LONDON, and HAMPTON, Va. ,
July 23,
2024 /PRNewswire/ -- Registrar Corp ("Registrar"), a
Paine Schwartz Partners portfolio company and the U.S.'
leading provider of regulatory and compliance software, has
acquired Foodsteps, a pioneering UK-based company dedicated to
helping food businesses reduce the environmental impact of their
products.
Launched in 2018 by Cambridge
University graduate, Anya
Doherty, Foodsteps has expanded 14-fold since
2021 is now used by over 150 food businesses worldwide,
including Compass Group, Sky and Albert Heijn, 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 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 major food businesses that had failed
to meet the deadline to set targets and meet decarbonization
commitments.[1]
Foodsteps' platform analyzes 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 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, including 28,000 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: "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."
Brian Thies, Senior Vice
President of Corporate Development at Registrar commented:
Foodsteps' data platform is like no other. With industry leading
data that is recognised 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. By
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."
Notes to Editors
About Registrar Corp: Registrar Corp is a global
leader in FDA compliance, offering services, software, and
consulting to over 30,000 companies in more than 190 countries.
About Foodsteps: Foodsteps is a London-based company focused on making food a
solution to climate and nature crises through its platform, which
helps businesses measure and reduce environmental impacts.
About Paine Schwartz Partners: Paine Schwartz
Partners is the largest private equity firm dedicated to
sustainable food chain investing, with ~$6
billion in assets under management. The firm focuses on
productivity, sustainability, and health and wellness across the
food and agribusiness value chain.
[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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SOURCE Registrar Corp; Foodsteps