Private company

Whole Earth Brands, Inc.

In its 2024 annual report the company says: “We are a global food company enabling healthier lifestyles and providing access to high-quality, plant-based sweeteners, flavor enhancers and other foods through our diverse portfolio of trusted brands and delicious products. We operate a proven platform organized into two reportable segments, Branded CPG and Flavors & Ingredients. We were originally formed on August 16, 2018 as Act II Global Acquisition Corp., a Cayman Islands exempted company formed as a blank check company, and consummated our initial public offering in April 2019.”5 It is headquartered in Chicago, United States.2

Last updated Oct 20, 2026.

Overview

  • IndustrySugar & Confectionery Products2
  • HeadquartersChicago, United States2
  • Incorporated inDE3
  • Business address125 S. Wacker Drive, Suite 1250, Chicago, Il 606063
  • Filer category, Emerging growth company3
  • Legal formCorporation2
  • LEI254900OFCJ8P8RM9SL352
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O Corporation Service Company, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 31290302

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We are a global food company enabling healthier lifestyles and providing access to high-quality, plant-based sweeteners, flavor enhancers and other foods through our diverse portfolio of trusted brands and delicious products. We operate a proven platform organized into two reportable segments, Branded CPG and Flavors & Ingredients. Our portfolio consists of three main product groups: sweeteners, adjacencies and ingredients.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

26.1%Gross margin6
2.8%Operating margin6
-6.9%Net margin6
2.3%Revenue growth, 20236
-15.1%Return on equity6
1.66×Debt to equity6

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Cost of revenue74¢$407.2M
  • Research and development1¢$3.8M
  • Selling, general and admin19¢$102.4M
  • Other costs6¢$31.2M
  • Income tax1¢$6.3M

Out of $550.9M in revenue.6 The company lost money this year.

Where each dollar of operating cash went, fiscal 2023

  • Kept or used elsewhere100¢$25.3M

Out of $25.3M of cash from operations.6

Financial statements

Revenue786$550.9M in 2023+89% since 2018
0$200.0M$400.0M$600.0M2018: $291.0M$291.0M20182019: $272.1M$272.1M2019−6%2021: $494.0M$494.0M2021+82%2022: $538.3M$538.3M2022+9%2023: $550.9M$550.9M2023+2%
Gross profit786$143.7M in 2023+17% since 2018
0$50.0M$100.0M$150.0M$200.0M2018: $123.1M$123.1M20182019: $108.5M$108.5M2019−12%2021: $158.8M$158.8M2021+46%2022: $140.2M$140.2M2022−12%2023: $143.7M$143.7M2023+2%
Operating income786$15.4M in 2023−45% since 2018
-$40.0M-$20.0M0$20.0M$40.0M2018: $27.8M$27.8M20182019: $29.7M$29.7M2019+7%2021: $22.8M$22.8M2021−23%2022: -$24.6M-$24.6M20222023: $15.4M$15.4M2023
Net income786-$38.1M in 2023
-$75.0M-$50.0M-$25.0M0$25.0M$50.0M2018: $20.8M$20.8M20182019: $30.8M$30.8M2019+48%2021: $83.0K$83.0K2021−100%2022: -$58.8M-$58.8M20222023: -$38.1M-$38.1M2023−35%
Fiscal year2017201820192020202120222023
Revenue$291.0M7$272.1M8$494.0M6$538.3M6$550.9M6
Cost of revenue$167.9M7$163.6M8$335.2M6$398.1M6$407.2M6
Gross profit$123.1M7$108.5M8$158.8M6$140.2M6$143.7M6
Research and development$3.4M8$3.4M6$3.9M6$3.8M6
Selling, general and admin$74.8M7$65.9M8$113.1M6$99.7M6$102.4M6
Operating income$27.8M7$29.7M8$22.8M6-$24.6M6$15.4M6
Income before tax-$7.1M6-$53.0M6-$31.8M6
Income tax$5.3M7-$2.5M8-$7.1M6$5.8M6$6.3M6
Net income$20.8M7$30.8M8$83.0K6-$58.8M6-$38.1M6
Earnings per share$0.006-$1.426-$0.906
Earnings per share (diluted)$0.006-$1.426-$0.906
Shares (weighted, basic)38.5M shares641.5M shares642.5M shares6
Shares (weighted, diluted)39.9M shares641.5M shares642.5M shares6

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Corporate structure

Whole Earth Brands, Inc. sits at the top of its group. 13 entities, 6 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Whole Earth Brands, Inc.

  • ARMISTICE CAPITAL, LLC Filed SC 13G/A on Whole Earth Brands, Inc., latest Nov 14, 2024 (3 filings since Feb 14, 2023)
  • Beryl Capital Management LLC Filed SC 13G/A on Whole Earth Brands, Inc., latest Nov 13, 2024 (2 filings since Mar 28, 2024)
  • FRANKLIN MARTIN E Filed SC 13D/A on Whole Earth Brands, Inc., latest Aug 5, 2024 (8 filings since Apr 18, 2022)
  • Hilary L Shane Revocable Trust Filed SC 13G on Whole Earth Brands, Inc., latest Feb 20, 2024
  • Notch View Capital Management, LLC Filed SC 13D/A on Whole Earth Brands, Inc., latest Feb 14, 2024 (4 filings since Nov 17, 2023)
  • VANGUARD GROUP INC Filed SC 13G/A on Whole Earth Brands, Inc., latest Feb 13, 2024 (2 filings since Feb 9, 2023)
  • FMR LLC Filed SC 13G/A on Whole Earth Brands, Inc., latest Feb 9, 2024 (3 filings since Feb 9, 2022)
  • Rubric Capital Management LP Filed SC 13G/A on Whole Earth Brands, Inc., latest Feb 10, 2023 (2 filings since Feb 14, 2022)
  • CONTINENTAL GRAIN CO Filed SC 13D/A on Whole Earth Brands, Inc., latest May 19, 2022 (2 filings since Mar 7, 2022)
  • River Road Asset Management, LLC Filed SC 13G/A on Whole Earth Brands, Inc., latest Apr 1, 2022 (2 filings since Feb 9, 2022)
  • Whole Earth Brands, Inc. Chicago, Illinois, United States
    • Extraits Vegetaux ET Derives, SAS Subsidiary · France
    • Mafco Worldwide LLC Subsidiary · Delaware, United States
    • Merisant Company Subsidiary · Delaware, United States
    • Merisant Company 2, Sarl. Subsidiary · Switzerland
    • Merisant Luxembourg Sarl Subsidiary · Luxembourg
    • Merisant Spain SL Subsidiary · Spain
    • Merisant US, Inc. Subsidiary · Delaware, United States
    • Swerve IP, L.L.C. Subsidiary · Louisiana, United States
    • Swerve, L.L.C. Subsidiary · Louisiana, United States
    • Wholesome Sweeteners, Incorporated Subsidiary · Delaware, United States
    • WSO Investments, Inc. Subsidiary · Delaware, United States
    • Zhangjiangang Free Trade Zone Mafco Biotech Co., Ltd. Subsidiary · China

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Whole Earth Brands, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$2.1M6 Dec 31, 2023$2.1M11 Dec 31, 20220%
Accumulated depreciation$16.2M6 Dec 31, 2023$11.4M6 Dec 31, 2022+41.7%
Property and equipment, net$54.9M6 Dec 31, 2023$58.1M6 Dec 31, 2022−5.4%
Operating-lease assets (leased space)$19.2M6 Dec 31, 2023$18.2M6 Dec 31, 2022+5.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$30.5M6 Dec 31, 2023$28.7M6 Dec 31, 2022+6.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$193.6M6 Dec 31, 2023$193.1M6 Dec 31, 2022+0.2%
Intangible assets, net (excluding goodwill)$229.9M6 Dec 31, 2023$245.4M6 Dec 31, 2022−6.3%
Finite-lived intangibles, gross$280.1M6 Dec 31, 2023$276.3M6 Dec 31, 2022+1.4%
Accumulated amortization$60.9M6 Dec 31, 2023$41.6M6 Dec 31, 2022+46.2%
Finite-lived intangibles, net$219.2M6 Dec 31, 2023$234.7M6 Dec 31, 2022−6.6%

Inventory

ItemLatestA year beforeChange
Inventory, total$209.3M6 Dec 31, 2023$219.0M6 Dec 31, 2022−4.4%
Raw materials$125.4M6 Dec 31, 2023$129.1M6 Dec 31, 2022−2.9%
Work in process$1.5M6 Dec 31, 2023$1.8M6 Dec 31, 2022−18.0%
Finished goods$82.3M6 Dec 31, 2023$88.0M6 Dec 31, 2022−6.4%

Leadership

Who has led Whole Earth Brands, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Albert Manzone2020–2022
  2. Michael E. Franklin2023
  3. Rajnish Ohri2023–2024

Chair

  1. Irwin D. Simon2019

Chief financial officer

  1. Ira J. Lamel2019
  2. Andrew Rusie2020–2021
  3. Duane A. Portwood2022–2023
  4. Bernardo Fiaux2023–2024
20202025
Board members and other officers (13)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Extraits Vegetaux ET Derives, SAS France4
  • Mafco Worldwide LLC Delaware4
  • Merisant Company Delaware4
  • Merisant Company 2, Sarl. Switzerland4
  • Merisant Luxembourg Sarl Luxembourg4
  • Merisant Spain SL Spain4
  • Merisant US, Inc. Delaware4
  • Swerve IP, L.L.C. Louisiana4
  • Swerve, L.L.C. Louisiana4
  • WSO Investments, Inc. Delaware4
  • Wholesome Sweeteners, Incorporated Delaware4
  • Zhangjiangang Free Trade Zone Mafco Biotech Co., Ltd. China4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Act II Global Acquisition Corp.Feb 22, 2019 to Jun 18, 20203

Timeline

  1. Aug 5, 20248-K Entered a material agreement; Ended a material agreement; Completed an acquisition or sale33
  2. Jul 31, 20248-K Shareholder vote34
  3. May 9, 20248-K Results of operations35
  4. Mar 12, 20248-K Results of operations36
  5. Feb 13, 20248-K Entered a material agreement; Executive or director change; Regulation FD disclosure37
  6. Nov 9, 20238-K Results of operations38
  7. Oct 11, 20238-K Executive or director change39
  8. Aug 9, 20238-K Results of operations40
  9. Aug 7, 20238-K Executive or director change41
  10. Jul 26, 2023New chief executive Rajnish Ohri becomes CEO13
  11. Jul 17, 20238-K Executive or director change; Regulation FD disclosure; Other events42
  12. Jul 11, 20238-K Regulation FD disclosure43
  13. Jun 27, 20238-K Regulation FD disclosure44
  14. Apr 10, 2023New chief executive Michael E. Franklin becomes CEO12
  15. Jun 26, 2020New chief executive Albert Manzone becomes CEO14
  16. Jun 24, 2020Founded Whole Earth Brands, Inc. is founded2

Calendar

When it reported results

  1. May 9, 2024Reported quarterly or annual results35
  2. Mar 12, 2024Reported quarterly or annual results36
  3. Nov 9, 2023Reported quarterly or annual results38
  4. Aug 9, 2023Reported quarterly or annual results40
  5. May 10, 2023Reported quarterly or annual results45
  6. Mar 13, 2023Reported quarterly or annual results46
  7. Nov 9, 2022Reported quarterly or annual results47
  8. Aug 9, 2022Reported quarterly or annual results48

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

217 filings to the SEC since October 2021: 4 annual reports, 9 quarterly reports, 31 major events, 97 insider forms, 29 large holders, 47 other. The latest 20:

  1. Nov 14, 2024SC 13G/A EDGAR
  2. Nov 13, 2024SC 13G/A EDGAR
  3. Aug 15, 202415-12G EDGAR
  4. Aug 8, 2024EFFECT EDGAR
  5. Aug 8, 2024EFFECT EDGAR
  6. Aug 5, 2024SC 13D/A EDGAR
  7. Aug 5, 20244 EDGAR
  8. Aug 5, 20244 EDGAR
  9. Aug 5, 20244 EDGAR
  10. Aug 5, 20244 EDGAR
  11. Aug 5, 20244 EDGAR
  12. Aug 5, 20244 EDGAR
  13. Aug 5, 20244 EDGAR
  14. Aug 5, 20244 EDGAR
  15. Aug 5, 20244 EDGAR
  16. Aug 5, 20244 EDGAR
  17. Aug 5, 2024S-8 POS EDGAR
  18. Aug 5, 2024POS AM EDGAR
  19. Aug 5, 2024POS AM EDGAR
  20. Aug 5, 2024SC 13E3/A EDGAR

The 217 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

11 open-market trades by officers, directors and large owners since October 2021: 10 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 16, 2023Sababa Holdings Free LLC10% ownerBuy488,923$3.00$1.5MForm 4
May 25, 2023Fiaux BernardoChief Financial OfficerBuy21,950$3.46$75.9KForm 4
May 24, 2023Fiaux BernardoChief Financial OfficerBuy19,962$3.25$64.9KForm 4
May 23, 2023Fiaux BernardoChief Financial OfficerBuy24,627$3.23$79.5KForm 4
May 22, 2023Fiaux BernardoChief Financial OfficerBuy12,553$3.15$39.5KForm 4
May 19, 2023Fiaux BernardoChief Financial OfficerBuy19,908$3.00$59.7KForm 4
May 18, 2023Fiaux BernardoChief Financial OfficerBuy1,000$2.90$2.9KForm 4
Mar 15, 2023Sababa Holdings Free LLC10% ownerBuy580,000$2.79$1.6MForm 4
Mar 14, 2023Sababa Holdings Free LLC10% ownerBuy120,000$2.95$354.0KForm 4
Mar 13, 2023Sababa Holdings Free LLC10% ownerBuy1,900,000$2.97$5.6MForm 4
Aug 19, 2022FOX TRISHA LChief Human Resources OfficerSale10,306$5.97$61.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Whole Earth Brands, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARWhole Earth Brands, Inc.1
  • CIK0001753706
  • Filer status<br>emerging growth company1
  • Incorporated inDelaware1
  • Fiscal year endsDecember 311
  • Industry code (SIC)2060 Sugar & Confectionery Products1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address125 S. Wacker Drive, Suite 1250, Chicago, IL 606061
  • Phone312.84030051
  • Shares outstanding43,444,240 as of Jul 31, 202410
  • Public float$128.8M as of Jun 30, 202359
  • On EDGAR sinceFeb 22, 20191
  • Filings394 in all: 4 (114), 8-K (57), SC 13G/A (27), SC 13G (24), 3 (23), 424B3 (18), 10-Q (17), CORRESP (10)1
    All 48 form types

    EFFECT (9), 425 (8), SC 13D/A (8), UPLOAD (8), DEFA14A (6), SC 13E3/A (6), 10-K (5), 3/A (4), POS AM (4), 8-K/A (3), DEF 14A (3), PRER14A (3), SC 13D (3), 10-K/A (2), 25-NSE (2), DEFM14A (2), S-1 (2), S-1/A (2), S-3 (2), S-4/A (2), 144 (1), 15-12G (1), 424B4 (1), 8-A12B (1), 8-K12B (1), 8-K12B/A (1), ARS (1), CERT (1), CT ORDER (1), DRS (1), DRS/A (1), DRSLTR (1), NT 10-Q (1), PRE 14A (1), PREM14A (1), S-1MEF (1), S-4 (1), S-8 (1), S-8 POS (1), SC 13E3 (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2024
    Quarterly report (10-Q) Aug 1, 2024
    Proxy statement (DEF 14A) Apr 28, 2023
    Latest 8-K (8-K) Aug 5, 2024

Sources

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