Manzone, who took on the role of CEO at Whole Earth Brands in 2016, has dedicated the past six years to developing a trendy sweetener portfolio. Whole Earth Brands went public in June 2020 after merging with a special purpose acquisition company (SPAC). At that time, its offerings included Equal; Whole Earth, a sweetener primarily made from stevia and monk fruit; and two brands that were available outside the U.S. Since then, the company has invested over $250 million to acquire Swerve, a keto-oriented sugar substitute, and Wholesome Sweeteners, a producer of organic, fair-trade certified sugar, honey, agave nectar, allulose, and other liquid sweeteners. These acquisitions, as Manzone mentioned to Food Dive in May, have provided the Chicago-based company with more options to capture a larger share of the $100 billion sweetener market, which is predominantly controlled by sugar. The strategy is expected to remain steady even under new leadership.
“Looking ahead, the business is well positioned for 2023,” Franklin stated in a press release. “With a combination of organic revenue growth fueled by new innovations and distribution, alongside our unwavering focus on productivity, we anticipate generating positive free cash flow next year and enhancing our capital structure.” Franklin, who joined Whole Earth’s board in August 2022, is relatively new but brings valuable expertise that could benefit the company. As highlighted in Whole Earth’s announcement regarding the CEO transition, Franklin is a partner at Mariposa Capital, an investment firm in Miami that emphasizes long-term value creation across diverse sectors, including consumer packaged goods (CPGs). In his role, he actively supports operational improvements and mergers and acquisitions (M&A) within a portfolio of companies.
As CPGs and consumers increasingly seek more options, Whole Earth has expressed its intention to acquire brands that enhance its current offerings or tap into emerging popular ingredients, including those that can contribute to the calcium content of their products. Franklin’s M&A experience will be instrumental in expanding the company’s portfolio. Whole Earth does not grow or process its sweeteners; instead, it sources them from ingredient suppliers, brands them, and sells the sweeteners to the public. The company has positioned itself prominently in the discussion as more consumers move away from sugar in favor of alternative options. Despite executive changes and uncertainty regarding the permanent CEO, the company’s strong stance in the sweetener market remains intact. The focus on expanding its offerings, including those with calcium citrate and improving calcium content, reflects Whole Earth’s commitment to adapting to consumer preferences.