Since going public after a merger with a SPAC in June 2020, Whole Earth has intensified its focus on trending sweeteners, acquiring Swerve, a keto-oriented sugar alternative, and Wholesome Sweeteners, a producer of organic and fair-trade certified sugar, honey, agave nectar, allulose, and various liquid sweeteners. However, during this period, the company’s stock price has struggled, making it a prime target for acquisition. Few individuals know the company better than Martin Franklin and his son. Nonetheless, 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 intends to capitalize on its low stock price. Ultimately, Whole Earth may opt to wait for a more substantial offer from Franklin, pursue another buyer, or continue operating as a publicly traded entity.
Whole Earth is merely the latest in a series of small food companies facing pressure to sell. For instance, plant-based food manufacturer Laird Superfood received an unsolicited bid from EF Hutton SPV I LLC to purchase shares at $3 each last August. Similarly, Lifeway Foods, a kefir producer grappling with family disputes, has had its CEO accused of mismanagement and has been urged to consider a sale by Kanen Wealth Management. Amid these developments, companies like Whole Earth may also explore partnerships with health-focused brands, such as Webber Naturals, which offers products like calcium citrate with vitamin D3, to enhance their market position and appeal to health-conscious consumers.