- Foodsteps, a platform that provides environmental impact assessments, has expanded 14-fold since 2021, as food companies seek to measure and reduce their impact
- The industry faces growing regulatory requirements and is under pressure to deliver on near-term sustainability commitments
- Acquisition will bring data-led sustainability reporting to a global market, with the platform gaining exposure to 28,000 food companies in 190 countries
July 23, 2024, Registrar Corp (“Registrar”), a Paine Schwartz Partners portfolio company and the U.S.’ leading provider of regulatory and compliance software for food, cosmetic, and life science companies, has acquired Foodsteps, a pioneering UK-based company dedicated to helping food businesses reduce the environmental impact of their products.
Foodsteps was launched in 2018 by Cambridge University graduate, Anya Doherty. The company is now used by over 150 food businesses worldwide, including Compass Group and Sky, to accurately measure, understand, reduce, and communicate their environmental impacts from farm to fork.
The acquisition comes as the food industry – a major contributor to emissions and biodiversity loss – faces accelerating global requirements and mounting pressure to demonstrate progress against near-term sustainability and decarbonization targets.
The EU introduced the Corporate Sustainability Reporting Directive (CSRD) last year, with other major governments seeking to implement similar reporting requirements. Sustainability targets are also under scrutiny. In March, the Science-Based Targets Initiatives (SBTi) identified a number of major food businesses that had failed to meet the deadline to set targets and meet their decarbonization commitments.[1]
The Foodsteps platform analyses data across company supply chains, incorporating sustainability metrics across farming, packaging, processing, and transport, and providing automated Life Cycle Assessments on products. It gives organizations a level of supply chain transparency that the industry has historically lacked, enabling companies to meet burgeoning reporting requirements, as well as set and monitor sustainability targets.
The acquisition of Foodsteps by Registrar Corp will give the platform access to a global market of over 32,000 companies in 190 countries (of which 28,000 are food businesses), as well as sustainability expertise from Paine Schwartz Partners, the largest private equity firm dedicated to sustainable food chain investing.
Anya Doherty, CEO and Founder, Foodsteps commented: “We are thrilled to be joining forces with Registrar. This acquisition represents a significant milestone not just for our team but also for the future of food sustainability. By combining Foodsteps’ software, data, and expertise in sustainable food with Registrar’s global leadership in regulation and compliance, we are poised to deliver the next generation of sustainability solutions that the food industry needs. We look forward to this exciting new chapter and the incredible opportunities it brings for our customers and the industry as a whole.”
Brian Thies, Senior Vice President of Corporate Development at Registrar commented: “Foodsteps’ data platform is like no other. With industry-leading data that is recognized through partnerships with the University of Oxford, WWF, and WRAP, the company has a track record of helping procurement, sustainability, and marketing teams meet reporting standards and net zero goals. In joining forces, we hope to help businesses comply with sustainability and compliance regulations and facilitate the transition to net zero by enabling the growth of transparent and sustainable global supply chains.”
ENDS
Notes to Editors
Contact:
Jade Pallister
Jade.pallister@plmr.co.uk
07940211602
Foodsteps Life Cycle Assessments are performed in in accordance with the GHG Protocol Product Life Cycle Accounting and Reporting Standard, and the ISO 14040 Standard.
About Registrar Corp: Registrar Corp is a global leader in FDA compliance, offering top-notch services, software, and consulting to over 30,000 companies across more than 190 countries. Registrar is a Paine Schwartz Partners portfolio company. With over 462 years of combined regulatory experience, our team expertly navigates the complex FDA regulations for cosmetic, medical device, drug, and food companies, ensuring safety and compliance at every step. Founded to keep people safe and healthy, Registrar Corp helps companies meet stringent U.S. FDA compliance requirements with innovative solutions and a commitment to excellence.
About Foodsteps: Foodsteps is a London-based company on a mission to make food a solution to the climate and nature crises. The Foodsteps platform and database enable food businesses to accurately measure, understand, reduce, and communicate their environmental impacts from farm to fork. Foodsteps began in 2018 at the University of Cambridge, where founder Anya Doherty co-led the largest global experiment into the carbon labelling of food items. Foodsteps is now used by over 150 food businesses from around the world to reach and improve their sustainability goals.
About Paine Schwartz Partners: Paine Schwartz Partners is the largest private equity firm dedicated to sustainable food chain investing, with ~$6 billion of AUM and over 20 years of experience. The firm invests across specific segments of the food and agribusiness value chain, with a focus on two core investment themes: productivity and sustainability and health and wellness. Through its proactive, thesis-driven approach, the firm targets value-added and differentiated companies and makes primarily control buyout investments, with a smaller allocation to growth companies.
[1] SBTi identifies several food businesses failing to follow through on targets, https://instituteofsustainabilitystudies.com/insights/news-analysis/sbti-identifies-food-businesses-failing-to-follow-through-on-targets/
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