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Above Food (NASDAQ: ABVE), an innovative food ingredient company, announces its participation in the Centurion One Capital 2nd Annual Bahamas Summit from October 22-23, 2024, at the Rosewood Baha Mar Hotel in Nassau, Bahamas. Martin Williams, Co-Founder, will present on October 23rd at 13:20 EDT, discussing the company's recent strategic acquisition of The Redwood Group, 's Specialty Crop Foods Ingredients Division.
This acquisition, generating US$164 million in revenue in FY 2023, represents significant U.S. expansion and greater penetration into human and pet food markets. The summit will feature presentations, Q&A sessions, panel discussions, and one-on-one investor meetings, providing Above Food an opportunity to showcase its growth strategy to prominent investors in the growth space.
Above Food Ingredients Inc. (Nasdaq: ABVE, ABVEW) has expanded its pet food business through the acquisition of Montana-based The Redwood Group's specialty crop food ingredient division. This strategic move positions Above Food to capitalize on the US$26 billion global plant-based pet food market, projected to grow at a 9% CAGR through 2032.
Key highlights:
- Expands Above Food's pet food business to approximately US$110M of combined company revenues on a proforma basis
- Strengthens customer base of global leading pet food manufacturers
- Leverages Above Food's vertically integrated seed-to-fork platform for enhanced traceability, quality control, and customization
- Positions the company to meet growing demand for high-quality, sustainable pet nutrition solutions
The acquisition aligns with industry trends such as increasing pet ownership, pet humanization, and a focus on health and nutrition in pet food.
Above Food Ingredients Inc. (Nasdaq: ABVE, ABVEW) has announced a significant breakthrough in lentil crop protection. Its subsidiary, Discovery Seed Labs, in collaboration with BASF Canada, has developed a quantitative molecular assay to detect Group 11 resistance in anthracnose disease affecting lentils. This innovation comes at a important time, as recent research indicates widespread Group 11 resistant anthracnose in Saskatchewan, with 99% of sampled fields showing some level of resistance.
The new assay can detect resistant strains in both plant and seed samples, enabling growers to make informed decisions about disease management and fungicide use. This development strengthens Above Food's position in disruptive agriculture solutions and supports its seed-to-fork platform. Growers interested in testing can contact Above Food for more information.
Above Food Ingredients Inc. (Nasdaq: ABVE) has completed the acquisition of The Redwood Group's Montana-based specialty crop food ingredient division for US$34 million plus working capital. This strategic move expands Above Food's market share in high-growth sectors, particularly the US$26 billion plant-based pet food market, which accounted for about 40% (US$65M) of the acquired assets' fiscal 2023 revenue. The acquisition also strengthens Above Food's position in the US$15 billion global chickpea market.
The deal includes two processing facilities in Montana's 'Golden Triangle,' increasing Above Food's processing capacity by 56,000 metric tons. The company expects to improve utilization rates at its Saskatoon-based Ingredient Center, potentially leading to enhanced production capacity and improved gross margins. This acquisition aligns with Above Food's 'Seed-to-Fork' approach and is expected to generate long-term value for shareholders.
Above Food Ingredients Inc. (Nasdaq: ABVE) will participate in the 44th Annual Canaccord Genuity Growth Conference on August 13-14, 2024, in Boston. The company will discuss its recent strategic acquisition of The Redwood Group, 's Specialty Crop Foods Ingredients Division, which generated US$164 million in revenue in FY 2023. This acquisition represents significant U.S. expansion and greater penetration of human and pet food markets for Above Food.
Martin Williams, Co-Founder & Vice President, will host a webcasted presentation on Tuesday, August 13th, 2024, at 1:00 p.m. ET. The presentation will be accessible via webcast, allowing investors to gain insights into Above Food's growth strategy and recent developments.
Above Food Ingredients Inc. (Nasdaq: ABVE) has announced a strategic acquisition of The Redwood Group, 's Specialty Crop Food Ingredients Division for US$34 million plus working capital. This accretive transaction involves a profitable operator that generated US$164 million in unaudited revenue in FY 2023. The acquisition expands Above Food's physical footprint internationally, adding its first U.S.-based sourcing, manufacturing, and distribution facilities.
The consideration includes US$8.1 million in cash and 5.6 million newly issued common shares of Above Food. The acquired assets supply high-quality grains, pulses, and specialty crops to customers in over 35 countries, focusing on high-growth product categories in both human and pet food markets. This aligns with Above Food's 'Seed-to-Fork' strategy and strengthens its position in the pet food category, which represents about 40% of the division's sales.
Above Food Ingredients Inc. (Nasdaq: ABVE) has provided a business update following its recent Nasdaq listing. The company, which operates a vertically integrated Seed-to-Fork platform, expects to receive approximately US$16.7 million of incremental capital to fund future growth and improve net leverage. Above Food has achieved a strong revenue CAGR of 34% from fiscal year 2021 to 2024.
The company's strategic positioning allows for superior economics, supported by advantageous margins and sustainable long-term growth drivers. Above Food services over 260 clients and has a retail distribution footprint spanning more than 62,000 points. However, financial performance in fiscal year 2024 was negatively impacted by a lack of available working capital, resulting in a net loss of $39.5 million.
Above Food Corp. (Nasdaq: ABVE) has scheduled a conference call for July 25, 2024, at 4:30 p.m. ET to provide business updates. The call will feature key executives including CEO Lionel Kambeitz, CFO Jason Zhao, and VP Martin Williams.
Investors can participate by dialing (877) 407-9208 from the U.S. or (201) 493-6784 internationally. A replay will be available until August 8, 2024, accessible by dialing (844) 512-2921 (U.S.) or (412) 317-6671 (international) with confirmation code 13748040.
A simultaneous live webcast will be available on the Investors section of www.abovefood.com. Above Food, an innovative food company, leverages its vertically integrated supply chain to deliver differentiated ingredients and consumer products.
Above Food, an innovative food company, announced that its common shares and warrants will begin trading on Nasdaq under the ticker symbols ABVE and ABVE.W starting July 1, 2024. The trading is part of the merger with Bite Acquisition Corp., previously listed on NYSE American as BITE. The company leverages its vertically integrated supply chain to deliver unique food ingredients and consumer products. Lionel Kambeitz, the CEO of Above Food, expressed excitement about showcasing their seed-to-fork platform, which integrates regenerative agriculture, advanced ingredients manufacturing, and consumer products.
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