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Riverside Building Flavors Platform

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National Flavors, a portfolio company of The Riverside Company, has acquired GSB & Associates. The buy of GSB is the first add-on for National Flavors since being acquired by Riverside in March 2020.

GSB specializes in custom flavors used in the food, beverage (alcoholic and non-alcoholic), baking, confectionery, nutraceutical, and aromatherapy markets. The company’s flavor products – available in liquid and powdered form – is expansive and includes mesquite smoke, watermelon, coconut, lime, peppermint, cherry, marshmallow, and tiramisu, among many others. GSB is led by President Corinne Baskin and is headquartered near Atlanta in Kennesaw, Georgia.

National Flavors is a developer and supplier of custom and stock flavors used in the beverages, frozen desserts, baked goods, confections, and processed fruits sectors. The company has specific flavor expertise in fruits (such as apple, blackberry and banana), citrus (lemon, lime, and orange), nut (almond, hazelnut, and peanut), mint (peppermint and spearmint), and sweet brown (butterscotch, chocolate, and vanilla).

National Flavors has more than 300 stock flavors, can develop custom flavors within a five-day time frame, and provides on-demand pricing and documentation with samples shipped within 24 hours. The company, led by CEO Brian Briggs, was founded in 1941 and is headquartered in Kalamazoo, Michigan.

“National Flavors and GSB share a common vision, culture and customer-centric approach. We believe this acquisition will allow us to deliver superior flavor solutions and a customer experience that will allow both National Flavors and GSB customers to achieve their business goals,” said Mr. Briggs.  “We are proud to be a part of the fantastic foundation that the GSB team has built.”

“Combining National Flavors and GSB will broaden both companies’ product portfolios, providing customers with access to additional flavor development capabilities,” said Loren Schlachet, a managing partner at Riverside. “During our hold period, we want to become small- and mid-sized food and beverage companies’ number one choice for flavor development and production. Our platform’s commitment to quality, customer service and innovative development creates a strong foundation from which to continue building.”

Riverside is seeking additional add-on acquisitions for National Flavors and works with its Flavor & Specialty Ingredient Advisory Board – comprised of nine flavor industry experts – to identify opportunities to acquire mid-sized and smaller flavor companies, provide advice and guidance to Riverside’s flavor platform, and to evaluate trends in the overall flavor industry.

“The Flavor & Specialty Ingredient Advisory Board has been a great strategic partner,” said Alan Peyrat, a partner at Riverside. “Having access to such an experienced bench of industry experts has been, and will continue to be, extremely valuable as we continue executing an aggressive inorganic growth strategy to build out the platform further and invest in businesses with differentiated product portfolios, unique R&D capabilities and diverse end-market expertise.”

Working with Mr. Schlachet and Mr. Peyrat on this transaction were Senior Associate Liz Burke, Associate David Myers, Analyst Erin Reger, Operating Partner Brad Mundt and Finance Director Doug Guess. Director of Research Matthew Delly sourced the deal for Riverside.

The Riverside Company is a global private equity firm focused on investing in and acquiring growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 650 transactions and its portfolio includes more than 100 companies. The firm is headquartered in New York City.

Private Equity Professional | July 30, 2020

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Source: https://peprofessional.com/2020/07/88102/?utm_source=rss&utm_medium=rss&utm_campaign=88102

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Westpac hires Scott Collary as new COO

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Westpac has announced the appointment of Scott Collary as its new chief operating officer.

Scott Collary Westpac

Scott Collary, Westpac

Collary joins the bank from Bank of Montreal in Canada. His prior role was as chief information and operations officer for North American personal and business banking.

He also spent two years as chief information officer at ANZ, and six years as chief information officer at Citigroup North America.

Collary is due to commence his role later this year, subject to regulatory approvals.

“Scott has extensive experience working in senior financial services roles leading large global teams,” says Peter King Westpac group chief executive.

“He has a proven track record of delivering large-scale transformation programs at major international banks that improve operating and technology performance.”

Westpac has also taken the opportunity to announce the departure of group executive Gary Thursby.

Thursby has spent 13 years at the bank, and over the last nine months worked as group chief financial officer. Prior to that he held roles as chief strategy officer, and chief financial officer for financial services.

“Gary has made a significant contribution across a broad range of roles, as well as running enterprise services and more recently acting CFO,” says King.

“He has been instrumental in developing the organisation’s strategy, including Westpac’s fintech investments, as well as overseeing the implementation of open banking and driving efficiencies in the bank’s operations.”

Related: Regional Australia Bank approves first Aussie open banking loan

Source: https://www.fintechfutures.com/2020/08/westpac-hires-scott-collary-as-new-coo/

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Bitcoin options market shows it is “open air” for BTC after $14,000

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Bitcoin is currently caught within another bout of sideways trading as its price hovers within the upper-$11,000 region.

This trend comes close on the heels of the strong multi-week upswing that allowed it to climb from lows of $9,000 to highs of $12,100 that were set yesterday evening.

The lower-$12,000 region has been established as a strong resistance zone for the benchmark digital asset.

Last Saturday, BTC faced a harsh rejection at this level that led it to lows of $11,000. Yesterday, it faced yet another rejection at this level, although its price only dipped as low as $11,700.

One occurrence within the options market shows that the cryptocurrency’s mid-term outlook remains incredibly bright despite its inability to break $12,000.

If Bitcoin can push higher and eventually surmount $14,000, it’s open skies until it reaches its all-time highs of $20,000.

Options market places an 11% chance on Bitcoin reaching $20k by December of 2020 

Bitcoin has been climbing higher ever since its price bottomed out at $3,800 in mid-March.

After rallying as high as $10,500 in May, it entered into a multi-month consolidation phase that would ultimately result in a breakout rally that led it up to its recent highs of $12,100 that were set yesterday evening.

Despite not being able to break above $12,000, the strength of Bitcoin’s multi-month uptrend doesn’t appear to be faltering.

The options market, however, still thinks the benchmark cryptocurrency will end the year below its all-time highs of $20,000.

According to data from analytics platform Skew, the current probability of BTC trading at, or above, $20,000 by the end of December is 11%.

Bitcoin
Data Source: Skew

While looking towards March of 2021, this probability jumps to nearly 15% but remains rather low.

Here’s the key level BTC needs to break to push significantly higher

While looking towards Bitcoin’s options market’s open interest by strike price, there is a significant gap between $14,000 and $20,000.

This suggests that the crypto may not face too much resistance within this price region, making a clean break above $14,000 vital for BTC to have a chance at setting fresh all-time highs in the coming few months.

Kyle Davies – co-founder of Three Arrows Capital – spoke about this in a recent tweet, saying:

“BTC air above $14k up to $20k.”

Bitcoin
Image Courtesy of Kyle Davies

Watching Bitcoin’s reaction to $12,000 should provide some significant insights into the cryptocurrency’s macro trend.

Bitcoin, currently ranked #1 by market cap, is down 1.66% over the past 24 hours. BTC has a market cap of $217.59B with a 24 hour volume of $23.91B.

Bitcoin Price Chart

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Source: https://cryptoslate.com/bitcoin-options-market-shows-it-is-open-air-for-btc-after-14000/

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UK fintech VibePay launches business accounts

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VibePay, a UK social payments fintech, has launched a business account offering. It’s designed for Gen Zers who earn money through social channels or platforms like Depop.

VibePay logo

VibePay has 50,000 users

The fintech – which launched last October – has also integrated with a host of new banks, including Starling, Capital One and Tesco. This puts its bank partner list at 24.

New business offering

Its new business offering, which works similarly to its consumer-facing app, claims to have no fees. The main difference is that small businesses will get access to a transaction dashboard to track their cashflow.

VibePay has 50,000 users, many of whom are consumers turned social entrepreneurs. Developing a business offering was a natural progression for the fintech.

App updates

VibePay is also revealing a new version of its app. It will allow all users to send personalised payment URLs called “Vibe.me” links.

The start-up has also launched Vibe ID, which acts like an online passport to link users’ different bank accounts when they’re spending online.

QR codes are live in the app too, and VibeTickets has been fully integrated with the app. This is part of the fintech’s migration of its sister company’s 80,000 users, following the redirection of VibeGroup from tickets to payments.

VibePay advert

Gen-Zers use VibePay over PayPal to avoid excessive fees and delays in receiving funds

Founder and CEO Luke Massie says the “new app is the culmination of months of work”.

VibePay’s niche in the market

VibePay is – put simply – designed for those who want to get paid. Massie calls them ‘insta-preneurs’ – those that might have a day job, but also make up extra cash with side hustles.

These insta-preneurs use VibePay over PayPal to avoid excessive fees and delays in receiving funds.

Because VibePay uses open banking, users can get paid instantly whilst avoiding fees which cut into their margins. “We don’t care who you bank with,” Massie told FinTech Futures in May.

VibePay charges companies who use its business-to-business (B2B) offering, rather than direct users. Those businesses get a payment solution and “targeted” insights into Generation Z.

Future plans

Looking ahead, the fintech wants to build out its merchant offering, hoping to land a heavyweight investor like Octopus Ventures in its imminent Series A.

Octopus Ventures led Depop’s last funding round, and could open up some big doors for the start-up.

It is also looking at the world of gaming as a means for expansion, a space fellow challengers abroad have invested in to boost user engagement.

Read next: How VibePay is quietly changing the UK fintech Twitter game

Source: https://www.fintechfutures.com/2020/08/uk-fintech-vibepay-launches-business-accounts/

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