SAN FRANCISCO--(BUSINESS WIRE)--TerraVia (NASDAQ: TVIA) and Bon Appétit Management Company, a pioneer in environmentally and socially responsible practices, announced today that Bon Appétit has adopted Thrive® Culinary Algae Oil as its preferred oil, chosen for its unique combination of nutrition, culinary and sustainability benefits that align with the company’s kitchen principles. Bon Appétit Management Company operates more than 650 cafés in 33 states for corporations, universities, and specialty venues, including Google, University of Pennsylvania, and the Getty Center.
Thrive® Algae Oil is available as a premium cooking oil in grocery stores and online through Amazon. The retail oil contains 75% less saturated fat and 25% more monounsaturated fat than olive oil.1 The foodservice offering has been expanded to meet the demanding needs of today’s chefs, including a canola blend for high volume uses such as deep frying, created to deliver benefits in sustainability and nutrition while hitting the right economics for high volume outlets.
Fedele Bauccio, Founder and CEO of Bon Appétit, who is recognized as a pioneer of sustainable foodservice commented, “We love Thrive® Algae Oil and have been testing it for a year now. Using Thrive® Algae Oil, our chefs can create flavorful, nutritious meals, that are also healthy for the planet. We are excited to more broadly adopt this truly innovative, game changing oil across Bon Appétit.”
“The leadership Bon Appétit has shown with its commitment to nutrition and sustainability is unparalleled,” said Apu Mody, CEO of TerraVia. “They lead by example in the care they put into the food they serve to their guests every day. Their deep commitment directly aligns with TerraVia’s mission to use algae, the mother of all plants to deliver the world’s healthiest oils and ingredients with the lowest impact on our planet’s scarce resources.”
Bon Appétit is a sector of Compass Group, the world’s largest food service provider serving 4 billion meals a year in around 50 countries across sectors as diverse as corporate and college campuses, senior living, military operations and hospitals. TerraVia and Compass Group, through its specialty purchasing division, Foodbuy, recently entered a supply agreement appointing TerraVia as a preferred food oil provider to Compass guests nationwide. This commercial deal with Compass Group is designed to give TerraVia national distribution of its Thrive® Algae Oil, making it available to restaurants and foodservice operators across the country. Thrive® Algae Oil is expected to be distributed across Compass Group’s various segments.
Since Compass and Foodbuy work with major distributors like Sysco, the partnership is expected to give Thrive® Algae Oil a presence in warehouses across the country and significantly expand distribution by making it available to restaurants, hotels and other food service operations across the U.S.
TerraVia (NASDAQ:TVIA) is a plant-based food, nutrition and specialty ingredients company that harnesses the power of algae, the mother of all plants and earth’s original superfood. With a portfolio of breakthrough ingredients and manufacturing, the Company is well positioned to help meet the growing need of consumer packaged goods and established and emerging food manufacturers to improve the nutritional profile of foods without sacrificing taste, and to develop select consumer brands. The Company also manufactures a range of specialty personal care ingredients for key strategic partners. Headquartered in South San Francisco, the Company’s mission is to create products that are truly better for people and better for the planet. For additional information, please visit TerraVia’s website at www.terravia.com.
About Bon Appétit Management Company
Bon Appétit Management Company is an on-site restaurant company operating 650-plus cafés in 33 states for corporations, universities, and specialty venues, including at Google, University of Pennsylvania, and the Getty Center. Bon Appétit food is cooked from scratch, including sauces, stocks, and soups. A pioneer in environmentally sound sourcing policies, Bon Appétit has developed programs addressing local purchasing, the overuse of antibiotics, sustainable seafood, the food and climate change connection, humanely raised meat and eggs, and farmworker rights. It has received numerous awards for its work, from organizations including the International Association of Culinary Professionals, the James Beard Foundation, Natural Resources Defense Council, Seafood Choices Alliance, and The Humane Society of the United States.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about TerraVia, including statements that involve risks and uncertainties concerning: the attributes of its ingredients, including as to nutrition, culinary benefits, sustainability and uniqueness; the distribution and adoption of its products and ingredients and the breadth thereof; its status as a preferred food oil supplier; the impact of using its ingredients in products; the market opportunities for its products; its commercialization; and TerraVia's ability to maintain its relationships with its customers and partners. When used in this press release, the words "will", "expects", "intends", “plans” and other similar expressions and any other statements that are not historical facts are intended to identify those assertions as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such statement may be influenced by a variety of factors, many of which are beyond the control of the companies, that could cause actual outcomes and results to be materially different from those projected, described, expressed or implied in this press release due to a number of risks and uncertainties. Potential risks and uncertainties include, among others: TerraVia’s limited operating history; its limited history commercializing products; implementation risk in deploying new technologies and products; successful initial product introductions and market acceptance of its products by customers and end-users; its ability to sell its ingredients and products at a profit; its ability to meet (and maintain) the requirements to be a preferred oil supplier; its ability to manage operational costs at production facilities; its ability to enter into and maintain strategic collaborations and partnerships; its limited experience in constructing, ramping up and operating commercial manufacturing facilities; delays related to start-up and ramp-up of production facilities; availability of consistent, reliable power and steam; its ability to obtain requisite regulatory approvals; and its access, on favorable terms, to any required financing. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the companies.
In addition, please refer to the documents that TerraVia Holdings, Inc. files with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q, as updated from time to time, for a discussion of these and other risks. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. TerraVia is not under any duty to update any of the information in this press release.
1 Thrive® Algae Oil contains the 13 grams of monounsaturated fat, and just 0.5 grams of saturated fat (14 grams of total fat per serving). Olive oil contains 11g of monounsaturated fat and 2g saturated fat per serving (14 grams of total fat).