MCEM - Alluvial Capital Q2 2025 Letter To Partners

The cover image shows a magazine ad from 1948 for Farrow’s, a British manufacturer of canned fruits and vegetables and other food products. Farrow’s was founded in the mid-1840s and initially focused on production of mushroom ketchup and mustard, briefly becoming the largest mustard producer in Britain at the turn of the 20th century. They pivoted into canning fruits and vegetables, principally giant marrowfat peas, in the 1930s and enjoyed a decades-long period of expansion and prosperity. Shortly after the original print of this ad, however, the star of canned foods began to wane, and the Farrow’s canned vegetable business subsequently changed hands a number of times in the ensuing years.

Today, the Farrow’s brand is owned by Alluvial Fund investment NewPrinces Group. Continue reading the letter to learn more about NewPrinces.

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The Visual Telling of Stories