Thrive Foods

What Thrive Foods does

Thrive Foods, operating as Thrive Freeze Dry, is a global B2B contract manufacturer specializing in freeze-drying (lyophilization) technology for food and pet food applications. The company produces freeze-dried fruits, vegetables, proteins, candy and dessert confections, complete meals, and pet food ingredients, and offers four integrated services: toll drying (fee-for-service freeze-drying of customer-supplied ingredients), private label manufacturing (retail-ready packaging under customer brands), product development (R&D with in-house food scientists), and milling and particle-size processing.

The business model is a horizontal B2B platform serving food and beverage brands, retail and grocery brands, foodservice operators, and pet food manufacturers globally. Volume-based pricing tiers and multi-year contracts are quoted on a custom basis, with certifications spanning Organic, Vegan, Non-GMO, Gluten Free, Kosher, Halal, FDA, USDA, and GMP, allowing the company to qualify products for most regulated retail channels. The company is private and PE-backed, having received growth equity from Entrepreneurial Equity Partners and Mubadala Capital Private Equity in 2022 to fund an active acquisition program that has added Freeze-Dry Foods (2022) and Paradiesfrucht GmbH (2024), both German freeze-dryers, to its manufacturing network.

Operations span 14+ facilities across the United States (American Fork HQ; manufacturing in Modesto, Corona, Hubbard, Oak Creek, Albion), Canada (Langley), Peru (Lima), Germany (Greven, Salzwedel, Immekath), and Asia-Pacific co-manufacturing partners (China, Thailand, Vietnam). The company positions itself as the most versatile freeze-dry operator globally, leveraging over 40 years of process expertise and what it describes as one of the largest freeze-drying facilities in North America (Oak Creek, Wisconsin). Founders Steve Palmer (Co-founder and CEO) and Jason Budge lead the company.

Name

Thrive Foods

Legal name

Thrive Foods

Website

https://thrivefoods.com

Company type

Private

Founded year

1984

Operating status

Operating

Headcount range

1–10 employees

Short description

Thrive Foods (d/b/a Thrive Freeze Dry) is a global B2B contract manufacturer using freeze-drying technology to produce fruits, vegetables, proteins, meals, confections, and pet food for food brands, foodservice operators, and retailers via toll drying, private label, product development, and milling services.

Ownership category

akta.pro rank

Product category

Freeze-dried food manufacturing

NAICS

Frozen Specialty Food Manufacturing (311412), Frozen Food Manufacturing (31141), Fruit and Vegetable Preserving and Specialty Food Manufacturing (3114), Frozen Cakes, Pies, and Other Pastries Manufacturing (311813), Food Manufacturing (311)

SIC

Canned, Frozen & Preservd Fruit, Veg & Food Specialties (2030), Food And Kindred Products (2000), Miscellaneous Food Preparations & Kindred Products (2090)

akta.pro primary industry

Frozen Prepared Foods & Meals Manufacturing (AFAKACAH)

akta.pro secondary industries

Frozen Entrées & Complete Meals (CRADADAA), Frozen Bakery Products Manufacturing (AFAKAAAF)

Keywords

• Freeze-dried food manufacturing
• Contract freeze drying
• Private label food
• Toll drying services
• Lyophilization food processing

Headquarters

HQ city

Au

HQ country

Switzerland

HQ region

Europe

Offices14 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Infrastructure, Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Contract Manufacturing / Toll Drying: Fee-for-service freeze-drying of customer-provided ingredients or company-sourced ingredients, from trial runs to full-scale production.
2. Private Label Manufacturing: Production of freeze-dried products packaged under customer brand names, including stand-up pouches, pillow packs, bag in box, or totes.
3. Product Development Services: R&D and food science services helping customers develop freeze-dried products from concept to commercialization, utilizing food scientists and technical team.
4. Milling and Processing Services: Grinding, sizing, and particle control services for freeze-dried materials, including cost-effective repurposing of out-of-spec raw material.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Thrive Foods is a global contract manufacturer specializing in freeze-dried (lyophilized) food products, offering toll drying of customer ingredients, private label manufacturing, precision milling, and R&D-driven product development. Its product portfolio includes freeze-dried fruits, vegetables, proteins, candy and dessert confections, prepared meals, and pet food, sold directly to food brands, foodservice operators, and pet food manufacturers worldwide.

Product overview

Thrive Freeze Dry operates as a freeze-dry food manufacturing company offering a comprehensive portfolio of products and services. The core product portfolio includes freeze-dried Fruits (10 varieties), Vegetables (10 varieties), Pets products, Candy & Dessert Confections (40+ candy flavors, 6 dessert varieties), Protein, and Meals (Breakfast, Dinner, Dessert, Sauces). These products are supported by four main service offerings: Toll Dry (contract freeze-drying services), Milling (dry processing and particle size control), Product Development (R&D with food scientists), and Private Label (contract manufacturing with various certifications). The company positions itself as the "most versatile freeze-dry company in the world" with global facilities serving both bulk ingredient and retail-ready packaging needs.

Differentiator

Problem solved

Functional benefit

Products and services

• Freeze-Dried Fruits

Quantifiable outcome

• Up to 25-year shelf life for freeze-dried products
• +2 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and supporting.

• Paradiesfrucht GmbHcoreStrategic or Co-development Partner · 1 January 2024European freeze dryer company specializing in freeze-dried fruits, yogurts, and powders. Acquisition completed in 2024, bringing high-quality sustainable products and innovation capabilities. Complements Thrive's broad manufacturing capabilities with European market presence.
• Akin (Law Firm)supportingImplementation/ SI/ Consulting PartnerLegal advisory firm that advised Thrive Freeze Dry on its acquisition of Paradiesfrucht GmbH. Provided legal counsel for transaction structuring and regulatory compliance.
• OaklinssupportingImplementation/ SI/ Consulting PartnerInternational investment bank that facilitated the acquisition of Paradiesfrucht GmbH, providing M&A advisory services for the European freeze-dried fruit producer acquisition.
• Freeze-Dry Foods (Germany)coreStrategic or Co-development PartnerGerman freeze dryer company acquired by Thrive Foods, part of European expansion strategy. Multiple German facilities (Greven, Salzwedel, Immekath) now part of Thrive's global manufacturing network.

Scale indicators5 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Nestlé: Largest global food manufacturer with broad freeze-dried applications across infant nutrition, coffee, and prepared foods (e.g., Maggi). A potential strategic acquirer or large customer for freeze-dried ingredients; competes indirectly through its global contract manufacturing footprint.
• Mondelez International: Global snacking conglomerate with significant freeze-dried fruit applications (candy, fruit snacks). Overlaps with Thrive's confections and freeze-dried fruit business; potential customer or acquirer for specialized freeze-dried capacity.

Others

• Akin Gump Strauss Hauer & Feld: International law firm that advised Thrive on the Paradiesfrucht acquisition. Included as an ecosystem participant relevant to Thrive's continued M&A strategy rather than as a business competitor.

Emerging players

• Natierra (Nature's All Foods): Freeze-dried fruit and vegetable snack brand. Comparable freeze-dried fruit value proposition with retail presence; potential partner or competitor depending on customer overlap.
• Brothers All Natural: Specialty freeze-dried fruit snack brand sold in retail; serves as both a potential customer for Thrive's toll drying/private label services and a niche competitor in the freeze-dried fruit category.

Direct peers

• Mercer Foods: US freeze-dry contract manufacturer co-invested alongside Thrive Foods by Entrepreneurial Equity Partners and Mubadala Capital in 2022. Operates as a sibling portfolio company with overlapping toll drying and freeze-dried fruit/vegetable capabilities.
• Harmony House Foods: Mid-sized US freeze-dry manufacturer of fruits, vegetables, and prepared meals sold under its own brands and as private label. Closely comparable in product mix (fruits, veggies, meals) and channel strategy.
• Augason Farms: Specialty freeze-dried and dehydrated food company serving the emergency preparedness, foodservice, and retail channels. Comparable product portfolio (fruits, vegetables, proteins, meals) and B2B/B2C dual channel model.
• Wise Company: Producer of freeze-dried and dehydrated meals and emergency food kits, including the 'Wise Company' consumer brand. Competes in the same long-shelf-life meal category Thrive services for private label and contract customers.
• Oregon Freeze Dry (Mountain House): Largest US-based freeze-dried food manufacturer and the producer of Mountain House, the leading branded freeze-dried meal brand. Competes head-to-head with Thrive in contract/toll freeze-drying and branded freeze-dried meals.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/thrivefoods

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Thrive Foods