Food and Beverage Business
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Impossible Foods Contemplates Going Public or Being Sold Within Next Three Years

Impossible Foods Contemplates Going Public or Being Sold Within Next Three Years Impossible Foods Food and Beverage Business Impossible Foods

Impossible Foods, a US plant-based meat manufacturer, is exploring various options for its future, including a public offering, a sale to another company, or a capital raise in the next two to three years. CEO Peter McGuinness revealed this information to Reuters, emphasizing that an IPO is not the only route the company is considering.

Last year, Impossible Foods was contemplating whether to go public through an IPO or by merging with a special purpose acquisition company (SPAC). Reports suggested that the company had engaged with SPACs and had received offers at a valuation that could potentially reach $10 billion.

Despite its growth plans, the company faced challenges in the form of job cuts, with reports indicating a potential reduction of around 130 staff members. Additionally, in 2022, Impossible Foods offered voluntary separation payments and benefits to employees.

McGuinness expressed the company’s ambition to expand its presence in retail after establishing itself in the foodservice sector. Impossible Foods recently entered Whole Foods and is exploring opportunities in dollar stores. However, the plant-based meat sector in the US has faced setbacks, with falling sales and job cuts affecting key players like Beyond Meat.

In a recent financial update, Beyond Meat reported a decline in revenue and projected lower sales for the upcoming fiscal year. The company’s net revenue dropped by 7.8% in the fourth quarter of 2023 and was down 18% for the full year. Adjusted EBITDA and losses widened in the short term but improved over the fiscal year.

As the food and beverage industry evolves, companies like Impossible Foods and Beyond Meat are navigating challenges and opportunities to stay competitive and meet changing consumer demands. Subscribe to our daily news round-up for the latest insights on food and beverage industry trends and stay ahead in the food and drink business landscape.

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