BodyArmor Acquisition, Valuation, Funding & Investors

Masan Consumer is a Vietnamese branded food and beverage manufacturer serving the domestic consumer market. Its operations include the production and distribution of seasonings, convenience foods and beverages. The business developed brands in fish sauce, soy sauce, chili sauce and instant noodles, and expanded its beverage activities through investments in coffee and bottled water companies. Its distribution activities connect manufactured products with retail channels and household consumers across Vietnam. Masan Consumer generates revenue principally from selling packaged food and beverage products. KKR acquired a minority equity interest in 2011 and made a further investment in 2013. Acquisitions during this period included an interest in Vinacafé Bien Hoa, stakes in Vinh Hao and subsequent expansion into additional packaged-food categories.

Pilgrim's Pride is the second-largest poultry producer in the US (59% of 2024 sales), the UK (29% including other European sales), and Mexico (12%). Its UK and European arm also includes pork operations from the 2019 acquisition of Tulip. Pilgrim's sells to chain restaurants, food processors, food distributors, and retail chains. Most of its US and Mexican sales come from fresh chicken, while prepared chicken and pork constitute most of its UK and European sales. JBS owns more than 80% of Pilgrim's Pride's outstanding shares, though it failed to acquire the remaining stake in 2021 after a special board committee deemed JBS's offer undervalued Pilgrim's Pride.

Sam Yang Foods Co Ltd is engaged in the manufacture and marketing of instant noodles, snacks, and soy sauce. There are various flavors of its noodles, such as beef, chicken, pork, shrimp, mushroom, oriental, hot, and other flavors.

Emmi AG is a Swiss dairy products manufacturer. The company generates revenue in Switzerland, the Americas, other European countries, and the rest of the world (below 5%). By product category, dairy products, cheese, and fresh products are the main segments. The company also offers powder/concentrates among other products/services. The company's key brands include Caffe Latte, YoQua and Jogurtpur in the fresh products category, and Kaltbach and Der Scharfe Maxx in the cheese segment.

Over the past 150-plus years, Campbell's has evolved into a leading domestic packaged food manufacturer, with a portfolio that extends beyond its iconic red-and-white labeled canned soup. In fiscal 2025 (July year-end), snacks accounted for 43% of its revenue, followed by soup (27%), other simple meals (23%), and beverages (7%). Beyond its namesake, its brands include Pepperidge Farm, Goldfish, Snyder’s of Hanover, Swanson, Pacific Foods, Prego, Pace, V8, and, most recently, Rao’s (a deal that closed in 2024). Around 90% of its revenue results from the US and the remainder from Canada and Latin America.

Sojitz Corp is a Japanese business conglomerate. The group operates eight business segments: Automobile, Aviation/Social Infrastructure, Chemistry, Consumer Goods and Agribusiness, Energy and Healthcare, Metals, Resources and Recycling, Retail and Consumer Services, and Others.. It generates the majority of its revenue from the Chemistry segment which which covers organic and inorganic chemicals, functional and fine chemicals, industrial salts, natural healthcare products, rare earths, general-purpose and high-performance resins, eco-friendly resins, packaging materials, films and sheets, plastic molding machines, synthetic resin products, liquid crystals, optical products, electronic materials such as printed circuit boards, and textile raw materials.

Toyo Suisan is one of Japan’s leading packaged food companies, best known for its Maruchan brand instant noodles. The company also produces and sells fresh and frozen foods, particularly seafood, with sales of its packaged and processed foods channeled to both commercial and retail customers. As of September 2025, around 55% of revenue originates in Japan. Sales in the US and Mexico are significant drivers of its ex-Japan revenue.

Sigma Foods SAB de CV is a multinational food company focused on the production, marketing, and distribution of food products through brands in Mexico, Europe, the United States, and Latin America. The company's key offerings include: i) Cold cuts: Ham, sausage, bacon, chorizo, among others. ii) Matured meats: Serrano, prosciutto, salami, fuet, among others. iii) Dairy products: Yogurt, cheeses, butter, margarine, among others. iv) Other: Snacks, prepared foods, plant-based foods, beverages, among others.

Hebei Yangyuan Zhihui Beverage Co Ltd is engaged in the research & development, production, and sales of plant protein beverages mainly using walnut kernels as raw materials. The company markets its beverages under the brands Yangyuan and Six Walnuts, offering a range of walnut-based drinks. Its product lineup includes variants such as Boutique Six Walnut Milk, Selected Six Walnut Milk, Refined Research Six Walnut Milk, Zhihui Health Six Walnut Milk, along with other related offerings.

Dabur India Ltd is an Indian FMCG company. Dabur operates in various consumer product categories: hair care, oral care, healthcare, skin care, home and personal care foods. Its portfolio includes the following separate brand identities, promoting a product category: Dabur, for natural healthcare products; Real, for fruit juices and drinks; Vatika, for premium personal care; Hajmola, for digestives; and Fem for skin-care products. The operating segments of the company are; Consumer care, Food, Retail, and others. Maximum revenue is generated from its Consumer care business which represents the sales of home care, personal care, and health care products.

Meiji Holdings was established in 2009 as a merged entity of Meiji Dairies, Japan’s largest dairy company, and Meiji Seika, the country’s number-two confectionery maker. A surge in commodity prices, Japan’s aging and shrinking population, and fierce competition propelled the amalgamation. The food business—dairy, cacao, nutrition, and food solutions—represents about 80% of the group’s sales and 70% of profits. The rest comes from the pharmaceutical business, specializing in antibacterial and generic drugs, as well as vaccines. Overseas food operations, mainly in China, the US, and Southeast Asia, constitute merely 6.5% of the group's sales, which are in the red due to a surge in investment in China’s new factories and fierce price competition initiated by Chinese dairymakers.

Conagra Brands is a Chicago-based packaged food company supplying branded products to retail and foodservice customers. Its portfolio spans frozen meals and vegetables, snacks, refrigerated products and shelf-stable grocery foods. Brands include Birds Eye, Healthy Choice, Marie Callender's, Duncan Hines, Reddi-wip and Slim Jim. The company develops, manufactures and markets products for consumption at home and supplies food used by restaurants and other foodservice operators. Its commercial customers include retailers and foodservice distributors, while consumer demand is supported through brand marketing and product development. Revenue comes primarily from sales of packaged food rather than the operation of grocery stores or restaurants. Conagra's business is concentrated in North America, with international activities extending selected brands and product categories into additional markets.

Jardine Cycle & Carriage is a Singapore-listed regional investment holding company within the Jardine Matheson group. Founded in 1899, it owns strategic interests in automotive distribution, financial services, consumer goods, agribusiness and industrial companies across Southeast Asia. The group earns dividends, share of associate profits and operating income from controlled businesses. It serves regional consumers and enterprises through portfolio companies rather than offering an external retail investment fund. In November 2017 JC&C built a 10% Vinamilk position for approximately USD1.15 billion through market purchases and successful participation in SCIC's auction. The retained event isolates the 3.33% SCIC block, which Vietnamese government reporting says generated VND8.99 trillion of proceeds.

Ingredion is an ingredients provider for the food, beverage, brewing, and animal nutrition industries. The company processes corn, tapioca, potatoes, stevia, grains, fruits, gums, and vegetables into value-added ingredients. The company sells specialty ingredients that include starch-based texturizers and natural alternative sweeteners such as stevia. Ingredion also sells commodity ingredients that include sweeteners, such as high-fructose corn syrup, and starches, such as those used for sustainable packaging, as well as plant-based proteins.

Peranel is a beverage company that manages a portfolio of more than thirty mineral water, hydration, and functional drink brands. It uses an independent corporate structure and internal development resources to expand through both organic growth and acquisitions.

Global Eggs is a multinational producer and distributor of table eggs, based in Luxembourg and controlled by Brazilian entrepreneur Ricardo Faria, its founder and executive chairman. It owns Granja Faria in Brazil, Hillandale Farms in the United States, which it bought in 2025 for $1.1 billion, and Grupo Hevo in Spain, its first overseas acquisition in November 2024. The company operates more than 50 farms with over 45 million birds across the United States, South America and Europe and sells conventional, cage-free, free-range and specialty eggs, and it was on track to produce more than 15 billion eggs in 2026. Hillandale, Hevo and Granja Faria together generated more than $2 billion of revenue in 2024. BTG Pactual's private equity arm agreed in 2025 to buy an 11% stake for $300 million, and Warburg Pincus agreed in March 2026 to invest up to $1 billion at an $8 billion valuation, giving the company growth capital in place of a planned New York listing. Global Eggs was founded in 2018.

HeyTea is a Guangdong province-headquartered tea beverage chain renowned for cheese foam-topped teas and fresh fruit infusions like mango pomelo and strawberry cheese. Founded in 2012 in Kaiping as RoyalTea before rebranding, it operates outlets in over 300 Chinese cities and international locations in Los Angeles, London, and Sydney. The menu emphasizes low-sugar recipes using Southeast Asian fruits and has earned accolades from Time magazine as a top global chain.

Saturnbird Coffee is a coffee brand producing ground and instant powders using proprietary brewing technology that retains bean flavors and aromas. Products dissolve in water, milk, or oat milk at any temperature, distributed through www.saturnbird.com.