Silver Spring Foods, a subsidiary of Huntsinger Farms, a grower and processor of horseradish, has made several business moves in the last three months to position the company for the future: acquire a competitive brand to close the gap on its supply due to the global horseradish shortage; pivot its business to respond to the foodservice impacts of COVID-19; and install one of the first farm solar arrays in northern Wisconsin to decrease energy costs and increase sustainability.
In mid-March, Silver Spring Foods acquired Brede Foods, a family-owned horseradish company based in Detroit. With the Brede Foods acquisition, Silver Spring added the popular Farmer’s brand to its portfolio and expanded its horseradish supply by nearly 1 million pounds, an almost 12% increase. Also, Silver Spring Foods added over 1,000 new retailers to its distribution channel.
When shelter-in-place orders across the United States closed restaurants and other foodservice operations, Silver Spring moved quickly to pivot its business to expand online sales channels and increase retail capacity. The company has seen 123% year-over-year growth in online sales in its Silver Spring, Kelchner’s, and Bookbinder’s brands, and retail sales grew by 12.5%, per IRI.
To further position the company for sustainable operations in the future, Silver Spring Foods’ parent company Huntsinger Farms recently installed a 288-panel solar power project at its farm in Eau Claire, Wis. The solar field will generate power year-round and is estimated to supply about 18% of Huntsinger Farms’ future energy demand per year.