HOLLYWOOD, FL - With plenty in the works as summer quickly approaches, Sun Pacific Marketing’s Domestic Sales Manager, Eric Jones, took a few moments to discuss both the current and upcoming fruits.
While the company is perhaps best known for its Cuties® and Mighties™ kiwis, that isn't all Sun Pacific is looking forward to.
“We’re here talking about Navel oranges and the beginning of the California grape season which will be fast upon us starting about the first of July,” Eric tells me.
And the buck is far from stopping there. Sun Pacific also has high hopes for its Cuties® and Mighties™ kiwi seasons.
Eric explains that the company is anticipating a strong finish to the California Cuties® season as it prepares to transition over to Chilean Cuties®, offering a full suite of things to look forward to as summer comes.
Find out all Eric had to say about Sun Pacific Marketing’s seasonal fruits by watching our exclusive video above, and keep checking in with AndNowUKnow as we continue to follow further developments in the industry.
ATLANTA, GA – Bill Green, Kroger’s Director of Regional Operations for the Atlanta Division, will be promoted to the company’s Vice President of Operations for the Columbus Division at the end of this month.
“I am thrilled to be promoted to Vice President of Operations,” Green said in a press release, adding, “My enthusiasm for our customers and associates will be carried over into the Columbus Division, and I cannot wait to begin working with an incredible team.”
Bringing 16 years of experience into this newest position, Green began his career with the retailer in 2000 when he joined the law department in Cincinnati as an attorney.
Three years later, Green relocated to Atlanta to complete Kroger’s management trainee program. He was promoted to his current role of Director of Regional Operations in July 2015.
“Bill brings leadership, people skills, a great knowledge of the business and an engaging community spirit to his new role,” said Bruce Lucia, President of Kroger’s Atlanta Division. “Bill has contributed greatly to the success of our Division, and his broad range of experience across different departments makes him an ideal candidate for this leadership role.”
Kroger said Green’s passion for the community is exemplified by his involvement and support for several community organizations, including the Boy Scouts of America and the Junior Achievement Association.
Green’s promotion goes into effect later this week, April 24th.
Keep informed on the latest in produce and buy-side news with AndNowUKnow.
TEXAS - Persistent waves of rain and storms have brought flooding to historic levels, bringing rain totals to highs of up to 16 inches.
"One to three month's worth of rainfall [will fall] in a matter of days and hours," explained AccuWeather Chief Meteorologist Elliot Abrams said, adding that the rain will only worsen the flooding that has already taken place across parts of southeastern Texas.
Nearly 4 inches of rain fell in one hour at Houston George Bush Intercontinental Airport early Monday morning, with some locations in the northwestern part of Houston receiving 7-14 inches of rain and triggering several high water rescues and road closures.
“Houston has been pummeled by torrential rainfall. There are reports of up to 16” in some areas in the last 12-24 hours, with many areas seeing at least a foot or more of rain in the last 18 hours,” says Bret Erickson, President of the Texas International Produce Association. “The weather has also created some problems with transportation and logistics getting up and though the major metropolitan areas of Houston and surrounding areas.”
So what will that mean for the state’s thriving growing regions? It’s too early to tell exactly how different categories will fare, but peaches, watermelons, and onions may see some contact with the storm.
“Texas Hill country peaches are due to come off in May, and Texas watermelons on the Eastern Side of the state could certainly be pushed back by the flooding,” says Tommy Wilkins, Grow Farms’ Director of Sales. “The worst part this storm is supposed to hang around for the next 3 to 4 days, and now the onion guys are carefully watching to see how much comes in.”
Bret also added that the Rio Grande Valley was put under a flash flood warning last night, saying that as of Monday evening the area had not seen any rainfall, but they are sitting tight and hoping for the best. There are still some onions that have yet to be harvested, Bret continued, and has onion growers a little worried, especially since markets have been positive as of late.
According to AccuWeather, the increasingly saturated ground will cause any more rainfall to lead to additional flooding problems.
Thunderstorms, and localized wind and hail are possible across portions of central, southern, and eastern Texas through the middle days of the week, AccuWeather says. As the storm shifts eastward, rain and storms will become more scattered and less intense, with drier weather projected to by the end the week.
As AndNowUKnow learns more about the results of these storms, we will continue to update you on the latest.
NEW YORK, NY - Moody’s Investors has given The Fresh Market its first-ever rating, granting the retailer a B2 Corporate Family Rating and B2-PD probability of default rating.
“In addition to the volatility in financial policies inherent with ownership by a financial sponsor, our ratings also reflect the execution risks associated with new management's turnaround plan which will be challenging to implement in a very competitive business environment,” Moody’s stated in a press release in regards to its rating system.
In addition to its new rating, The Fresh Market has also been given borrowings to help finance its recently announced acquisition by Apollo Global Management, LLC, as well as general corporate purposes.
For this, Moody’s has assigned the company a Ba2 rating (Moody’s scale ranges from Aaa to C) to the retailer's proposed $100 million revolving credit, and its $800 million senior secured notes has received a B2 rating.
A number of ratings were assigned as part of the Fresh Market’s first-time addition to Moody’s listing, including:
- Corporate Family Rating at B2
- Probability of default rating at B2-PD
- Proposed $100 million senior secured revolving credit facility maturing 2021 at Ba2(LGD1)
- Proposed $800 million senior secured notes maturing 2023 at B2(LGD4)
Despite currently being under investigation and in the midst of a lawsuit with shareholders for allegedly entering an acquisition agreement that “undervalues” The Fresh Market, the retailer’s stock was up .07% as of yesterday’s close at 4:35 p.m. EDT.
Moody’s added that the rating outlook is stable, and that it reflects high leverage for the company on a relatively small scale.
This rating can be upgraded based on the improvement of The Fresh Market’s operating performance, so stay tuned as we continue to follow this and other retailers throughout 2016 and beyond.
ROSEMONT, IL - US Foods remains active, this time with the acquisition of Food Genius, a leading provider of foodservice data and analytics.
“Our core technologies are built for a single purpose, providing consistent and predictable structure on top of what is normally inconsistent datasets in foodservice,” said Jason Felger, CEO of Food Genius, in a press release. “We’re all very excited to be a part of US Foods mission of being first in food!”
It is an interesting strategic move for the foodservice provider, who as we previously reported, has been looking to go public with a $100 million IPO that has not yet been finalized.
According to the companies, Food Genius’ team members will join US Foods as part of the acquisition, bringing with them technology applications focused exclusively on foodservice.
Food Genius stated that these applications simplify the interactions needed to transform large-scale, unstructured data to “application-ready datasets and actionable insights.”
The financial terms of the deal were not disclosed, nor the official date that the acquisition goes into effect.
With what looks like further plans on the horizon, keep checking in with AndNowUKnow as we track big moves from US Foods and other growing distributors.
TAURANGA, NEW ZEALAND - Earlier this week, scientists held the first ever International Symposium on Kiwifruit and Health. The event brought together nearly 200 global health experts to consider the role of fruit, particularly kiwifruit, in a healthy diet.
“Continued investment in world-class research on the health benefits of kiwifruit has value both for Zespri, for health practitioners, and for consumers around the world, as the importance of a healthy and balanced diet becomes ever-more important and understood,” Professor Paul Moughan, Co-Director of the Riddet Institute (host of the event), commented, according to the release. He added that this was the first time anywhere in the world that so much expertise on kiwifruit and health science has been brought together in one place.
Speakers presented the most recent studies and research underway into the health benefits of kiwifruit, with particular focus to digestive health, health and Vitamin C, and metabolic health.
The keynote speaker at the event, Professor Jacob Seidell from Vrije Universiteit in Amsterdam, said that nutrient-poor, energy-rich foods are driving up rates of obesity and chronic disease across the world. He added, “Improved health outcomes are associated with diets high in nutrient-rich, low energy-dense fruit – such as kiwifruit.”
Among the key findings presented were:
- Kiwifruit helps regulate sugar highs and lows in the blood stream
- Results from human clinical trials show Zespri Green Kiwifruit improves digestive health function and comfort
- Kiwifruit boosts the immune system with its supply of vitamin C
So is Kiwifruit the next name to be added to the list of superfoods? With more focused research, possibly.
Keep checking with AndNowUKnow for the latest updates in produce news.
LEVERKUSEN, GER – Bayer has announced a new five-year partnership, including a $10 million upfront investment in Trendlines, an Israeli venture capital firm, to establish the Bayer Trendlines Ag Innovation Fund.
Bayer aims to modernize the agricultural industry with innovations that can increase productivity, boost food supply, and produce sufficient animal feed, fiber, and renewable raw materials.
"The agricultural market is ripe for groundbreaking innovation and Trendlines, with its focus on developing startups and new technologies beyond a one-time investment, shares our commitment to supporting productive and sustainable agriculture," said Adrian Percy, Head of Research & Development at Bayer’s division Crop Science, in a press release.
Bayer said the new fund, which is part of its flexible partnership and will be managed by Trendline, couples its extensive experience in agricultural science, innovation, and regulatory affairs with Trendlines’ specialization in cutting-edge ag tech investments.
"We are thrilled at the establishment of the Fund and the future partnership with Bayer. It provides our companies with the professional and financial backing that they need for development,” remarked Dr. Nitza Kardish, CEO of Trendlines Agtech.
Bayer cited extreme climatic conditions, weed resistance, pest pressure, and sustainability as some of the challenges facing agriculture today. Through the Ag Innovation Fund, Bayer and Trendlines hope to mitigate these problems by research and development in improved crop traits, seed technology, seed breeding, agrochemicals, and biologicals.
IRVINE, CA - The Agricultural Labor Relations Board (ALRB) has made its public decision in the case of CFFA member Gerawan Farming, Inc.
While Gerawan Farming employees’ voted in November of 2013 to decertify the United Farm Workers (UFW), the Board announced late last Friday, April 15th, its vote to affirm setting aside that election.
“The California Fresh Fruit Association strongly disagrees with the conclusions reached by the ALRB and continues to see the absence of any genuine logic that should disenfranchise these workers by having their ballots destroyed,” CFFA President Barry Bedwell wrote in response to the announcement. “Reasonable people would agree that the purpose of a secret ballot is to insure that workers can make a choice freely and without intimidation from any source and that their true intentions are recorded. To order otherwise can only be viewed as an insult to these workers and their efforts to rid themselves of a union that has consistently failed to show value.”
Gerawan Farming also responded, stating that the Board had not found in any way that the company had instigated the vote, nor that it was flawed in how it was supervised.
“The Board is spending over $10 million taxpayer dollars to reach this decision to disenfranchise farmworkers from their legal right to vote on whether or not to decertify a union that failed to represent them,” Gerawan said in a press release. “That amounts to spending more than $4,000 to destroy each ballot. This unjust and undemocratic decision disrespects the wishes of thousands of employees who asked for a basic right – the right to vote.”
Despite this most recent setback, Gerawan concluded in its statement that it will appeal this ruling in court, adding that it is confident the decision will not stand.
Bedwell added that the CFFA commends Gerawan Farming for such tireless efforts and will continue to work with the company in this case.
INDIANAPOLIS, IN – Vegetables have a new celebrity dream-team in the recently announced partnership between food and lifestyle expert—Chadwick Boyd, and The Produce Mom®, Lori Taylor. Taylor will be joining Boyd for the Midwest portion of his national Entertaining with Vegetables tour.
“I am so excited to come to the Midwest. I can’t imagine doing this tour with a better produce expert than Lori Taylor,” said Boyd in a press release. “Teaching home cooks how to create simple, delicious recipes with style using fresh produce easily found at the grocery store is my mission.”
The duo will speak at three Williams-Sonoma locations throughout the Midwest, demonstrating how moms everywhere can turn fresh produce into easy and tasty dishes for a range of occasions. Each show will highlight the use of broccoli, chard, and artichokes in the live cooking show.
“Chadwick Boyd’s recipes are elegant yet accessible. He’s an incredible ambassador of fresh produce and a great resource for home cooks. I look forward to joining him on the tour and teaching him more about the growing presence of fruits and vegetables in school cafeterias,” commented Taylor.
Boyd and Taylor will also make additional promotions through television and news appearances, including IndyStyle where Taylor regularly contributes. Also planned is the pair's promotion of vegetables use in schools through private demonstrations for school foodservice directors.
“I can’t wait to meet everyone and showcase my Collection’s recipes for all the home cooks in Cincinnati and Indianapolis,” finished Boyd.
Midwesterners can catch Boyd and Taylor at Williams-Sonoma stores in Cincinnati, OH, and Indianapolis, IN, next week, or in the livestream hosted on social media. The events are free and open to the public. Recipe samples will be available for attendees, and Boyd’s recipe collection Entertaining with Vegetables will be for sale and available for signing during the events.
Find out more about the Cincinnati event here, and the Indianapolis event here. Fill up on produce-related events and announcements by continuing to check back with AndNowUKnow!
NEW YORK CITY, NY - Looks like Fairway Market's parent, Fairway Group Holdings Corp., may be officially running out of steam. Sources are now reporting that Fairway may begin bankruptcy proceedings as soon as the end of May.
Bloomberg reports that “people familiar with the matter” have gone on to record saying that the company has already reached a tentative deal with creditors to restructure its debt in bankruptcy. Under the deal, Fairway’s lenders, led by Blackstone Group LP credit arm GSO Capital Partners, would provide a loan enabling it to continue operations while still in court, the anonymous sources stated.
There has yet to be confirmation on the specific terms of the loan, as discussions are still underway, but one person said that it was likely that the lenders would take over ownership of the business after Fairway completes its debt restructuring. The company, which is being advised by Greenhill & Co., would shift its focus to a profit turnaround as opposed to closing its locations in their entirety, Bloomberg reports. The company also brought on Alvarez & Marsal Inc. to advise, Bloomberg says.
Rumblings of the company’s impending bankruptcy first surfaced in February of this year, with Fairway stating that its main plan to raise funds was to continue to open new locations. A report by The New York Post noted that the company has had a series of “significant losses,” a total of more than $300 million over the past five years and $35.7 million just in the quarter ended December 27th.
As we’ve previously reported, Fairway has received several warnings about being delisted from the Nasdaq Stock Market and had recently been downgraded by Moody’s for a second time in a six month period.
The company’s shares have dropped 94 percent in value in the past 12 months, according to Bloomberg. Fairway was traded at 40 cents as of Friday’s close, falling over 47 percent to land at 19 cents as of 1:00 PM EDT.
Representatives of Blackstone, Fairway, Greenhill, and Alvarez & Marsal have yet to comment on the reports.