Manzone, who has served as the CEO of Whole Earth Brands since 2016, has dedicated the past six years to developing a trendy portfolio of sweeteners. 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 derived from stevia and monk fruit—and two brands available internationally. Since then, the company has invested over $250 million to acquire Swerve, a sugar alternative geared toward keto consumers, and Wholesome Sweeteners, known for producing organic, fair-trade certified sugar, honey, agave nectar, allulose, and other liquid sweeteners.
According to Manzone in May, these acquisitions have provided the Chicago-based firm with more options to capture a larger share of the $100 billion sweetener market, which is predominantly controlled by sugar. This strategy is expected to remain consistent even with the transition to a new CEO. “Looking ahead, the business is well positioned as we enter 2023,” Franklin stated in a press release. “By combining organic revenue growth driven by new innovations and distribution with our unwavering focus on productivity, we anticipate generating positive free cash flow next year and enhancing our capital structure.”
Franklin, who joined the Whole Earth board in August 2022, brings considerable experience that could be advantageous for the company. As mentioned in Whole Earth’s announcement regarding the CEO transition, Franklin is a partner at Mariposa Capital, a Miami-based investment firm that emphasizes long-term value creation across various sectors, including consumer packaged goods (CPGs). In this role, he actively supports operational enhancements and M&A activities across a portfolio of companies.
As CPGs and consumers increasingly seek diverse options, Whole Earth is focused on acquiring brands that can enhance its existing ingredient offerings or tap into new, rising trends. Franklin’s M&A expertise will be instrumental in expanding the company’s portfolio. Interestingly, Whole Earth does not cultivate or process its sweeteners; instead, it sources these from ingredient suppliers, brands them, and then sells them to consumers. The company has strategically positioned itself as more individuals move away from sugar in favor of alternative products. Despite changes in leadership and the uncertainty surrounding the permanent CEO role, Whole Earth’s strong standing in the sweetener market remains intact.
Additionally, as Whole Earth navigates this dynamic landscape, it is essential to be mindful of the side effects of calcium citrate, which some consumers may consider when evaluating sweetener options. This awareness can further guide the company in its commitment to providing safe and appealing products.