of $356 million, or 2.9%.
  • Retail segment sales were $12,623 million, an increase of $341 million, or 2.8%.
    • Food Retail (Loblaw) same-stores sales increased by 0.9%.
    • Drug Retail (Shoppers Drug Mart) same-store sales increased by 5.6%.
  • E-commerce sales decreased by 17.5%, lapping elevated online sales due to lockdowns last year.
  • Operating income was $742 million, a decrease of $10 million, or 1.3%. Operating income was negatively impacted by $111 million as a result of a charge related to a President’s Choice Bank (“PC Bank”) commodity tax matter.
  • Adjusted EBITDA(2) was $1,499 million, an increase of $128 million, or 9.3%.
  • Retail segment adjusted gross profit percentage(2) was 31.4%, an increase of 50 basis points.
  • Net earnings available to common shareholders of the Company were $387 million, an increase of $12 million or 3.2%. Diluted net earnings per common share were $1.16, an increase of $0.07, or 6.4%. Diluted net earnings per common share was negatively impacted by $0.25 per common share as a result of a charge related to a PC Bank commodity tax matter.
  • Adjusted net earnings available to common shareholders of the Company(2) were $566 million, an increase of $102 million, or 22.0%.
  • Adjusted diluted net earnings per common share(2) were $1.69, an increase of $0.34 or 25.2%.
  • Repurchased for cancellation, 5.4 million common shares at a cost of $607 million and invested $302 million in capital expenditures. Retail segment free cash flow(2) was $840 million.
  • Acquired Lifemark Health Group (“Lifemark”) on May 10, 2022, adding to the Company’s growing role as a healthcare service provider, with a network of health and wellness solutions, accessible in-person and digitally.
  • PC Express™ Rapid Delivery announced, to make grocery and convenience items available to customers in an expected express delivery time of 30-minutes-or-less through a collaboration with DoorDash.

See “News Release Endnotes” at the end of this News Release.

CONSOLIDATED AND SEGMENT RESULTS OF OPERATIONS

The following tables provide key performance metrics for the Company by segment and same-store sales.

New Study: Hinge Health Reduced Acute Pain by 73% Per Participant

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Meaningful functional improvement and 2x lower pain compared to nonparticipants, according to Hinge Health, UCSF, and University of Rhode Island researchers.

The joint study with University of California, San Francisco and University of Rhode Island researchers examined pain and function outcomes at 3, 6, and 12 weeks for those with acute and subacute pain. Participants took part in Hinge Health’s Digital MSK Clinic acute program, which included video visits with physical therapists, exercise therapy, and educational articles, and were compared to a nonparticipant group.
Among the findings, the authors note that the magnitude of pain improvement was significantly higher for the participant group, and there were statistically significant associations between the Digital Musculoskeletal (MSK) Clinic program and meaningful functional improvement.

Key outcomes demonstrating the effectiveness of Hinge Health’s approach include:

Acute and subacute pain improvement: At the end of the 12-week study, Hinge Health participants reported a 73% pain reduction and a 2x lower pain score compared to nonparticipants.

A significant functional improvement over nonparticipants: 77.8% of participants reported meaningful functional improvement at 12 weeks, an increase from 54% at 3 weeks and 67% at 6 weeks for study participants. These substantial increases come in over nonparticipants reporting 39% at 3 weeks, 53% at 6 weeks, and 53% at 12 weeks.
“We’re proud of the results of this study, as they demonstrate the greatest pain improvement outcome for acute injuries in the digital MSK care industry,” said Dr. Jeff Krauss, chief medical officer, Hinge Health. “These findings contribute to the growing evidence base, and our long-held beliefs, that the holistic, clinically-validated care provided in the Digital MSK Clinic is vital in driving better outcomes for those who suffer from acute or chronic pain.”

The majority of medically treated injuries in the U.S. are MSK injuries. 1 in 3 MSK injuries are from slips, trips, and falls, with more than half of the remaining injuries stemming from traumatic events, like a car accident. Without appropriate care, acute pain from injuries can lead to disability. MSK conditions are the leading cause of disability in the U.S.

The results of this acute pain study align with published studies for Hinge Health’s chronic pain program, including a large-scale 10,000-participant study, three randomized controlled trials, and a study on long-term outcomes.

Kensing to Acquire Hopewell, VA Amphoteric Surfactants and Specialty Esters Operations from Evonik Corporation

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Kensing, LLC  a leading manufacturer of natural vitamin E, plant sterols, specialty esters and high-purity anionic surfactants, and a portfolio company of One Rock Capital Partners, LLC (“One Rock”), today announced that it has entered into a definitive agreement to acquire the Hopewell, Virginia amphoteric surfactants and specialty esters manufacturing operations from Evonik Corporation (“Evonik”).
Located in Hopewell, Virginia, the Business primarily serves the personal care market, with a focus on skincare, hair care and oral care applications. The Business is known for product quality and technical leadership, with over 50 years of experience in betaines chemistry and ships products to leading personal care and home care customers in North America.

“The amphoteric surfactants and specialty esters manufacturing operations that Kensing will acquire as a result of this transaction are complementary to our existing product portfolio derived from plant-based feedstocks,” said Serge Rogasik, Chief Executive Officer of Kensing. “Building on our leadership position in high-purity anionic surfactants, by acquiring the Business, we are expanding Kensing’s presence in personal care and home care ingredients to provide our customers with an expanded range of low-detergency product and service offerings.”

Rohan Narayan, Partner at One Rock added, “We are excited to support Kensing in its second add-on acquisition. The Business manufactures innovative, high-quality, natural raw material-based products and is a great fit for Kensing. We continue to actively support Kensing’s pursuit of acquisition opportunities aimed at further strengthening its position as a leading, global manufacturer of plant-based ingredients.”

The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in the third quarter of 2022.

ADM, a global leader in sustainable agriculture and nutrition

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ADM, a global leader in sustainable agriculture and nutrition, today announced that Megan Britt has joined the company as vice president, Investor Relations.

Britt comes to ADM with significant expertise in the food and agriculture industries, having previously led investor relations functions at both Tyson Foods, Inc. and Corteva Agriscience. She has more than 20 years of experience in finance, investor and strategic roles.
“ADM has a great story to tell to investors, and Megan is the right person to help us tell it,” said Vikram Luthar, ADM’s chief financial officer. “We’ve transformed our company, and are advancing our strategy by building a better ADM and aligning our portfolio around major growth trends that are driving structural changes in our industry. We’re proud of our record of growth and shareholder value creation, and now we’re moving into new horizons of growth – and we’re excited to have Megan join us at this important time.”

The American Association of Naturopathic Physicians Hosts Annual Convention in the Central Hub of Healthcare & Research

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The nation’s leading conference for licensed naturopathic doctors (NDs), which took place July 21-23 in Spokane, Wash., was a unique time of celebration and learning for over 600 physician attendees. AANP 2022 is the largest event in the naturopathic community, organized and hosted by the American Association of Naturopathic Physicians (AANP) – the professional association representing NDs in the United States. Each year the event brings together NDs from around the world for three days of learning, networking, and fun.

Naturopathic Physicians are whole health specialists, practicing a unique branch of medicine that focuses on preventive health and offers a whole person approach to primary care. NDs in the greater Spokane and Northern Idaho area work mostly in private clinics but are also found in federally qualified health clinics in rural communities such as Okanogan.

With the last two years being particularly demanding for physicians, the AANP 2022 theme of Restore, Revitalize, Reconnect focused on allowing the naturopathic physician community to come together (whether virtually or in-person) to experience an engaging, exciting, fun, and informative conference.

The three-day Convention included nearly 40 sessions by over 44 noteworthy speakers, including four unique hands-on clinical sessions and two keynote presentations. Topics ranged from how naturopathic physicians can heal from burnout to ways they can help their patients struggling with mental health issues, addiction, and more.

The annual event also offered an additional post-Convention half day of learning on Sunday, July 24, with a COVID clinical roundtable. Proceeds from the add-on roundtable discussion went to the Washington Association of Naturopathic Physicians, the AANP 2022 host state.
Education was not the only focus of AANP 2022; the event boasted three social functions, which included a Thursday evening Welcome Reception, and a Friday evening President’s reception, featuring an amusing game of Naturopathic Family Feud, and Saturday’s Annual Gala and Awards reception.
Saturday’s Gala included dinner and culminated with dancing and music from a local DJ. The AANP recognized several members of the naturopathic medicine community during the annual awards presentation as outstanding naturopathic physicians and supporters of the profession. Award winners were nominated by their peers and voted on by the committee. The awards with their respective winners are as follows:

• Champion of Naturopathic Medicine: Bob Bernhardt, PhD
• Corporation of the Year: Ayush Herbs, Inc.
• Louisa & Benedict Lust: Guru Sandesh Singh Khalsa, ND (posthumous)
• Physician of the Year: Iva Lloyd, ND
• True Grit: Wisconsin Naturopathic Doctors Association
• The Vis: Jill Stansbury, ND

The 2023-2024 Board of Directors election results were also announced at the AANP 2022 Convention.
The new Directors, who will begin their term on January 1, 2023, are:
• President-elect: Kasra Pournadeali, ND
• Partial Term Treasurer: Michael Traub, ND, DHANP, FABNO
• 2023-2024 Board Directors: Michael Cronin, ND; Audrey Schenewerk, ND; Brian Trainor, ª ND; Madeleine “Abena” Tuson-Turner, ND, MSIMR, MSCGH
• Partial Term Board Director: Desta Golden, ND, MS

Other AANP 2022 highlights included:
The Naturopathic Medical Student Association (NMSA) once again hosted its annual conference in tandem with AANP 2022 and held its 2022 Annual NMSA Cup Competition.
John Culton, the outreach director for Sen. Patty Murray, met with AANP leaders in order to discuss naturopathic medicine and how it can be beneficial to the senator’s constituents.
A keynote presentation delivered by Dr. Iva Lloyd, president of the World Naturopathic Federation focused on the growing role of naturopathic medicine in the World Health Organization’s growing support for Traditional & Complementary Medicine worldwide.
“There’s a growing body of evidence that the preventive, whole-patient-centred healthcare delivered by naturopathic doctors enhances health and wellness. The opportunity to meet with a representative from Senator Murray’s office was encouraging,” stated Laura Farr, executive director of the AANP, adding, “Hosting AANP 2022 in Spokane, as a central hub of healthcare, was intentional to increase awareness about naturopathic medicine as an accessible and effective model of care meeting the needs of a challenged healthcare system.”
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