DOCSLIB.ORG

Capstone Partners Food Distribution M&A Coverage Report June 2021

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Capstone Partners Food Distribution M&A Coverage Report June 2021 M&A ACTIVITY REMAINS RESILIENT, FOODSERVICE PLAYERS EXPLORE RETAIL END MARKETS FOOD DISTRIBUTION INDUSTRY UPDATE | JUNE 2021 3 TABLE OF CONTENTS Key Industry Takeaways 4 Industry Outlook 5 M&A Overview 6 Notable Transactions 7 Public Company Performance 8 Select Transactions 9 Buyer Universe 10 Public Company Data 11 Report Contributors 12 Firm Track Record 13 Endnotes 14 Contact Our Food Distribution Industry Experts Brian Boyle Managing Director 312-287-9812 [email protected] Yogesh Punjabi Director 617-619-3305 [email protected] Capstone Partners is one of the largest and most active independently-owned investment banking firms in the United States. Over the past 20 years, thousands of business owners, investors, and creditors have trusted us to help guide their strategic decisions and maximize financial outcomes at every stage of the corporate lifecycle. MIDDLE FULL SUPERIOR TOP ESTABLISHED MARKET SERVICE CLIENT RANKED BRAND FOCUS CAPABILITIES RESULTS PERFORMANCE REPUTATION A DIFFERENT KIND OF FIRM. BUILT FOR THE MIDDLE MARKET. Mergers & Capital Financial Special ESOP Acquisitions Advisory Advisory Situations Advisory& Restructuring • • Sell-side Advisory Transaction Advisory • Special Situations • Equity Advisory • • Buy-side Advisory Interim Management • Turnaround • Debt Advisory • • Recapitalizations Performance • Restructuring • Infrastructure Finance Improvement • Mergers & Joint • Bankruptcy • Valuation Advisory Ventures • Insolvency • Litigation Support Sign Up for Industry Insights. Delivering timely, sector-specific intelligence to your inbox One of our core capabilities is to deliver sector-specific intelligence designed specifically for industry leaders, private equity firms and their advisors. Our industry reports and featured articles deliver real-time access to key sector data including: • Emerging industry trends • Acquirer and investor appetites • Mergers & acquisitions market analysis • Notable transactions • Public company data Receive email updates with our proprietary data, reports, and insights as they're published for the industries that matter to you most. Subscribe capstonepartners.com Food Distribution Industry M&A Activity Remains Resilient, Foodservice Players Explore Retail End Markets KEY INDUSTRY TAKEAWAYS Capstone Partners’ Consumer Investment Banking Group is pleased to share its Food Distribution report. Transaction activity in the industry has remained robust throughout 2020 and year-to-date (YTD) 2021 as industry participants continue to scale, diversify, and penetrate new geographies. Leading industry players have also demonstrated a strong propensity towards the Retail subsegment, as revenues among foodservice players have suffered, encouraging participants to permeate retail channels. 1. Distributors in the Foodservice subsegment have experienced significant headwinds over the last year, while those in the Retail subsegment have recorded strong revenues amid the pandemic. 2. Merger and acquisition (M&A) activity has remained robust driven by strategic buyers seeking increased scale, diversified products, and penetration into new geographies, while private equity has remained attracted to the predictability of revenues. 3. Despite significant pressure on margins, public company trading metrics have remained strong with top industry participants experiencing significant EBITDA multiple expansion and high rates of total return. 4. Specialty distribution providers have continued to be highly sought-after M&A targets as strategics seek to bolster product offerings and private equity looks to enhance sector portfolios. 5. The supply of qualified truck drivers for distribution remains tight, costs to acquire new drivers remain well above historical averages. 6. Food distributors seek to find ways to move up the value curve by vertically integrating or adding food processing capabilities. Capstone Partners has developed a full suite of corporate finance solutions, including M&A advisory, debt advisory, financial advisory, and equity capital financing to help privately owned businesses and private equity firms through each stage of the company’s lifecycle, ranging from growth to an ultimate exit transaction. To learn more about Capstone’s wide breadth of advisory services and Food Distribution industry expertise, please contact Brian Boyle. 4 Food Distribution | June 2021 INDUSTRY OUTLOOK The Food Distribution industry has demonstrated a substantial recovery from COVID-induced headwinds that challenged supply chains, sales, and profit margins of industry participants. Shifting Brian Boyle consumer preferences ushered a significant Managing Director change in spending which bolstered the attractiveness of retail end markets, including supermarkets, while hampering performance in the “The Food Distribution sector is changing as Foodservice subsector reflected in depressed traditional lines are being crossed. Many restaurant sales. Notably, supermarket chains Foodservice distributors have begun selling to experienced a 11.6% increase in sales in 2020 YOY, Grocery/Retail customers, most notably in while foodservice management firms recorded a Specialty food categories. Additionally, as labor and fuel costs have risen, food 17.6% decline, according to Pentallect.1 End market distributors are capturing additional margin by exposure has largely dictated sales performance, adding food processing capabilities. In with foodservice oriented public players including addition to seeking more scale and reach, Sysco (NYSE:SYY) and US Foods (NYSE:USFD) these vertical integration and crossover experiencing quarterly net sales declines of 23.1% trends will continue to be important drivers of and 11.5%, respectively, according to their most M&A activity going forward.” recent earnings releases.2,3 While Performance Food Group (NYSE:PFGC) managed to increase revenue in its most recent quarter, net income declined over 78%, according to its most recent earnings release.4 The robust performance of supermarkets, specialty distributors, and big box retailers a 10.1% YOY revenue increase in Q4, capitalizing on presents valuable revenue opportunities for heightened seafood consumption in North foodservice players to permeate the retail America, noting that sales of frozen seafood retail segment. Leading retail wholesalers experienced increased 71% in 2020, according to its earnings 8 strong operating results despite market call. Specialty food distributors have also proven uncertainty through much of 2020, with United highly sought-after targets in M&A markets, as Natural Foods (NYSE:UNFI) recording a 7.1% retailers and foodservice providers increasingly increase in net sales in second quarter fiscal 2021, seek to build out their offerings. according to its most recent earnings release.5 At the height of the pandemic, foodservice As vaccination rollouts progress and dining participants rapidly altered business models to restrictions ease, pent-up consumer demand and cater to elevated retail demand, as full-service improved economic visibility is expected to drive restaurant chain customer transactions fell by 70% near term industry growth. In addition, leading in April 2020, according to NPD.6 Notably, Sysco public food distribution players have established new customer relationships with retail demonstrated strong performance, with one-year grocers to offset losses in the Food-Away-from- total return in Capstone’s Food Distribution index Home segment and capitalize on growth outpacing the S&P 500 at +49.2%. Elevated opportunities post-COVID-19, according to a press valuations for public companies bodes well for release.7 In addition, US Foods, which earns over robust pricing in M&A markets, with the average 50% of its revenue from the Restaurant sector, EBITDA trading multiple standing at 16.2x. secured approximately 20 retail distribution Technological investment is likely to remain a key partnerships across the U.S. industry focus, as providers seek to optimize distribution and value-added capabilities, Specialty distribution has emerged as a favorable especially as the sector faces a shortage of truck segment within the industry, as consumers have drivers. Notably, top players including Core-Mark increasingly sought specialized food categories. (Nasdaq:CORE) have invested in digital solutions to Notably, leading specialty food manufacturer and enhance fleet and driver efficiency, in addition to distributor Premium Brands (TSX:PBH) experienced allocating resources to warehouse robotics. 5 Food Distribution | June 2021 M&A OVERVIEW The defensibility of the Food Distribution industry M&A Activity Remains Resilient has been reflected by robust transaction activity Year-to-date transaction volume has remained in 2020 and into YTD 2021. Transaction volume in robust, mirroring 2020 levels. 2020 was nearly equivalent to the prior year with 100 90 60 deals announced or completed with a healthy 80 pace of deal activity continuing through YTD 2021. 70 59 62 60 The non-cyclical nature of the industry has 60 supported active M&A markets and strong buyer 50 interest, as industry participants continue to 40 32 32 consolidate to scale, penetrate new geographies, 30 and add additional high growth product categories. 20 Private equity firms have also demonstrated Transactions of Number 10 sustained interest in the industry, attracted to the 0 predictability of revenues and ability to bolster 2018 2019 2020 YTD YTD investments through add-on acquisitions. Notably, 2020 2021 sponsors have accounted for 32%
Load more

Recommended publications
  • The Economics of Local Food Systems
    EXTENSION CENTER FOR COMMUNITY VITALITY The Economics of Local Food Systems: A LITERATURE REVIEW OF THE PRODUCTION, DISTRIBUTION, AND CONSUMPTION OF LOCAL FOOD September, 2014 By Ariel Pinchot Editor: Mary Vitcenda The Economics of Local Food Systems: A LITERATURE REVIEW OF THE PRODUCTION, DISTRIBUTION, AND CONSUMPTION OF LOCAL FOOD September, 2014 By Ariel Pinchot, Graduate Student, College of Food, Agriculture, & Natural Resource Sciences Editor: Mary Vitcenda Contributors: Merritt Bussiere, Extension Educator, Center for Community Vitality Ryan Pesch, Extension Educator Center for Community Vitality © 2014 Regents of the University of Minnesota. All rights reserved. University of Minnesota Extension is an equal opportunity educator and employer. In accordance with the Americans with Disabilities Act, this material is available in alternative formats upon request. Direct requests to 612-625-8233. Printed on recycled and recyclable paper with at least 10 percent postconsumer waste material. THE ECONOMICS OF LOCAL FOOD SYSTEMS i Table of Contents 1. INTRODUCTION 1 What are local food systems? 2. LOCAL FOOD MARKETS AND MARKET ANALYSIS 2 Characteristics of market segments 2 Benefits of direct market channels 3 3. CONSUMER PREFERENCE FOR LOCAL FOODS 4 Household consumer preferences and motivations 4 Institutional consumer preferences and motivations 5 Wholesale and retail customer preferences and motivations 6 4. LOCAL FOOD PRODUCERS AND FOOD HUBS 7 Trends 7 Motivations of local food producers 8 Supplying direct-to-institution 9 Food hubs 10 5. ECONOMIC IMPACTS OF LOCAL FOOD SYSTEMS 11 Economic impact analysis 11 Import substitution modeling 12 Models for assessing economic impact 13 6. FUTURE RESEARCH NEEDS AND STRENGTH OF RESEARCH METHODS 13 7.
    [Show full text]
  • Gods of Cultivation and Food Supply in the Imperial Iconography of Septimius Severus
    Jussi Rantala a hundred years.1 The result of this was that a new emperor without any direct connection to the earlier dynasty had risen to the throne. This situation provided a tough challenge for Severus. He had to demonstrate that he was the true and legitimate emperor and he had to keep the empire and especially the capital calm Gods of Cultivation and Food after a period of crisis.2 The task was not made easier by the fact that Severus was not connected with the traditional elites of the capital; he can be considered an Supply in the Imperial Iconography outsider, for some scholars even an “alien”. of Septimius Severus Severus was a native of Lepcis Magna, North Africa. His “Africanness” has been a debated issue among modern researchers. Severus’ Punic roots are Jussi Rantala highlighted especially by Anthony Birley, and the emperor’s interest towards the cult of Serapis is also considered a sign of African identity.3 These ideas are University of Tampere nowadays somewhat disputed. Lepcis Magna was more or less Romanized long This article deals with the question of the role of gods involved with cultivation, grain before the birth of Severus, and the two families (the Fulvii and the Septimii) from and food supply in the Roman imperial iconography during the reign of Septimius which the family of Severus descended, were very much of Italian origin. Moreover, Severus. By evaluating numismatic and written evidence, as well as inscriptions, the the Severan interest in Serapis can hardly be considered an African feature: the article discusses which gods related to grain and cultivation received most attention same god was given attention already by Vespasian (who was definitely not an from Septimius Severus, and how their use helped the emperor to stabilize his rule.
    [Show full text]
  • Food and Nutrition | International Encyclopedia of the First World War
    Version 1.0 | Last updated 22 June 2021 Food and Nutrition By Emmanuelle Cronier During the First World War, food became a major issue for military and civilian matters. This contribution aims to discuss the food situation in the belligerent countries in connection with global issues. It focuses on food supply both on the military and the home front, in order to understand how those issues were connected and entangled in the total war, and what role they played in the final defeat of the Central Powers, whose populations were starving in 1918. Table of Contents 1 Introduction 2 Starvation as a Weapon 2.1 Starving the Enemy 2.2 The Politics of Hunger: Welfare and Warfare 2.3 Populations at Risk of Famine and Food Aid 3 Feeding 75 Million Soldiers 3.1 Providing the Calories 3.2 Food, Morale and Discipline 4 Coping with Food Scarcity on the Home Front 4.1 Cities under Stress 4.2 The Mobilisation of Stomachs 4.3 Food Sharing and Tensions 5 Conclusion Notes Selected Bibliography Citation Introduction The First World War not only overwhelmed societies, it also revolutionised the diet of European and North American countries. In 1918, 75 million soldiers of the Entente and the Central Powers had to be fed daily, an unprecedented challenge for armies. On the home front, hundreds of millions of civilians, indispensable to the war effort, had to be fed despite shortages. Food was an essential issue in this total war, as food production and distribution were areas where states intervened massively to provide the food essential to the survival of populations.
    [Show full text]
  • The Economics of Local Food Systems: a Toolkit to Guide Community Discussions, Assessments, and Choices
    Agricultural Marketing Service March 2016 The Economics of Local Food Systems A Toolkit to Guide Community Discussions, Assessments and Choices PB 1 Authors and Acknowledgements Authors Dawn Thilmany McFadden (coordinator, Colorado State University), David Conner (University of Vermont), Steven Deller (University of Wisconsin-Madison), David Hughes (University of Tennessee), Ken Meter (Crossroads Resource Center), Alfonso Morales (University of Wisconsin-Madison), Todd Schmit (Cornell University), David Swenson (Iowa State University), Allie Bauman (Colorado State University), Megan Phillips Goldenberg (Crossroads Resource Center), Rebecca Hill (Colorado State University), Becca B.R. Jablonski (Colorado State University) and Debra Tropp (U.S. Department of Agriculture, Agricultural Marketing Service) The authors would like to thank three reviewers, Jeff O’Hara (Union of Concerned Scientists), Rich Pirog (Michigan State University Center for Regional Food Systems), and Katherine Ralstron (U.S. Department of Agriculture, Economic Research Service) for their review and comments. Additionally, special thanks to Samantha Schaffstall and Arthur Neal of the U.S. Department of Agriculture’s Agricultural Marketing Service for support throughout the entire project. Preferred citation: Dawn Thilmany McFadden, David Conner, Steven Deller, David Hughes, Ken Meter, Alfonso Morales, Todd Schmit, David Swenson, Allie Bauman, Megan Phillips Goldenberg, Rebecca Hill, Becca B.R. Jablonski, and Debra Tropp. The Economics of Local Food Systems: A Toolkit
    [Show full text]
  • Trends & Best Practices in Food Distribution Systems
    Trends & Best Practices in Food Distribution Systems: A Focus on Food Banks & Partner Agencies Report for the Kate B. Reynolds Charitable Trust Martha Shore Edwards, MBA Development Consulting and Research October, 2014 Table of Contents Background .............................................................................................................................................. 3 Trends & Best Practices in Food Distribution ........................................................................................... 5 1. Build partner agency capacity through tier ratings and contracts .....................................5 2. Encourage better agency coordination through zone and council organization .................5 3. Secure and distribute more fresh produce and protein to improve health outcomes ........6 4. Provide client choice to increase client satisfaction and decrease waste ..........................6 5. Develop mobile and school pantries ...............................................................................7 6. Distribute food equitably ................................................................................................7 7. Gain efficiencies by utilizing government programs .........................................................8 8. Encourage cash donations ..............................................................................................8 Food Bank Information ...........................................................................................................................
    [Show full text]
  • Registration and Distribution
    ''Oxfam believes in the essential dignity of people and their capacity to overcome the problems and pressures which can crush and exploit them. These may be rooted in climate and geography, or in the complex areas of economics, politics, and social conditions. Registrationm Oxfam believes that, if shared equitably, there are sufficient material resources in the world to enable all m )eople to find fulfilment and to meet basic needs. and Distribution Oxfam is a partnership of people who share these beliefs people who, regardless of race, sex, religion or politics, work together for the basic rights of food, shelter and reasonable conditions of life. Oxfam provides people with the opportunity of playing a small part in a much larger struggle to eliminate poverty and to help hurnanity develop in a spirit of love, co-operation and soliclarity.'' taken from 'Oxfann An Interpretation' Oxfam UK and Ireland 274 Banbury Road Oxford OX2 7DZ United Kingdom Acknowledgements Preface This is the ninth in a series of short books which are the result of a year-long This book is based upon the field experience, and has been written with the active process of reflection and learning by Oxfam's staff in East Africa. The series support, of the following Oxfam staff and partners in East Africa: aims to fill a gap identified by those staff, that of practical guidance present- George Abel, Charles Achi, James Achila, Judy Adoko, Simon Ameny, Susan ed in a simple style for those working in the field on operational emergency Amot, Jimmy Andabaati, Jonathan Andrews, Florence Ariango, Juliana Auma, Ros Avery, Simeo Ayweka, Margaret Mania Azaa, Bernadette Bachubila, Rashid projects.
    [Show full text]
  • Food-Conf-Abstract-Booklet.Pdf
    Abstracts Oral Presentations Banquet at Mahal Teglinos (Sudan, third-second millennia BC) Local Recipes and Imported Delicatessen in Protohistoric Eastern Sudan Andrea MANZO University of Naples “L’Orientale” and ISMEO [email protected] The research project conducted by the Italian Archaeological Expedition in the Eastern Sudan of the University of Naples “L’Orientale” and ISMEO has already provided crucial evidence for reconstructing the process of sorghum domestication in the Sahelian belt and the spread and adoption of this crop up in India in the third-second millennia BC. More recently, excavations conducted at the site of Mahal Teglinos, near the Sudanese city of Kassala [eastern Sudan], also led to the discovery of a food preparation, and perhaps consumption area, dating to the end of the 3rd millennium BC. Some data about the way food was processed was collected there, perhaps also throwing light on the origins of the griddles that are still used to cook sorghum and teff bread in some regions of Sudan and on the Ethio-Eritrean highlands. Moreover, the evidence of the possible consumption of delicatessen imported from the First Intermediate Period-early Middle Kingdom1 Egypt was also collected in the same sector of the site, suggesting that the menu included both local and exotic ingredients, and perhaps even experiments of interethnic cuisine. Finally, some remarks on the social context and the possible meanings of the banquets taking place at Mahal Teglinos will be proposed. 1 First Intermediate Period: ca. 2100–2030 BC; Middle Kingdom: ca. 2030–1660 BC. Reconstruction of the Baking Process Based on Depictions in Old Kingdom Tombs Agata BEBEL (1); Anna WODZINSKA (2) (1) Department of Bioarchaeology, Institute of Archaeology, University of Warsaw; (2) Department of Archaeology of Egypt and Nubia, Institute of Archaeology, University of Warsaw (1) [email protected] Bread-baking scenes are one of the most popular decorative motifs depicted in Old Kingdom2 tombs.
    [Show full text]
  • Food and Agriculture: Cluster and Workforce Needs Assessment Sacramento Capital Region
    CENTERS OF EXCELLENCE SERIES: 5 OF 6 Inform Connect Advance FOOD AND AGRICULTURE: CLUSTER AND WORKFORCE NEEDS ASSESSMENT SACRAMENTO CAPITAL REGION April 2016 Principal Researcher: Sacramento Area Council of Governments (SACOG) Supporting Authors: Centers of Excellence, Los Rios Community College District Valley Vision TABLE OF CONTENTS Introduction......................................................................................................................... 3 Overview of the Food and Agriculture Cluster ............................................................... 4–6 Part 1. Food and Agriculture Cluster Current Conditions ................................................. 7 Employment ........................................................................................................................ 7 Establishments .................................................................................................................... 8 Concentration of Employment: Regional and Subsector Concentration ....................... 9–10 Concentration of Employment: Geographic Concentration ........................................11–17 Economic Impact ...............................................................................................................18 Part 2. Recent Trends .....................................................................................................19 Employment Change ..................................................................................................19–20 Economic Impact Change ...........................................................................................21–23
    [Show full text]
  • The Future of Food and Agriculture: Trends and Challenges
    1 ISSN 2522-7211 (print) ISSN 2522-7211 (online) ISSN 2522-722X The future of food and agriculture Trends and challenges The future of food and agriculture Trends and challenges Food and Agriculture Organization of the United Nations Rome, 2017 Citation: FAO. 2017. The future of food and agriculture – Trends and challenges. Rome. The designations employed and the presentation of material in this information product do not imply the expression of any opinion whatsoever on the part of the Food and Agriculture Organization of the United Nations (FAO) concerning the legal or development status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. The mention of specific companies or products of manufacturers, whether or not these have been patented, does not imply that these have been endorsed or recommended by FAO in preference to others of a similar nature that are not mentioned. ISBN 978-92-5-109551-5 © FAO, 2017 FAO encourages the use, reproduction and dissemination of material in this information product. Except where otherwise indicated, material may be copied, downloaded and printed for private study, research and teaching purposes, or for use in non-commercial products or services, provided that appropriate acknowledgement of FAO as the source and copyright holder is given and that FAO’s endorsement of users’ views, products or services is not implied in any way. All requests for translation and adaptation rights, and for resale and other commercial use rights should be made via www.fao.org/contact-us/licence-request or addressed to [email protected].
    [Show full text]
  • Food System Infrastructure: Michigan Good Food Work Group Report Series Report No
    FOOD SYSTEM INFRASTRUCTURE: Michigan Good Food Work Group Report Series Report No. 5 of 5 December 2010 This report was developed with leadership from the C.S. Mott Group for Sustainable Food Systems at Michigan State University, the Food Bank Council of Michigan and the Michigan Food Policy Council. This report, along with the others in the series, provides the foundation for the goals and agenda priorities put forth in the Michigan Good Food Charter. Food System Infrastructure Work Group Co-Conveners: Patty Cantrell, Regional Food Solutions, food system researcher, writer, consultant (formerly Entrepreneurial Agriculture Director at the Michigan Land Use Institute) Russ Lewis, Consultant, Wyoming, MI Contributors: John Bakker, Director, Michigan Asparagus Association Matt Birbeck, Supply Chain Consultant, MSU Product Center for Agriculture and Natural Resources Dan Carmody, CEO, Eastern Market Corporation Tom Cary, Farmer, Baker, Advocate, Grand Rapids, MI Joe Colyn, Supply Chain Consultant, Originz LLC Cheryl Danley, Academic Specialist, CS Mott Group for Sustainable Food Systems at Michigan State University Mark Elzinga, Owner/Operator, Elzinga & Hoeksma Greenhouses Margaret Garry, Director of Special Programs, Michigan Department of Human Services Denis Jennisch, Regional Produce Manager, Sysco Grand Rapids Andrew Johnston, Director of Legislative Affairs, Greater Grand Rapids Chamber of Commerce Bill Knudson, Product Marketing Economist, MSU Product Center for Agriculture and Natural Resources John Koches, Associate Research Scientist, GVSU Annis Water Resources Institute Gary Lyons, Co-President, Co-owner, Director of Sales, Walsma & Lyons Distributors Fred Moore, Restaurant Owner, Magnum Hospitality Evan Smith, Cherry Capital Foods LLC Nels Veliquette, Farmer, Processor, Cherries R Us, Triple D Farm Aileen Waldron, Field Specialist, Rural Development, USDA Guy Williams, G.O.
    [Show full text]
  • Local Food Infrastructure
    LOCAL FOOD INFRASTRUCTURE Farmers’ markets, farm stands, and other outlets for farmers to sell products—usually FAST FACTS unprocessed produce—directly to consumers have seen sensational growth and attention in · The number of farmers’ recent years. But as important as these outlets markets nationwide increased are, they are by no means the sum total of local by 54 percent between 2008 food sales. USDA’s Economic Research Service and 2011, providing over 7,000 recently illustrated that sales to restaurants, venues for farmers to interact retailers, and regional distributors are three directly with consumers. times larger. · The Food Hub Web Portal, a Selling to retailers and other “indirect” virtual technical assistance (sometimes called “intermediated”) markets network run by USDA’s Agricultural Marketing Service, requires infrastructure. Infrastructure can received over 5,000 site visits include things like a warehouse or cold storage in its first three months. facility to sort, grade and store food and keep it fresh; processing plants to cut broccoli into florets, turn strawberries into jam, or mill grain into flour for local bakeries; refrigerated trucks Access to infrastructure can open up to transport local food; or kitchen equipment tremendous opportunities for the local to prepare it. This infrastructure must also economy. Value-added products such as jam be scaled appropriately. Much of America’s or flour can bring a better price to producers existing food infrastructure doesn’t work for than can a raw product. Commercial kitchens local and regional producers. It is often too can launch new food businesses; processing large to accept smaller amounts of product, too plants or transportation networks employ far away for smaller transportation networks to workers; and cafeteria equipment helps schools reach, or unable to preserve the local identity utilize more local food.
    [Show full text]
  • FFP 2016-2025 Food Assistance and Food Security Strategy
    OFFICE OF FOOD FOR PEACE Bureau for Democracy, Conflict and Humanitarian Assistance 2016–2025 Food Assistance and Food Security Strategy PHOTO CREDITS Front, top left: K. Ueno / WFP Front, bottom Left: K. McKenna / USAID Front, top right: F. Coupet / Mercy Corps Front, bottom right: J. Estey for USAID Back, left: L. Hoahsi / Mercy Corps Back, right: N. McNally CONTENTS Letter from the Director ................................................................................................................................. i 1. Introduction ............................................................................................................................................... 1 2. Who We Are ............................................................................................................................................ 5 3. The Evolving Challenge of Hunger ....................................................................................................... 9 4. A Revised Conceptual Framework for Food and Nutrition Security ....................................... 16 5. Global Commitment and Partnerships ............................................................................................. 18 5.1 A Global Commitment to Humanitarian Action ................................................................. 19 5.2 A Global Commitment to Agriculture and Food Security ................................................ 20 5.3 Global Nutrition Agenda ..........................................................................................................
    [Show full text]