Jan 7, 2020

Dairy producer Borden files for bankruptcy

Borden, a Dallas-based milk and cheese producer founded in 1857, has filed for Chapter 11 bankruptcy protection.

Why it matters: This is the second major U.S. dairy to go bankrupt in the past two months, following market leader Dean Foods, with blame being placed on everything from declining milk consumption to truck driver shortages.

The private equity angle: Borden was acquired in 2017 by Washington, D.C.-based buyout firm ACON Investments.

The bottom line: "Consumption of fluid milk, which accounts for the vast majority of Borden’s revenue, has been declining for decades, with per capita consumption down about 40% since 1975, according to Agriculture Department data. Meanwhile, dairy alternatives like milks from soy, oats, almonds and other sources have been on the rise," writes the New York Times.

Go deeper: Dean Foods, America's largest milk producer, is 2019's 100th default

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Dan Primack

Almond milk maker raises $225 million

Illustration: Sarah Grillo/Axios

Califia Farms, a Los Angeles-based almond and oat milk producer, raised $225 million in new funding. Qatar Investment Authority led, and was joined by Temasek, Calridge, and Green Monday Ventures.

Why it matters: Milk was the original alt-protein battlefield, well before Beyond Meat bought its first petri dish, contributing to the recent bankruptcies of traditional, century-old dairies like Dean Foods and Borden.

Keep ReadingJan 15, 2020

Rashaan Ayesh

Kitchen matches: Plant-based meats fire up fast-food traffic and sales

Illustration: Sarah Grillo/Axios

The fast-food industry has fallen in love with plant-based "meats" and the boost in foot traffic and sales they provide from more health- and climate-conscious consumers.

Why it matters: The public’s growing interest in plant-based "meat" has start-ups trying to scale up and expand their market share, and food giants, such as Tyson Foods, are trying to muscle—and cash—in. The plant-based meat industry has seen $12.6 billion in sales and $4.5 billion in revenue as of July 2019, according to the Plant Based Food Association, and such non-meat burgers were estimated to be in 7,200 Burger Kings, 1,000 Carl's Jrs., and hundreds of other fast-food joints at the close of 2019.

Go deeperJan 25, 2020

Dan Primack

Private equity should breathe a sigh of relief as Sanders surges

Photo Illustration: Sarah Grillo/Axios. Photo: Robyn Beck/AFP via Getty Images

Bernie Sanders has opened up leads in both Iowa and New Hampshire, according to most recent polls.

The big picture: Private equity might be hyperventilating into a paper bag, but it should be breathing a sigh of relief. At least temporarily.

Go deeperJan 28, 2020