Primo Water Corporation and a BlueTriton Brands affiliate have agreed to merge in an all-stock deal approved unanimously by both boards to create "a leading North American healthy hydration company". The merger is anticipated to generate about $200 million in cost savings, which is expected to be achieved within three years after the transaction closes. Upon closing of the transaction, Primo Water shareholders and incentive equity holders will own 43% of the fully diluted shares of the combined company – called NewCo – while BlueTriton shareholders will own 57%. The merger will combine Primo Water and BlueTriton's strengths to establish a North American company specialising in healthy hydration, offering diverse products across various formats, channels and consumer needs. According to Primo Water, NewCo will have a strong financial presence, with combined net revenue and adjusted EBITDA of $6.5 billion and $1.5 billion, including anticipated cost savings of $200 million, for the twelve months ending 31 March 2024. One-time costs related to achieving these savings are estimated at around $115 million. The combined company will offer a broad range of well-known brands across various product formats, distribution channels, price ranges and consumer needs. It will feature a strong portfolio in healthy hydration, supported by a sustainable delivery system that reaches millions of customers. Technology will be used to improve customer service, optimise delivery routes and further reduce carbon emissions. In the twelve months ending 31 March 2024, the combined company generated more than $565 million in Adjusted Free Cash Flow. Moving forward, it aims to keep normalised capital expenditures at around 4% to 5% of its net revenue. Robbert Rietbroek, CEO of Primo Water, said: "We are excited to combine Primo Water with BlueTriton to create a leading North American pure-play healthy hydration company. The transaction is expected to deliver significant value to our shareholders along with the opportunity to participate in the long-term upside potential of the combined company, which will build upon and complement our existing healthy hydration platform." Rietbroek continued: "The combined company will benefit from a diversified portfolio of iconic brands, a national footprint and the strength of the combined delivery platform to better serve customers anywhere and any way they hydrate. Under the stewardship of One Rock and Metropoulos & Co, BlueTriton delivered net revenue growth and increased profitability for both its retail brands and ReadyRefresh." Joey Bergstein, CEO of BlueTriton, added: "The combination of BlueTriton and Primo Water enables our iconic, trusted brands, many with over 100 years of rich heritage, to further expand distribution and reach a broader base of customers with healthy hydration solutions. With greater presence, we also believe that we will have greater ability to positively impact our communities, invest in water stewardship, and bring circular packaging and refillable options to more people in more places." The transaction allows NewCo to retain the bonds and term loans of both Primo Water and BlueTriton, if the parties desire to do so. NewCo plans to continue Primo Water's current annual dividend of $0.36 per share. The future dividend policy of the combined company will be decided and announced after the transaction is completed. Financial terms of the deal were not disclosed. #PrimoWater #NewCo #BlueTriton #US

Canadian coffeehouse chain Tim Hortons has added two new flavours to its range of Dream Cookies. The new Dream Cookies flavours include Oreo Double Stuf and Caramilk, joining the popular Reese's Minis Cookie that contains pecans. The Oreo Double Stuf Dream Cookie features a cookie and cream base, filled and topped with frosting and Oreo crumble. Meanwhile, The Caramilk Dream Cookie is a chocolate caramel cookie with milk chocolate chips and a gooey caramel filling. In addition, the restaurant chain is expanding its dessert portfolio with the introduction of two new Filled Ring Dream Doughnuts, available in Caramilk and Wildberry Cheesecake flavours. Carolina Berti, VP of category and innovation for Tim Hortons, said: "Our premium Dream Cookies and Filled Ring Dream Doughnuts offer an elevated twist on the baked goods our guests have always loved – and with the amazing value for money that Tims is known for". #TimHortons #Canada

Westrock Coffee Company has opened a $315 million ready-to-drink manufacturing facility in Conway, Arkansas, US. The 570,000-square-foot site includes a comprehensive beverage development laboratory, positioning Westrock Coffee 'at the forefront of coffee and ready-to-drink beverage innovation and production,' said the company. The facility features advanced production capabilities, robotics, and end-to-end automation for seamless manufacturing, from green coffee receiving to bottling and packaging. This approach, coupled with a 'future-ready' integrated design, allows Westrock Coffee to scale to meet industry demands while maintaining high-quality standards rapidly. Additionally, a new 530,000-square-foot warehousing and distribution centre, located two miles away, ensures efficient product distribution, reduces transportation times and maintains a smooth flow of materials and finished goods. Scott Ford, CEO and co-founder of Westrock Coffee, said: "The opening of the Conway facility marks a critical milestone for Westrock Coffee. In line with our commitment as a world leader in beverage innovation...we launch the largest integrated beverage facility of its kind. This uniquely positions us as a leading force in beverage production across any channel and beverage format. Moreover, this facility extends our commitment to sustainability and responsible sourcing for our customers, farmer partners, and the communities we serve." #WestrockCoffee #US

Fast food chain McDonald’s is trialling a new vegan ice cream dessert in selected restaurants across the northwest UK, ahead of a potential national launch next year. Available in chocolate and strawberry flavours, the new Vegan Scoop line has been accredited as vegan by the Vegetarian Society. Its ingredients include rice, glucose syrup, dextrose and coconut oil, alongside emulsifiers, thickeners and flavourings. Each pot of the frozen dessert contains less than 100 kcal, providing a lighter option than the chain’s dairy-based classic McFlurry desserts. In addition to the new ice creams, McDonald’s UK is introducing McFreezy, a vegan-accredited frozen ice dessert made with fruit juice and puree, available in either orange or mango and pineapple flavour. While the Vegan Scoops have been accredited as vegan and do not contain milk as an ingredient, McDonald’s has cautioned that they may be unsuitable for consumers with milk allergies due to potential traces through the company’s manufacturing process. The new desserts are the latest plant-based innovation to be unveiled by McDonald’s UK following the national launch of its McPlant burger in 2022. Vegan Scoop is currently available via a selected trial run in 52 restaurants in the north west, while McFreezy will be available for the summer season until 3 September, in selected restaurants in the north west of England and Republic of Ireland. #McDonalds #UK Top image: © McDonald's

Diageo has partnered with food innovation company The Flava People to create a new non-alcoholic Baileys Caramel Sauce targeting the foodservice and hospitality industries. The new sauce, which combines the signature Baileys flavour with smooth caramel, is positioned as a versatile ingredient that can be used to elevate a variety of sweet dishes and beverages throughout the year, but especially during the key Christmas season. Declan Hassett, licensing manager at Diageo, said: "We have seen incredible success with our brand-led licensed products in retail, from our pouring creams to ice creams. Working hand-in-hand with The Flava People, the new Baileys Caramel Sauce is a great addition to our range of delicious products." The Flava People, which has an established track record of developing innovative food products in partnership with major brands, says the sauce will allow foodservice operators to easily incorporate the popular Baileys brand into their menus. "Drawing on our expertise from working closely with the foodservice industry for decades, and the insight from the Baileys team, we believe we have a truly unique product which will allow operators and chefs to get creative in the kitchen," said Scott Dixon, managing director at The Flava People. The Baileys Caramel Sauce will be available in a 200ml squeezy bottle, as well as in bespoke packaging formats upon request, making it suitable for a range of applications from desserts and hot drinks to indulgent cocktails. The partnership taps into growing consumer demand for indulgent, brand-name ingredients that can elevate standard menu items. The versatility of the sauce also allows it to be used year-round, not just during the busy Christmas period when Baileys' products traditionally shine. "Who wouldn't want to celebrate the festive season with a cheesecake topped with Baileys Caramel Sauce, or a chocolate and caramel Baileys martini?" added Dixon. #Diageo #TheFlavaPeople #Baileys #Caramel #Sauce #Indulgence

UK bakery Cornish Bakery has secured a funding package from Virgin Money to support its expansion plans, as the company aims to double its number of locations this year. Founded in 1987 by Steve Grocutt, Cornish Bakery currently has over 60 locations across the UK and employs more than 630 staff. The company is known for its handmade Cornish pasties, ethically sourced coffee from Union Coffee, and pastries. The funding will support Cornish Bakery's expansion into new areas, creating jobs and boosting local economies and charities across its UK locations. Cornish Bakery plans to open locations in the East Midlands, the South West and Nottinghamshire while also refurbishing stores in St Ives and the Lake District. Ralf Goad, finance director of Cornish Bakery, said: “We’re on a shared mission to supercharge our growth and to at least double, if not triple, in size in the coming years. We’re building a pioneering brand proposition where our mantra is ‘bakery is the new coffee shop’. We fully appreciate our close working relationship with the Strategic Finance team at Virgin Money and are delighted to work together to continually achieve, and often overachieve, our ambitious objectives.” David Burgess, business development director at Virgin Money, added: “Cornish Bakery is an established and growing business with a great reputation for quality produce and service which is backed up by their customer reviews. We are delighted to continue our 15 year relationship with the business and to support the whole team at Cornish Bakery with a cashflow finance package that enables them to accelerate their growth plans.” The funding amount was not disclosed. #CornishBakery #VirginMoney #UK

Wacaco Company has introduced its latest ground coffee portable espresso machine, the Minipresso GR2. Building on the original Minipresso GR, the Minipresso GR2 features a minimalist design inspired by nature, offering a 'perfectly' brewed, aromatic espresso. Wacaco has refined the coffee basket, seamlessly integrating it into the machine head. It is now adjustable, allowing users to choose between 8 or 12 grams of ground coffee. According to the company, this feature sets this portable espresso machine apart as the only one in the market offering such flexibility. The Minipresso GR2 showcases sustainable design through wheat-composed polymers and a 30% size reduction. The hand-operated espresso maker is eco-friendly and highly portable, eliminating the dependence on electricity. The machine is available for retail at $59.90 through the brand's website. Top image: ©Garance Rx #Wacaco #US

Emmi Group is set to acquire Switzerland-based coffee roaster Hochstrasser, for an undisclosed sum. The acquisition will enhance Emmi’s coffee expertise and the innovation of its Emmi Caffè Latte brand. Emmi will also help Hochstrasser improve its market position in the foodservice industry with its Hochstrasser and Don George brands. Founded in 1852, Hochstrasser will continue to operate independently, with René Vesti and Gery Camenzind as board members and Kevin Heer as managing director. This ensures continuity for its 50 staff and customers in the foodservice and hotel sectors. According to the company, the acquisition ensures the quality of freshly roasted coffee and the innovation of Emmi Caffè Latte. Marc Heim, EVP of Switzerland at Emmi Group, said: “With the acquisition of the renowned coffee roaster Hochstrasser in Lucerne, we are elevating our coffee expertise to further strengthen our iconic and innovative Emmi Caffè Latte brand. This will bring together strong expertise in producing the highest-quality premium coffee, freshly roasted in Lucerne, with the best Swiss milk." The transaction will be finalised pending approval from competition authorities. The parties agreed to keep the purchase price confidential. #Emmi #Hochstrasser #Switzerland

Investment management company Blackstone has confirmed the acquisition of Tropical Smoothie Café, a fast-casual restaurant franchisor, from Levine Leichtman Capital Partners. Peter Wallace, senior managing director, and Michael Staub, managing director of Blackstone’s Private Equity business, stated: “Tropical Smoothie Café is a nationally recognised brand with an impressive growth trajectory underpinned by a base of loyal franchisees and guests". "With Blackstone’s capital and resources, we look forward to accelerating the Company’s continued expansion across the country and supporting innovation to further capitalise on the brand’s unique positioning.” Tropical Smoothie Café embraces Inspire Better, a commitment rooted in its dedication to offering better-for-you food and smoothies while also striving to inspire positive change within the communities it serves. Charles Watson, CEO of Tropical Smoothie Café, added: “By partnering with Blackstone, Tropical Smoothie Cafe will be able to Inspire Better in more communities nationwide alongside our dedicated franchisees. 2024 will be another big year in our growth trajectory, as we focus on operational excellence, menu innovation, and the digital guest experience.” Terms of the transaction were not disclosed. #TropicalSmoothieCafé #US

Living Things, a UK-based functional soda brand, has secured a £500,000 pre-seed funding round led by global beverage entrepreneur James Watt, the co-founder and former CEO of BrewDog. The investment comes just six months after Living Things launched. During this time, the brand has seen impressive traction, selling over 100,000 cans and securing listings in more than 300 retailers including Whole Foods and Amazon. Living Things, founded by Ben Vear and Jonathan Relph, aims to disrupt the traditional soft drinks market by offering a healthier, yet still tasty, alternative. The brand's sodas are formulated with prebiotics, probiotics and low sugar content, targeting health-conscious consumers. In addition to Watt, the pre-seed round boasts a host of other experienced angel investors, underscoring the strong market potential that Living Things has demonstrated. "I came across Living Things first and foremost as a customer and myself and my girlfriend were instantly hooked," said Watt. "The soda category is ripe for disruption and I believe that sodas that are significantly better for you than the incumbents are going to lead that charge." Watt, who will also serve as an advisor to Living Things, added that the brand's "incredible" product and "fantastic" founding team were key factors in his decision to lead the investment. The fresh capital will enable Living Things to expand its distribution, continue developing new products, and drive growth as it targets a run-rate of over £1 million by the end of 2024. The brand is also planning a July launch into Whole Foods, followed by further major grocery retail listings in the autumn. According to Living Things, the European soft drinks market – valued at $50 billion – is currently dominated by sugary, additive-laden products. The company believes that as consumer demand for healthier options increases, the 'better-for-you' category could grow to represent 10% of the total market in the coming years. Ben Vear, co-founder and CEO of Living Things, added: "Demand for Living Things has been well beyond our early expectations, and securing support from James Watt is a real validation of our team, product and brand".

Japanese coffee company Ueshima has launched two new RTD canned coffees into the UK market. Launching in two varieties, Iced Latte and Iced Matcha Latte, the beverages are made with quality ingredients, are low in sugar and calories, and are packaged in 100% recyclable cans. Kirsty Pavely, marketing controller at Ueshima Coffee Company, said: “As the company that brought the world’s first canned coffee to market [in Japan], we are delighted to be able to bring the product to the UK for the first time. Our ready-to-drink range has been crafted with the same passion and dedication that has made Ueshima Coffee Company a beloved brand in Japan and beyond.” She continued: “We’ve seen a strong demand for our at-home coffee range, and we hope to replicate this success with this latest NPD”. Ueshima’s Iced Latte and Iced Matcha Latte are available to purchase now for an RRP of £2. #Ueshima #UK #icedcoffee

UK supermarket giant Waitrose has acquired Dishpatch, a meal-kit delivery service that provides restaurant-quality home dining. Dishpatch, founded in 2020, replicates a restaurant experience without leaving the house with chef-designed dishes, with collaborations with respected chefs including Angela Hartnett, Michel Roux Jr, Rick Stein and others. Dishpatch provides customers with more than 40 menus, with food and wine delivered on Friday to provide weekend meals. Dishpatch stands out from other meal kit companies as its dishes come pre-prepared with only a few steps to finish and serve. James Bailey, executive director for Waitrose, said: “Waitrose sees significant opportunities for Dishpatch, which works with some of Britain’s most respected chefs and restaurants. We have shared values in serving our customers the best quality food and we’re looking forward to working together.” He continued: “While our immediate focus will be helping Dishpatch grow its core meal kit business, we are also looking forward to working with the team to bring further new and exciting food experiences to Waitrose customers”. Peter Butler, founder and CEO of Dishpatch, added: “Since launching in 2020, our mission at Dishpatch has always been to bring the most exciting, high-quality restaurant food into more people's lives. We're thrilled to be partnering with Waitrose whose reputation has been built on the quality of their food. With such aligned values, we're excited to bring our meal kits to a wider audience and exploring new opportunities beyond that." Under the transaction, Peter Butler will continue as Dishpatch’s CEO. Financial terms of the deal were not disclosed. #Waitrose #Dishpatch #UK