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Kensing Announces Acquisition of Vitae Naturals

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Kensing, LLC a leading manufacturer of Natural Vitamin E, Plant Sterols and high-purity surfactants, and a portfolio company of One Rock Capital Partners, LLC (“One Rock”), announced its acquisition of Vitae Naturals (“Vitae”), a leading producer of Plant Sterol Esters and Non-GMO Natural Vitamin E derivatives for the food, nutrition and skincare end-markets.
“We are pleased to bring Vitae Naturals into the Kensing family,” said Serge Rogasik, Chief Executive Officer of Kensing. “This acquisition is highly complementary, strengthens our footprint in Europe and enables further expansion in food ingredients. This is an exciting time for both companies and we look forward to partnering with the Vitae team to accelerate our growth objectives.”

Founded in 2000 in Talavera de la Reina, Spain, Vitae Naturals manufactures Plant Sterol Esters under the Vitasterol® brand and Natural Vitamin E derivatives under the Vitapherole® brand. Plant Sterol Esters have been clinically proven to naturally lower cholesterol and help fight heart disease when added to margarine spreads, yogurts, and supplements. Natural Vitamin E derivatives are primarily used in vitamin supplements and as natural antioxidants in food and cosmetic applications. Vitae Naturals serves a large set of global customers in more than 40 countries across five continents.

“Our businesses share similar values and we are delighted to become a part of the Kensing team,” said Rafael Cano Mariblanca, General Manager of Vitae Naturals. “Kensing provides a strong platform to build upon our position in our existing markets and expand further into the personal care market. Together, we have a truly diversified footprint with numerous opportunities for growth.”

Inflation causing price pains for Edmonton’s small grocers and their customers

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Food costs are up 9.7 per cent over last year, latest Statistics Canada figures show / By: Kashmala Fida Mohatarem
Inflation pressures have forced Nunu Deselgne to raise prices on every item in her Edmonton grocery store, Habesha African Market, with two exceptions: eggs and milk.

“Those are a necessity for people,” Deselgne told CBC’s Edmonton AM on Thursday.  “So we’re taking a hit on those.”

Her store, at 10418 107th Ave., is in one of the city’s lower-income neighbourhoods in central Edmonton.

With prices increasing with almost every new shipment that arrives, Deselgne isn’t sure how long she can keep swallowing her costs.

Deselgne is not alone. Grocers in Edmonton are having to raise prices on the foods they sell as inflation, combined with labour shortage and supply-chain issues, have driven costs through the roof.

On Wednesday, Statistics Canada reported that Canada’s inflation rate rose to 7.7 per cent in May, the highest in 40 years. Grocery prices have increased 9.7 per cent over the past year.

“It’s just constantly going higher and higher by week,” Deselgne said. “It’s quite stressful.”

The Spice Centre, at 9280 34th Ave. in Mill Woods, has also had to increase prices, partly due to increasing shipping costs.

“We have been in business for over 30 years now and we have not seen price changes like these, ever,” Spice Centre co-owner and manager Aman Bindra said.

Prices are up, but profits are down, he said.

The store caters to a significant South Asian and Caribbean population and orders a lot of its products from India and the Caribbean.

Before the pandemic, a container that cost Bindra $5,000 and take five to six weeks to arrive is now costing him around $15,000 and not arriving for months.

Pharmavite LLC, Invests $200 Million and Creates 225 New Jobs

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Pharmavite LLC has announced plans to expand into the Columbus Region, investing more than $200 million and creating 225 new jobs. With this investment, Pharmavite will build a new 200,000 – 250,000-square-foot facility in New Albany, joining the Columbus Region’s growing life science industry, which spans R&D, technology and manufacturing operations.

Pharmavite’s facility will be located at 13312 Jug Street Road NW in New Albany, pending local approvals and site acquisition. Expanding into the Columbus Region will help the company add production capacity and enhance its Midwest and East Coast market service. The company is investing in the construction of the new facility, machinery and equipment, with production expected to start by the end of 2024.

“Pharmavite is excited to announce a major expansion into the Columbus Region, which is rapidly emerging as a leading national hub for science, innovation and technology companies,” said Jeff Boutelle, CEO of Pharmavite. “As a proud Ohioan, I look forward to leading Pharmavite into this new era in which we will develop new reach and capabilities while striving to become an important part of the Columbus and New Albany communities.”

Pharmavite manufactures its products in the United States. This marks the company’s fourth manufacturing facility and the second investment outside the California-based company’s home state. Founded in 1971, Pharmavite’s last expansion took place in 2013 with a facility in Alabama which has grown to full capacity. The new facility will primarily produce products for its Nature Made & MegaFood brands. Nature Made is the leading national vitamin and supplement broadline brand, with 50 years of delivering high-quality products that are backed by science and ranked as the #1 Pharmacist Recommended vitamin and supplement brand.

“As we continue to expand and strengthen our health and life science cluster, we’re excited to welcome a leading company like Pharmavite to join the ecosystem,” said Michael Loges, economic development manager at the City of New Albany. “Pharmavite’s focus on wellness and nutrition align with New Albany’s strengths and values, so we’re excited to integrate them as partners in our business community and look forward to presenting this project to New Albany City Council.”

From medical breakthroughs to cutting-edge technology, the Columbus Region is home to one of the most dynamic healthcare and life science industries in the country. In the last five years, the Columbus Region has granted over 8,700 degrees in biology, biomedical science, chemistry and pharmacy, and The Ohio State University ranks in the top 10 nationally in Biological and Biomedical Science Ph.D. completions – all contributing to a highly educated and prepared talent pool. New Albany is located in Franklin County, which is home to an estimated 1,316,756 residents.

“Pharmavite is a California-based life science company that will now grow its national brands with talent from Ohio, making this the 43rd project from the nation’s Coasts to choose to invest here since 2019!” said J.P. Nauseef, president and CEO of JobsOhio. “This investment brings a state-of-the-art facility and 225 new jobs that will support growing demand for Pharmavite’s vitamin supplements throughout the Midwest and East Coast.”

U.S Investors in Natural Health Trends (NASDAQ:NHTC) have unfortunately lost 67% over the last five years

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According to Yahoo finance, intelligent long term investing is the way to go. But along the way some stocks are going to perform badly. Zooming in on an example, the Natural Health Trends Corp. (NASDAQ:NHTC) share price dropped 81% in the last half decade. We certainly feel for shareholders who bought near the top. Furthermore, it’s down 27% in about a quarter. That’s not much fun for holders. However, one could argue that the price has been influenced by the general market, which is down…
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However, one could argue that the price has been influenced by the general market, which is down 15% in the same timeframe. While a drop like that is definitely a body blow, money isn’t as important as health and happiness.
It’s worthwhile assessing if the company’s economics have been moving in lockstep with these underwhelming shareholder returns, or if there is some disparity between the two. So let’s do just that.
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One way to examine how market sentiment has changed over time is to look at the interaction between a company’s share price and its earnings per share (EPS).
During the five years over which the share price declined, Natural Health Trends’ earnings per share (EPS) dropped by 57% each year. The share price decline of 28% per year isn’t as bad as the EPS decline. So investors might expect EPS to bounce back — or they may have previously foreseen the EPS decline. With a P/E ratio of 73.30, it’s fair to say the market sees a brighter future for the business.

You can see how EPS has changed over time in the image below (click on the chart to see the exact values).

What About Dividends?

When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. It’s fair to say that the TSR gives a more complete picture for stocks that pay a dividend. In the case of Natural Health Trends, it has a TSR of -67% for the last 5 years. That exceeds its share price return that we previously mentioned. And there’s no prize for guessing that the dividend payments largely explain the divergence!

A Different Perspective

Although it hurts that Natural Health Trends returned a loss of 12% in the last twelve months, the broader market was actually worse, returning a loss of 17%. Of far more concern is the 11% p.a. loss served to shareholders over the last five years. While the losses are slowing we doubt many shareholders are happy with the stock. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Consider for instance, the ever-present spectre of investment risk.
Published and source: Yahoo finance

Canadian Pharmacists Association

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PO APPEARS BEFORE HEALTH COMMITTEE

Dr. Danielle Paes, CPhA’s chief pharmacist officer, appeared before the House of Commons Standing Committee on Health on June 1 as a witness for its study on the emergency situation facing Canadians in light of the COVID-19 pandemic. CPhA’s remarks focused on the pandemic’s impact on drug shortages and patient access to care across Canada, and the expanded services that have enabled pharmacists to enhance care for their patients.

Amai Proteins, voted Global Winner at the 2022 Extreme Tech Challenge Competition

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Amai Proteins, an Israeli start-up developer of novel designer proteins that answer the needs of consumers and industry, is the Global Winner of the 2022 XTC competition. Extreme Tech Challenge (XTC) is the world’s largest start-up competition for purpose-driven companies. Over 2000+ start-ups from 100+ countries competed in 10 impact areas ranging from Biotech to Education, Fintech to Cleantech.
Sugar overconsumption underlies the Metabolic Syndrome (obesity, diabetes, and more), a global health challenge primarily affecting the lower socioeconomic classes. Sugar production also places a significant burden on arable land and water usage, contributing air, land, and sea pollution.
Dr. Ilan Samish, CEO and Founder said: “Amai – ‘sweet’ in Japanese – produces the first great tasting and market-fit 100% protein sweetener via Amai’s Pro3 Platform: Pro-Design AI-CPD (Computational Protein Design), Pro-Planet precision fermentation, and Pro-Taste food technology.

Our first product, sweelin™, is a sustainable, 100% sweet protein that can reduce 40% to 70% of added sugar in a wide variety of food & beverages, without changing the consumer taste experience. The novel proteins mimic proteins that reside in harsh conditions (e.g., the Dead Sea, hot springs, acidic swamps) and are thus fit for the requirements of the mass food market. These include soft drinks, fruit juices, dairy, alternative dairy products, sauces, spreads, snacks, ketchup, chocolate, peanut butter, energy bars, functional foods, and much more.

Kellogg’s will split into 3 companies based on snacks, cereals and plant-based food

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Kellogg Co., the maker of Frosted Flakes, Rice Krispies and Eggo, will split into three companies focused on cereals, snacks and plant-based foods.

Kellogg’s which also owns MorningStar Farms, the plant-based food maker, said Tuesday that the spinoff of the yet-to-be-named cereal and plant-based foods companies should be completed by the end of 2023.

Kellogg’s had net sales of $14.2 billion in 2021, with $11.4 billion generated by its snack division. Cereal accounted for another $2.4 billion in sales last year while plant-based sales totalled around $340 million.

“These businesses all have significant standalone potential, and an enhanced focus will enable them to better direct their resources toward their distinct strategic priorities,” said CEO Steve Cahillane.

Cahillane will become chairman and CEO of the global snacking company. The management team of the cereal company will be named later. The board of directors has approved the spin-offs.

Shareholders will receive shares in the two spin-offs on a pro-rata basis relative to their Kellogg holdings.

Kellogg said it would explore other options for its plant-based business, including a possible sale.

The company’s corporate headquarters will move from Battle Creek, Michigan, to Chicago, but it will maintain dual headquarters in both cities for its snack company, which makes up about 80% of current sales. Kellogg’s three international headquarters in Europe, Latin America, and AMEA will remain in their current locations.

Big-name companies have begun to split up at an accelerated pace, including General Electric, IBM and Johnson & Johnson, but such splits are rare for food producers. The last major split in the sector was in 2012 when Kraft split to create Mondelez.

It is a particularly perilous time in the industry due to rising costs, both for labour and materials. Russia’s invasion of Ukraine has pushed grain prices higher and this month, the U.S. reported that inflation is hitting four-decade highs.

Last fall, about 1,400 workers at Kellogg’s cereal plants went on strike for nearly three months before winning a new contract with immediate, across-the-board wage increases and enhanced benefits for all workers. In March, a few hundred other workers at a plant that makes Cheez-Its won a new contract with 15% wage increases over three years.

GURU Organic Energy Announces Second Quarter 2022 Financial Results

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GURU Organic Energy Corp. announced its results for the second quarter ended April 30, 2022.

“In the second quarter, we delivered our best Q2 topline performance to date with net revenues of $7.6 million, compared to $7.1 million in Q2 2021, while maintaining sector-leading gross margins of 54%,” said Carl Goyette, President and CEO of GURU.

 “This performance was driven by a 26% increase in sales volumes despite the impact of COVID-19 in the first half of the quarter. True to our methodical and prudent approach, we delayed certain marketing activities to Q3, in the context of COVID-19 restrictions across Canada in place during our first quarter and the first half of the second quarter.”

 

“With a return to in-person events in Canada and with the majority of restrictions lifted since late spring, we have been going full steam ahead with our summer programming and marketing activations, building on our recently executed ‘Made in Plants’ marketing campaign. This includes the launch of our summer marketing campaign ‘Good Energy for the Everyday’ with digital, out-of-home, in-store and third-party event components, and a mix of sponsorship and sampling activities at various events across Canada throughout the summer. This comprehensive campaign will provide us with a solid baseline for our future marketing programs as we continue to build our brand awareness and reach new health-conscious energy drink consumers seeking natural, plant-based energy across Canada.”

“In the U.S., our strong growth in Q2 was driven by strong demand at the consumer level, as shown by Q2 SPINS data, with a 61% increase in consumer purchases in California, quarter over quarter, and a 31% increase in the U.S. overall5, and by a limited-time rotational program in the wholesale club channel. We are also pursuing other selective customer acquisition initiatives in the U.S. and through our various online platforms,” added Mr. Goyette.

Results of operations
Net revenue in the second quarter increased by 7% to $7.6 million, compared to $7.1 million for the same period a year ago. The increase is reflected by a 26% growth in volume overall, as a result of higher velocities, new product launches, and increased points of sale in Canada, and a new club rotational program entry in the U.S., partially offset by costs associated with the exclusive Canadian distribution agreement. For the six-month period, net revenue increased by 7% to $14.6 million, up from $13.7 million for the same period in 2021, as volume overall grew by 24%.Gross profit totalled $4.1 million, compared to $4.4 million in Q2 2021. Gross margin was 54%, compared to 55% in Q1 2022, reflecting careful supply chain management and prudent pricing practices. For the six-month period, gross profit totalled $7.9 million, compared to gross profit of $8.5 million a year ago. Gross margin for the period was 54% versus 64% last year. The decrease in gross margin was anticipated due to the change in our Canadian distribution, sales and merchandising model, effective as of Q4 2021, and comprises distribution, selling and merchandizing fees (a portion of which was previously categorized as SG&A expenses). Gross margin was also slightly impacted by higher product costs driven by inflationary pressures on input and transportation costs.

Selling, general and administrative expenses (“SG&A”), which include operational, sales, marketing, and administration costs, amounted to $8.2 million in the second quarter, compared to SG&A of $5.5 million for the same period a year ago. Selling and marketing expenses accounted for more than 70% of the increase in SG&A as the Company invested in targeted sales and marketing campaigns during the quarter, notably its ‘Made in Plants’ marketing campaign, the launch of GURU Guayusa Tropical Punch across Canada, the launch of the 500 ml format in Quebec and the listing of the 355 ml 4-pack across Canada, as well as continued trade marketing investments in the U.S. For the six-month period, SG&A amounted to $15.3 million, compared to $10.2 million a year ago.

Adjusted EBITDA3 amounted to $(3.7) million compared to $(0.8) million last year. The decrease in adjusted EBITDA was mainly due to higher selling and marketing expenses, and to a lesser extent, to lower gross margins.

Net loss for the first quarter totalled $4.0 million or $(0.12) per share (basic and diluted), compared to a net loss of $1.2 million or $(0.04) per share (basic and diluted) for the same period a year ago. The increase in net loss reflects the lower margins and the additional costs associated with brand, field and trade marketing activities.

As of April 30, 2022, the Company had cash, cash equivalents and short-term investments of $52.8 million and unused $CA and $US denominated credit facilities totalling $10 million.

1. Nielsen: Last 52-week period ending April 23, 2022 – All Channels, Canada.
2. Market Research conducted by element54 and Patterson Langlois for GURU in June 2021 with 1,500 participants in the province of Quebec.
3. Nielsen: Last 52-week period ending April 23, 2022 – Convenience and Gas (C&G) channel, Quebec.
4. Please refer to the “Non-GAAP financial measure” section for additional information on reconciliation of net loss to adjusted EBITDA at the end of this release.
5. SPINS IRI data, Total Multi-Outlet (MULO) channels, period ending March 20, 2022.

Loblaw to eliminate all single-use plastic shopping bags from its stores by early 2023

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Loblaw Companies Limited plans to eliminate all single-use plastic shopping bags from its corporate and franchise grocery stores, pharmacies, and PC Express service across the country, to be completed by the end of the first quarter of 2023.  This move completes a 15-year journey, which commenced with the company being one of the first major retailers in Canada to implement a pay-for-bag program to help reduce plastic waste.
“As a purpose-led organization, committed to helping Canadians live life well, we are proud to be taking a significant step on such an important environmental issue,” said Robert Sawyer, Chief Operating Officer, Loblaw Companies Limited.  “Since 2007, our efforts to reduce the number of single-use plastic shopping bags leaving our stores has led to 13.8 billion fewer bags potentially going into landfill.”

Loblaw customers have already rallied around the reusable bag approach. The adoption of a plastic bag fee led to a 70% decline in the use of plastic bags in its stores, and shoppers have turned to the iconic PC reusable bag and plastic bins as sustainable alternatives.  As single-use plastic shopping bags are phased out systematically, province by province, customers will be supported with a variety of reusable alternatives as well as ongoing communications to raise awareness of the options available.

This is the latest in a long line of announcements related to Loblaw’s environmental, social and governance (ESG) efforts.  Notably, to help fight climate change, Loblaw will achieve the following: net-zero greenhouse gas emissions by 2040 for Scope 1 and 2, and net-zero greenhouse gas emissions by 2050 for Scope 3; reduce plastic waste by making all of its control brand and in-store packaging recyclable or reusable by 2025; send zero food waste to landfill by 2030; and more.  The full scope of the Company’s ESG commitments can be found in its 2021 ESG Report.

Athleta expands in Canada, adding five new stores in 2022

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The company announced it will add five new Canadian stores in 2022 with today’s opening of Mapleview Centre in Burlington, Ontario at 10:00 a.m. EST.

The new 4,260-square-foot performance-lifestyle store is Athleta’s third company-operated Canadian location. Last year, Athleta expanded into Canada with the launch of e-commerce in August, followed by the opening of its first company-operated stores outside of the U.S. in September at Park Royal Shopping Centre in West Vancouver, and in November at Yorkdale Shopping Centre in Toronto.

This fall, Athleta will open four additional stores at:

• Chinook Centre, Calgary
• Sherway Gardens, Etobicoke
• West Edmonton Mall, Edmonton
• 1035 Robson Street, Vancouver

Founded in 1998, Athleta is a purpose-driven brand with a powerful mission to empower women and girls to realize their limitless potential. Athleta stores highlight the brand’s versatile, on-trend performance lifestyle products for women and girls.  The stores feature inclusive sizing in more than 200 styles ranging from XXS-2X, in-store styling appointments, free alterations, and wellness-focused community events.

“Since our launch last year, Canadian customers have quickly gravitated toward our offerings.  We have highly differentiated performance lifestyle product unlike anything else in this market. As a certified B. Corporation, we are filling a need in the market for a sustainable, purpose-driven brand, and we can see how that connects back to our Canadian customer’s focus on health, wellness and active living,” comments Jenelle Sheridan, VP and GM Athleta Canada. “Athleta’s Canadian business is a key contributor to long-term growth, and we believe our store fleet growth strategy will get us there as we see Canadians return to in-store shopping.”

Athleta’s Canadian entry has made a strong first impression on consumers.  In Q1 of 2022, the brand’s new customer acquisition goal exceeded expectations by over 40% as brand awareness continued to rise with a combination of new product offerings, localized marketing and events with the launch of Alicia Keys and Simone Biles collections, and partnership with the Toronto Six Women’s professional hockey team. The Canadian market remains a priority for the strategic growth of Athleta and Gap Inc.’s portfolio of purpose-led brands.

Designed for women, by women, the brand was built on the premise that what unites active women and girls is stronger than any obstacles in their way, and sport and fitness create confidence, courage and powerful bonds.

In 2016, Athleta Girl was launched along with the brand’s community-driven Power of She campaign. The brand’s mission comes to life through inclusive and sustainable product design, connecting with customers through unique experiences in stores, online and within local store communities. Athleta believes in using business as a force for good and became a certified B Corp in 2018. The brand has joined over 230 certified B Corp businesses operating in Canada.  Today, 70% of Athleta products are made with at least 30% more sustainable materials like recycled polyester, recycled nylon, organic cotton, Tencel or Fair Trade.

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