Better For You Holdings (BFY), a platform company launched by Clearlake Capital earlier this month to invest in the food and health & wellness sectors, has made its first acquisition with the buy of That’s How We Roll (THWR), a provider of branded, better-for-you snacks. The buy was completed in partnership with THWR founder Aldo Zuppichini, who maintains a significant equity stake in the company. Prior to this acquisition, Clearlake had an existing ownership interest in THWR though its portfolio company Proven Brands. As part of this transaction, Proven Brands has now become a subsidiary of BFY.
That’s How We Roll sells better-for-you, premium snacks that are certified non-GMO and MSG-free under two brands: Mrs. Thinsters and Dippin Chips. Mrs. Thinsters are low-calorie cookies available in a variety of flavors including Cake Batter, Chocolate Chip, Brownie Batter, Original Waffle Crisps, Pumpkin Spice, and the recently introduced Toasted Coconut. Dippin’ Chips are dippable tortilla chips offered in a variety of flavors including Veggie, Fiesta Bean, Super Grain, Original Sea Salt, and Blue Corn. THWR products are sold in over 10,000 grocery, club and mass merchant outlets across North America.
THWR will continue to be led by Mr. Zuppichini and its team of professionals including Sam Kestenbaum, Senior Vice President of Marketing and Operations, and Amy Kiley, Vice President of Sales. THWR is based northwest of New York in Fairfield, NJ (www.dippinchips.com) (www.mrsthinsters.com).
Through its partnership with Clearlake, THWR intends to develop new products and increase the company’s distribution capabilities. “Clearlake’s partnership will allow us to extend our resources for product innovation, accelerate nationwide distribution, and provide consumers with more premium healthy snack options without sacrificing taste,” said Mr. Zuppichini. “We are very excited about the future, and our team looks forward to continued growth.”
“We are excited to partner with Aldo, Sammy, Amy, and the rest of the team at That’s How We Roll and to continue supporting the company’s growth as they strive to meet the demands of today’s health conscious, perceptive consumers,” said José Feliciano, a co-founder and a managing partners of Clearlake. “With better for you snacks that include options such as non-GMO and gluten free in a variety of delicious flavors, we believe Dippin’ Chips and Mrs. Thinsters are well-positioned to attract consumers looking to make healthier lifestyle choices.”
Clearlake Capital Group has over $3.5 billion of assets under management and invests in the following sectors: energy and power; technology, communications and business services; and consumer products and services. The firm was co-founded by Mr. Feliciano and Mr. Eghbali in 2006 and is headquartered in Los Angeles (www.clearlakecapital.com).
“Aldo and the team have fantastic retail relationships, consumer insights, supply chain capabilities and, most importantly, energy and passion, which are necessary to building a leading platform in this fast-growing category. We look forward to continuing to sponsor THWR’s position as an innovator in this highly dynamic space, and are pursuing additional investments as part of our Better For You portfolio,” said Arta Tabaee, a Principal at Clearlake who leads the firm’s efforts in the food and other consumer products and services sectors.
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 3-23-16
