Food Innovation

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>>> Eat Beyond’s new CEO details scale-up plans for global plant-based investment portfolio


20 Jul 2021


https://www.foodingredientsfirst.com/news/eat-beyonds-new-ceo-details-scale-up-plans-for-global-plant-based-investment-portfolio.html


Eat Beyond Global Holdings’ new CEO Michael Aucoin speaks to FoodIngredientsFirst about the global investment issuer’s latest ambitions in tapping into the US$50 billion plant-based protein and alternative food market, with a focus on North America and Europe.

“We intend to compete in a wide cross-section of plant-protein verticals, as represented by our portfolio companies, with which we will work with closely to accelerate their success from an operational and value creation standpoint,” he remarks.

“We are looking at the potential investment opportunities of a broad range of plant-based concepts. Ideally, we are looking for innovative product ideas that are differentiated and can achieve a fundamental shift in how consumers engage and interact with plant-based food.”

“The trends that are driving the plant-based category are so rapid that traditional consumer packaged goods (CPG), and even traditional financing, have difficulty adapting to the pace. Our approach of engagement with portfolio companies will give them the competitive advantage to capitalize on these trends in a timely manner and outperform any competitive offerings.”

Scaling capacity-building projects

Eat Beyond is placing a particular focus on its technical innovation, research and investments in capacity-building projects.

“Eat Beyond provides a platform for its portfolio companies to compete at scale by providing downstream and upstream efficiencies that give portfolio companies access to shared services and strategic support in sourcing, engineering, manufacturing, distribution, sales, marketing and R&D,” Aucoin details.

The company’s most recently announced portfolio additions include Daydream Drinks. The Ontario-based beverage company has created Canada’s first sparkling water infused with hemp extracts and adaptogens as an alternative to coffee and conventional energy drinks.

“Within our roster of current portfolio companies, we are delighted to have investments in Turtle Tree Labs and SingCell, both out of Singapore,” Aucoin highlights.

“Turtle Tree Labs is developing the technology to replicate milk from any mammal using proprietary cell-based technology,” he details. “SingCell is building a scalable, clean meat manufacturing platform in Singapore to enable global alternative meat companies to address APAC and global markets.”

Eat Beyond’s other portfolio companies include plant-based pioneers, such as Eat Just, which produces cell-based chicken currently being sold in the restaurant 1800 in Singapore.

Nabati Foods, also part of Eat Beyond’s portfolio, has recently scaled up its vegan cheese and meat alternatives production with a new plant in Canada.

The Eat Beyond portfolio comprises plant-based pioneers including JUST Egg.

“The greatest barriers to international plant-based success are largely similar to those in the Americas, only in different stages of development,” Aucoin notes. “These include consumer acceptance and education, improving product quality and ensuring product costs are competitive.

Food industry background

Aucoin has over 25 years of experience in food sales management and the consumer packaged goods industry. His prior roles include leadership roles at Advantage Solutions, Agropur, Hershey’s and Smuckers.

He comes to Eat Beyond having worked most recently as the Principal for MJA Consulting, where he focused on product launch, and market and corporate development.

“My experience with Tier-1 CPG companies, as well as on the services side of the CPG industry, is critical as we pivot the Eat Beyond model to one of assisting our portfolio companies to rapidly accelerate their growth curve, both from a revenue and corporate development standpoint,” he remarks.

“I bring a wealth of industry knowledge across categories as well as global industry connections that will allow us to tailor our work with portfolio companies to achieve scale at a much quicker rate than traditional investors who may be more hands-off.”

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