Can former Idaho Bike Coalition president Scott Fischer pedal Miyoko’s Creamery back to the top of the plant-based heap?
BOISE, Idaho––Eight days after Miyoko’s Creamery founder Miyoko Schinner, 68, lamented in a YouTube video that she did not win back control of the insolvent company with a last-minute crowd-funded bid, Prosperity Foods chief executive Scott Fischer, 65, disclosed that he was “surprised and delighted” that his company, makers of Melt vegan butter, was the winning bidder for the Miyoko’s Creamery assets.
Those assets chiefly consist of the brand name, the trademark, and a variety of recipes and formulations, but apparently do not include the good will of Miyoko Schinner herself.
No sign of Satish Karandikar
Vegan tycoon Satish Karandikar, 62, heading the Ahimsa Foundation of Nimot, Colorado, and Ahimsa Companies, of New York City, was nowhere in sight when the news of the Miyoko’s Creamery auction outcome broke.
Karandikar, having reportedly already acquired the plant-based food companies Wicked Kitchen, Simulate (Nuggs), and Blackbird Foods, was widely believed to be the front runner among multiple contenders to acquire Miyoko’s Creamery.
After only eleven years in business, Miyoko’s Creamery had already become arguably the best-recognized name in the vegan food business, largely due to the charisma of vegan chef and television personality Miyoko Schinner herself.
Despite that, however, Miyoko’s Creamery was reportedly already in financial trouble even before Schinner herself got the boot in 2023.
Miyoko’s Creamery failed further after her exit in a hostile takeover, and hit the auction block on October 7, 2024 in an Assignment for the Benefit of Creditors auction, equivalent to a Chapter 7 bankruptcy proceeding.
Fischer had uphill struggle to keep Melt from melting
The circumstances are similar to those afflicting Melt Organic, founded in 2011, when Fischer took over as chief executive in 2018 after Melt had suffered a 30% sales decline.
Wrote Elaine Watson for AgFunder News, “The immediate priority [for Fischer] is minimizing disruption to the supply chain for the [Miyoko’s Creamery] products, which are produced by copackers,” the previous owners of Miyoko’s Creamery having closed her factory in Petaluma, California.
Fischer told Watson that he sees distinct audiences for the Melt Organic and Miyoko’s Creamery brands.
No nuts
One of those differences is that while the Miyoko’s Creamery plant-based cheeses are heavily based on nuts, including cashews and almonds, Melt Organic products do not include what the company web site describes as “common allergens like soy, nuts, and gluten.”
“We are the two premium plant butter brands in the category, without a doubt,” Fischer said. Despite the differences in product formulation, Fischer offered, “There are so many parts about the two brands that are compatible.”
“The issue at Miyoko’s Creamery,” Fischer continued to Watson, “was not declining sales. You need a commercial model that enables you to survive. When liabilities exceed assets there has to be something wrong in the profit-and-loss balance. The fact that they had more than $100 million in investment but were not sustainable financially is very disappointing.”
“We did our homework”
Promised Fischer, “We did our homework and we’re 100% confident in the quality and sales performance of the products and the demand. We will do our best to be good stewards of the brand.”
Fischer acknowledged to Watson that retail sales of plant-based dairy products have recently declined, but said he believes this has been “driven mostly by financial and cost concerns.
“I think Miyoko’s Creamery can and will do a better job at recognizing and responding to those consumers requirements,” Fischer said, “while maintaining quality and craftsmanship.”
The Melt Organic brand has continued to grow, Fischer told Watson, despite the “challenging environment.”
Miyoko: “I am not associated”
Fischer has headed Melt Organic for just short of eight years. Originally from Boise, he developed his business skills working in financial services in the Silicon Valley of California before returning to Boise as Melt Organic chief executive.
Though not personally prominent, in contrast to Miyoko Schinner, Fischer is a longtime member of the Idaho Bike Coalition, and is a past president of the organization.
(Daniel Leventhal photo)
Commented Miyoko Schinner to AgFunderNews, “I am not associated in any way [with Melt Organics, formerly the Miyoko’s Creamery leading rival, “and while they now own the trademark ‘Miyoko’s, they cannot allude to my involvement nor endorsement nor use my name or image in any way.”
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