Beyond Meat to be listed on Wall Street?
Forbes and CNBC are talking about Beyond Meat going public on Wall Street and, in fact, it could be the next reasonable move to make by the Los Angeles-based manufacturer of plant-based burgers.
A year ago, Beyond Meat raised $55 million in a round of fundraising led by Cleveland Avenue, LLC, a venture capital firm founded by Don Thompson, a former McDonald’s CEO, informs Drovers magazine. By now, Tyson Foods, a renewed processor of beef, pork and poultry, owns more than 5% stake in the plant-based burger company. Tyson says it now has stakes in four food startups that focus on sustainability and technology, and company executives say their core business is protein.
To date, Beyond Meat says it has sold more than 25 million veggie burgers and has expanded into Asia and Europe. Such growth has attracted other high-profile investors such as billionaires Bill Gates and Richard Branson, actor Leonardo DiCaprio, and Twitter co-founders Biz Stone and Evan Williams.
According to Forbes, JP Morgan, Credit Suisse and Goldman Sachs are being targeted to lead the deal to take the startup public on Wall Street. Nevertheless, the decision (if it is to be made -n.a) comes after long disputes on the labelling alternative meat products as meat, and France has already banned the use of the term "meat" for alternative protein products that replicate meat.
"Respectfully, we don't agree to that. We clearly labelled our products as plant-based, we don't hide the fact that is a plant-based product. We will label it appropriately to meet the legislation in France and we think that consumers will make their decision. We got a lot of support from the consumers", declared Chuck Muth, Chief Growth Officer, Beyond Meat, in an interview for Euromeatnews. At this moment, the company export its products in 7 countries but it's about to reach 50 countries around the globe in 2019, according to Mr Muth.
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