This story was originally published on Food Dive. To receive daily news and insights, subscribe to our free daily Food Dive newsletter. Keurig Dr Pepper has landed $7 billion in capital from private-equity firms to finance its $18 billion purchase of JDE Peet’s. The funding comes as the beverage giant looks to assuage investors who have questioned its plan to separate into two independent companies following the acquisition. The company also announced on Monday that CFO Sudhanshu Priyadarshi, who was slate ...

Core Viewpoint - Unilever has delayed the demerger of its ice-cream business due to the US government shutdown, affecting the timeline for the spin-off and subsequent stock market listings [1][2]. Group 1: Demerger Details - The spin-off of the ice-cream business, expected to be finalized in mid-November, is now postponed, with no new timetable set [1][2]. - Unilever remains committed to the demerger, aiming for implementation in 2025, despite the current delays [3]. - The company will retain a 20% interest in the new entity, The Magnum Ice Cream Company (TMICC), for up to five years [3]. Group 2: Financial Performance - In the first half of the year, Unilever reported underlying sales growth (USG) of 3.4%, with a turnover of €30.1 billion ($34.9 billion) [6]. - Ice-cream sales outperformed other segments, achieving a USG of 5.9% and a turnover of €4.6 billion, with a volume increase of 3.8% [6]. - The rest of the food business underperformed, with a USG of 2.2% and a turnover of €6.6 billion [6]. Group 3: Shareholder Actions - Shareholders approved the post-consolidation of shares following the spin-off, but this process will also be delayed due to the US government shutdown [4][5]. - The share consolidation aims to maintain comparability in share price, earnings per share, and dividends before and after the demerger [5]. Group 4: Separation Costs - Unilever anticipates incurring €800 million in separation costs related to the ice-cream spin-off, primarily for technology, with 80% expected to be realized by the end of 2026 [7].

Core Viewpoint - Comcast is spinning off Versent, which will be listed on NASDAQ under the ticker VSNT, indicating a strategic move to separate its business operations [1]. Financial Performance - The company's revenue has been declining, with figures of $7.8 billion in 2022, $7.45 billion in 2023, and projected to drop to $7 billion in 2024 [3]. - In the first half of 2023, the revenue was reported at $3.4 billion [4]. - Net cash provided by operating activities has also decreased, from $2.5 billion in 2022 to $2.4 billion in 2023, and further down to $2.2 billion in 2024, with a significant drop to $1.1 billion in the first half of 2023 [4]. Balance Sheet Strength - The balance sheet remains strong, with total equity reported at approximately $10.6 billion, down from $10.9 billion in 2024 [5]. - Adjusted EBITDA for the year ending December 31, 2022, was $2.8 billion, while for the first six months of 2023, it was $1.4 billion [5]. Capital and Growth Strategy - The company claims to be well-capitalized with multiple revenue streams and significant operating cash flows, which provides flexibility for both organic and inorganic growth strategies [2]. - Following the spin-off, there is an expectation to have the capacity to return capital to shareholders [2].

Group 1: Company Overview - Berkshire Hathaway Inc. (BRK.B) holds a 27.4% stake in Kraft Heinz Company (KHC), making it the largest shareholder [1] - As of June 30, 2025, Berkshire's investment in Kraft Heinz was valued at $8.4 billion [1] - Kraft Heinz plans to separate into two independent, publicly traded companies through a tax-free spin-off to increase strategic focus and lower complexity [2] Group 2: Financial Impact - Following Kraft Heinz's announcement of evaluating potential strategic transactions, Berkshire wrote down $3.76 billion against its Kraft Heinz stake, impacting its net income and dragging down net earnings attributable to Berkshire shareholders by approximately 59% [2] - BRK.B shares have gained 11.1% year to date, outperforming the industry, while the price-to-book ratio stands at 1.61, above the industry average of 1.56 [6][9] Group 3: Investment Strategy - Berkshire Hathaway targets businesses with durable earnings power, strong returns on equity, modest debt, and skilled management, acquiring them at sensible valuations [3] - Other than Kraft Heinz, Berkshire's equity investments include Occidental and Berkadia, contributing to its growth by diversifying income streams [3] Group 4: Market Estimates - The Zacks Consensus Estimate for BRK.B's third-quarter 2025 EPS has remained unchanged, while the fourth quarter estimate has increased by 14.1% [11] - The consensus estimate for full-year 2025 EPS has risen by 0.9%, while the estimate for 2026 has declined by 1.5% over the past week [11][13]

Core Insights - The Middleby Corporation (MIDD) reported adjusted earnings of $2.35 per share for Q2 2025, exceeding the Zacks Consensus Estimate of $2.20, although the earnings decreased by 1.7% year over year due to lower sales [1] - Net sales reached $977.9 million, surpassing the consensus estimate of $975 million, but showed a decline of 1.4% year over year, with organic sales down by 5.4% [1][10] - The company is on track to spin off its food processing business into a standalone public company by the first half of 2026, aiming to enhance strategic focus and capital optimization for both entities [11][12] Financial Performance - The Commercial Foodservice Equipment Group segment, accounting for 59.4% of net sales, reported sales of $580.6 million, down 4.8% year over year, with organic sales decreasing by 5.5% [2] - The Residential Kitchen Equipment Group segment, representing 18.5% of total sales, saw a decline to $181.1 million, down 6.1% year over year, with organic sales down by 7.8% [3] - The Food Processing Equipment Group segment, which makes up 22.1% of total sales, experienced a 14.4% increase in sales to $216.2 million, driven by acquisitions, despite a 2.9% decline in organic sales [4] Margin and Cost Analysis - Cost of sales decreased by 0.9% year over year to $606.6 million, while gross profit fell by 2.2% to $371.3 million, resulting in a gross margin of 38%, down 30 basis points from the previous year [5] - Selling, general and administrative expenses rose by 7.5% year over year to $213.6 million, leading to an operating income decrease of 11.6% to $155.4 million and an operating margin decline of 180 basis points to 15.9% [5] Cash Flow and Capital Expenditure - As of the end of Q2 2025, Middleby had cash and cash equivalents of $511.5 million, down from $689.5 million at the end of December 2024, with long-term debt slightly reduced to $2.33 billion [7] - In the first half of 2025, net cash generated from operating activities was $263.1 million, compared to $290.4 million in the same period last year, while capital expenditure increased to $54.7 million from $24.7 million [8] Future Guidance - For Q3 2025, Middleby expects total sales to be between $950 million and $975 million, with segment-specific projections for Commercial Foodservice, Residential Kitchen, and Food Processing [13] - The company anticipates adjusted EBITDA in the range of $185 million to $195 million and adjusted earnings per share between $2.04 and $2.19 [14] - For the full year 2025, total sales are projected to be between $3.81 billion and $3.87 billion, with adjusted EBITDA forecasted at $770 million to $800 million and adjusted earnings per share expected to be between $8.65 and $9.05 [15]