Beyond Meat is going public: 5 things to know about the plant-based meat maker
Beyond Meat Inc., the company created by vegan Ethan Brown in 2009, raised nearly a quarter of a billion dollars to grow its line of plant-based meats, with shares rocketing in their public debut.
Goldman Sachs, JPMorgan and Credit Suisse are lead underwriters on the deal, with BofA Merrill Lynch, Jefferies and William Blair acting as co-managers. The company also makes plant-based pork and poultry products. The letter explains how Brown set out to understand the history of human consumption of meat, acknowledging that it helped spur the increase in brain size that allowed our ancestors to become hunters, not scavengers, and led to the development of agriculture.Read now: Snacks made with recycled ingredients? Tyson thinks they’re worth a bet
“At Beyond Meat, we take these constituent parts directly from plants, and together with water, organize them following the basic architecture of animal-based meat. We bypass the animal, agriculture’s greatest bottleneck.” Read also: Campbell’s, struggling to grow its soup business, should jump on the Instant Pot craze, analysts say
“The success of the plant-based dairy industry was based on a strategy of creating plant-based dairy products that tasted better than previous non-dairy substitutes, packaged and merchandised adjacent to their dairy equivalents,” says the prospectus. It has a surprising number of competitors Plant-based meat may sound like a niche market, but Beyond Meat says it is operating in a highly competitive environment. The company is competing with other plant-based protein makers, including Boca Foods, Field Roast Grain Meat Co., Gardein, Impossible Foods, Lightlife, Morningstar Farms and Tofurky. But it also views traditional meat companies as rivals, including such giants as Cargill, Hormel Foods Corp., JBS, Tyson Foods Inc.
It needs a lot of one special ingredient The main ingredient in Beyond Meat’s products is pea protein, an extract of yellow peas, which it currently sources from Canada and France. However, it has one single supplier of the protein, which represented 79% of net revenue in the first nine months of 2018. The company has already suffered supply interruptions from this supplier that caused delays in delivery.
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