New York-based asset manager MPearlRock has acquired US alternative dairy and coffee creamer brand Nutpods.
The financial terms of the deal were not disclosed.
Nutpods, headquartered in Bellevue in Washington state, produces dairy-free, plant-based creamers. Its products are available in 15,000 retail stores in the US, including Kroger, Costco, Walmart and Albertsons. Nutpods also sells in speciality stores as well as through e-commerce via Amazon, Thrive Market and its own website.
The establishment of MPearlRock was announced last week, when Kroger said it had joined forces with local investor MidOcean Partners to create a platform to support nascent CPG brands and source investment opportunities.
Brian Kelley, the CEO of MPearlRock, said the investor is ready to “accelerate [the] growth” of Nutpods and “provide the resources to best position the brand”.
Kelley added: “We have been following Nutpods for the past few years and have been impressed with Madeline’s [Haydon, CEO of Nutpods] vision and disciplined approach and how she built strong customer loyalty by developing and marketing a truly superior product.”
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Haydon said “joining” MPearlRock is the “next stage” in the “brand’s evolution”.
“We are excited to reach more consumers in new channels and new product verticals who allow us to become part of their daily coffee ritual,” she added.
“Brian’s background with leading global consumer brands coupled with MPearlRock’s capabilities and resources makes them an ideal growth partner for us.”
In 2019, Nutpods received investment from US private-equity firm VMG Partners.
According to MPearlRock, during that investment, “Nutpods more than tripled net sales”.
Wayne Wu, general partner at VMG Partners, said, “We are proud of what Nutpods has accomplished over the past four years. Madeline’s commitment to building a top-notch team and never losing sight of her customers’ needs unlocked impressive growth for the business, and we can’t wait to see where the brand goes next with MPearlRock.”
The new investment platform said last week it plans to invest in “high-growth, emerging consumer packaged goods brands that are positively disrupting the food and beverage industry” and have an annual revenue between $30m to $100m.