Boustead Securities, LLC (“Boustead”) client, ePallet, a technology and logistics company that simplifies buying and selling wholesale food by the pallet, is featured in the Bloomberg article, "Pantry Buying Is So Hot There Aren’t Enough Cans."
Another consequence of the COVID-19 pandemic is consumers stocking up on pantry items, resulting in a shortage of cans and can labels. Companies like ePallet, are rushing to keep up with demand.
“There really is a shortage of product,” said James Kwon, the Chief Executive Officer and Co-founder of ePallet. “People aren’t buying based on brand or flavor, but based on availability.” (Bloomberg)
Many Americans are eating their meals at home and stocking up on pantry items as a way to save money and prepare for a potential second wave of the Coronavirus. “Regardless of if there is a second wave or not, the economic outcomes will be challenging people who are still out of jobs,” said Max Gold, also a cofounder of ePallet. “Everybody is prepared for the worst.” (Bloomberg) Sales for canned items continue to outpace last year. "In March and April, [Starkist] sales were up 120% from a year earlier. Now they’re trending at an annualized increase of about 30%, according to Andy Mecs, the company’s vice president of marketing and innovation... “At retail, it’s akin to toilet paper and paper towels,” Mecs said. “We’ve been running our factories at full speed trying to keep up with demand.” (Bloomberg)
Read the full Bloomberg article here.
About ePallet ePallet is a technology and logistics company that makes it easy and efficient for both vendors and buyers to buy and sell wholesale food by the pallet. ePallet offers real-time, delivered pricing, and all the information you need at your fingertips. For more information, please visit our website at www.epallet.com. About Boustead Securities, LLC Boustead Securities, LLC (“Boustead”) is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead’s core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States, Boustead’s team moves quickly and provides a broad spectrum of sophisticated financial advice and services. Boustead is a majority owned subsidiary of Boustead & Company Limited, a diversified non-bank financial institution. For more information, please visit www.boustead1828.com. Forward-Looking Statements This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this document and other statements made from time to time by us or our representatives might not occur.