The merger moves NextFoods to the forefront of the booming functional food and beverage market
BOULDER, Colo., April 5, 2023 — NextFoods, a pioneer in the functional food and beverage industry since 2006, announced today the merger of all-natural sports nutrition leader Cheribundi and gut health innovator GoodBelly. The combined entity brings together two high growth companies and will seek to capture category and product synergies that will propel them to the forefront of the functional food and beverage trends by harnessing the power of whole-foods based nutrition. As part of the merger, Marcel Bens, current CEO of Cheribundi, will step into the role of CEO of NextFoods.
“Cheribundi and GoodBelly are dedicated to providing natural products that offer scientifically-proven health benefits,” said Bens. “This merger comes at a time when consumers are looking to move beyond lab-based, synthetic products to something that offers the same benefits naturally, thus positioning NextFoods as a leader in this movement.”
Emil Capital Partners (ECP) is the largest investor in the combined entity. “Consumers are continuously looking to manage their health through the foods and beverages they consume,” says Andreas Guldin, managing partner and CEO of ECP. “We are excited to bring together two talented, driven companies to execute on the vision of better-for-you and better-for-the-planet products that meet growing consumer demand.”
The functional food market is anticipated to reach $26.7 billion by 2027, with a CAGR of 6.7% (Allied Market Research). As a combined entity, NextFoods will focus on growing its strategic channels. This includes ecommerce, anticipated to increase 56% by 2027 and where, as a company, Cheribundi has seen a 120% increase year-over-year. Sports is also a significant growth area for Cheribundi, which now has more than 400 professional and collegiate sports teams as customers, and will be an area of focus for NextFoods. Furthermore, NextFoods offers the scale to support over 20,000 retail locations for GoodBelly and Cheribundi products.
“Adding Cheribundi to the NextFoods family is a significant step in both brands’ futures to foster the continuous improvement of functional food and beverage and we look forward to fueling the next evolution of innovation,” said Juan Gluth, former CEO of NextFoods who is now stepping into the role of Chief Commercial Officer. “I look forward to working together with our lead investor and new leadership team to bring future success to our combined company.”
Since inception, GoodBelly and Cheribundi have continued to offer new, innovative products to meet consumers’ needs. Most recently, GoodBelly introduced its KIDS! Probiotic Beverages and Immune Support Line to promote wellness through gut health for all ages. GoodBelly has also expanded its on-the-go offerings with GoodBelly To Go® Fast Melts, shelf-stable probiotic powders. Cheribundi’s line of tart cherry products was recently expanded with its Concentrates line, including a pure tart cherry concentrate joined by an Immunity blend and a Sleep blend for the benefits of tart cherry juice anytime.
About NextFoods
NextFoods is the parent company to next generation functional food and beverage category leaders. Founded in 2006 and the majority shareholder in Cheribundi and GoodBelly, the industry pioneer seeks to deliver everyday healthy rituals through food and beverage. Headquartered in Boulder, CO and committed to scientifically-proven products that harness the power of whole-foods based nutrition, the company is establishing a new evolution of natural-focused brands for the modern wellness mindset. Its portfolio of products are sold nationwide at every major retail touchpoint: 20,000+ stores, Amazon, direct to consumer (DTC) and 400+ collegiate and professional sports teams.
About Cheribundi
Cheribundi is the leader in natural sports nutrition products, specializing in one of the most effective and functional tools for recovery: all-natural tart cherry juice. Scientifically-proven to significantly improve sleep, recovery, and overall mental and physical health, Cheribundi’s purpose is to fuel heathletes daily progress. Formulated through a proprietary filtration process and made in the USA, Cheribundi is the #1 natural recovery agent consumed by nearly 400 professional and collegiate sports teams. Founded in 2004 and headquartered in Portland, OR, Cheribundi is available at 20,000 stores nationwide in natural, specialty, conventional, mass and convenience retailers. Shoppers can also purchase Cheribundi directly at Amazon.com or Cheribundi.com.
About GoodBelly
GoodBelly is the pioneer of gut health dedicated to improving people’s lives with intestinal balance, digestive wellbeing and immunity support when consumed daily through everyday efficacious foods, beverages and supplements. Founded in 2006 with a vision to bring probiotics to the mainstream with functional solutions reliant on the well-studied probiotic strains Lactobacillus Plantarum 299v (LP299V®), GoodBelly is headquartered in Boulder, CO and available at 20,000 stores nationwide in natural, specialty, conventional, mass and convenience retailers. Shoppers can also purchase GoodBelly directly at Amazon.com.
About Emil Capital Partners
Founded in 2011, Emil Capital Partners invests in early-stage growth companies in the consumer goods, consumer tech, retail, and digital media sectors. Recognized as one of the most active investment companies in the consumer space, ECP has partnered with more than 30 companies through its value-add investment approach. Representative past and present portfolio companies include Bare Snacks®, TCHO, Chef’s Plate, Persona, Ollie, No Meat Factory, Base Culture®, Cheribundi®, GoodBelly®, Amour Vert, Zeel and Kidfresh. The fund is headquartered in Greenwich, CT. For more information visit www.emilcapital.com or follow us on LinkedIn.
