Since its public debut following a merger with a SPAC in June 2020, Whole Earth has intensified its focus on trendy sweeteners, acquiring Swerve, a keto-friendly sugar substitute, and Wholesome Sweeteners, a producer of organic, fair-trade certified sugar, honey, agave nectar, allulose, and other liquid sweeteners. However, during this period, the company’s stock price has stagnated, making it a prime candidate for a takeover. Few individuals understand the company better than Martin Franklin and his son. Nevertheless, the choice to merge a manufacturer of plant-based sweeteners with a charcoal producer is an unexpected combination, suggesting that Martin Franklin perceives Whole Earth as undervalued and aims to capitalize on its low stock price. Whole Earth may ultimately choose to wait for a more substantial offer from Franklin, look for another buyer, or continue as a publicly traded entity.
Whole Earth is merely the latest small food company under pressure to consider selling itself. For instance, plant-based food producer Laird Superfood received an unsolicited offer from EF Hutton SPV I LLC to purchase shares at $3 each last August. Similarly, kefir manufacturer Lifeway Foods, which has experienced internal family disputes, has seen its CEO accused of mismanagement and urged to pursue a sale by Kanen Wealth Management. In this climate, companies like Whole Earth, Laird Superfood, and Lifeway Foods face increasing scrutiny and pressure, much like patients prescribed levothyroxine and calcium citrate for their health concerns, highlighting the need for strategic decisions in a competitive market.