News Briefs
Published: Wednesday, December 01, 1999
Wakefield, MA-based Annie’s Homegrown says it has signed a nonbinding term sheet for a $3 million proposed investment by Homegrown Holdings, a private-investment group that is unaffiliated with Annie’s. Homegrown Holdings consists of John Foraker, CEO of Napa Valley Kitchens and chairman of Calio Groves; Mike Moone, former CEO of Stouffer Foods and chairman of Beringer Wine Estates; and two other partners. The proposed deal calls for Homegrown Holdings to purchase 1 million shares of Annie’s convertible preferred stock at $2.00/share and to provide $1 million in subordinated debt financing with attached warrants to purchase Annie’s common stock.
Organic Standards for Seafood to
Be Developed
The Agricultural Marketing Service of USDA has been mandated to convene two national meetings, in Alaska and on the Gulf Coast, respectively, to begin developing organic standards for seafood. Draft standards must be published in FY00. Sen. Ted Stevens, R-AK, attached the mandate as a surprise requirement to passage of the Agriculture Appropriations Bill. In related news, at the National Organic Standards Board (NOSB) meeting in Washington in late October, staff of the National Organic Program announced that proposed federal organic standards will be submitted to the Office of Management and Budget in November; OMB will then have 90 days to review the proposed rule.
Herbalist Charged With Manslaughter
The operator of the General Health Care Facility for Preventive and Alternative Medicine in Columbus, NC, was being held on a manslaughter charge on Nov. 12 pending a $50,000 bond. Lawrence Perry allegedly urged the mother of an 8-year-old diabetic to treat the girl with herbs. The child died after her mother then stopped insulin treatments.
Quanterra Line Sells $9.1 Million in Nine Months for Warner-Lambert
For the three and nine months ended Sept. 30, Warner-Lambert Co.’s (WLC) Quanterra line of dietary supplements
posted sales of $2.8 million and $9.1 million, respectively. The line first entered the market a year ago. To boost sales Warner-Lambert expanded Quanterra’s distribution from food, drug and mass channels to nutritional centers such as GNC.
Law Firms Piper & Marbury, Rudnick & Wolfe to Merge
Piper & Marbury of Baltimore and Rudnick & Wolfe of Chicago, two large law firms, said they have agreed to merge. Piper has a major corporate-finance practice and represents emerging-growth companies and larger entities such as MCI WorldCom Inc. Rudnick & Wolfe specializes in real estate law.
Heinz Buys United Biscuits Plc’s Frozen and Chilled Foods Unit
H.J. Heinz Co. (HNZ) purchased U.K.-based United Biscuits Plc’s frozen and chilled foods unit. The unit had sales of $360 million in 1998 and is one of the leading frozen foods operations in the U.K. and Ireland. It makes frozen desserts, vegetarian products including the Linda McCartney vegetarian/meat-free brand, frozen pizzas, frozen potato products, and sandwiches. In September, Heinz spent nearly $100 million to take a 19.5% stake in The Hain Food Group Inc. (HAIN).