NextFoods, a pioneer in the functional food and beverage industry since 2006, announced 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.
