Encore Consumer Capital has completed the sale of Thanasi Foods, marketer of the Duke’s and BIGS snack brands, to Conagra Brands. Encore invested as a minority partner in Thanasi Foods in 2015 to provide liquidity to some of the company’s early investors.
Thanasi Foods is a considered to be an innovator in the snacking sector and sells flavored sunflower and pumpkin seed products under the “BIGS” brand and smoked meat snacks under the
“Duke’s” brand. Duke’s Smoked Meats is a maker of premium meat snacks, including Duke’s, Smoked Shorty Sausages and Duke’s Brisket & Steak Strips. The brand produces its smoked meat products in small batches using whole ingredients, fresh never-frozen pork and chicken, 100% grass-fed beef, and authentic hardwood smoke pairings (www.dukesmeats.com). BIGS Seeds produces a line of premium, USA-grown seed snacks, including jumbo, fire-roasted in-shell sunflower seeds, sunflower seed kernels, and homestyle-roasted pumpkin seeds (www.BIGS.com). Thanasi Foods was founded in 2003 by Justin ‘Duke’ Havlick and is based in Boulder, CO (www.thanasifoods.com).
“Thanasi Foods’ founder and CEO Justin ‘Duke’ Havlick decided to bring on a strategic and financial partner in 2015 and we are honored that he chose Encore to help the company grow,” said Robert Brown, Managing Director of Encore Consumer Capital. “We could not be more proud of what he and the team have accomplished in building two premier brands in protein-based snacking – Duke’s smoked meat snacks and BIGS seeds.”
Encore Consumer Capital invests exclusively in consumer products companies that have revenues between $10 million and $100 million and where it can utilize its own consumer experience and the expertise of its operating partners at Encore Associates, a strategic advisory firm to the consumer products industry. The firm has raised nearly $600 million in equity capital and invested in 25 platform companies. Encore was founded in 2005 and is headquartered in San Francisco (www.encoreconsumercapital.com).
“Encore provided strategic guidance to and unwavering confidence in our team to help us execute our vision,” said Mr. Havlick. “What started 13 years ago as a simple passion for fire roasting seeds and slow smoking meats, has grown into two terrific brands that are recognized in households across the US. This is an incredibly exciting time for our brands and our team, and we are looking forward to working with the Conagra Brands team on the next chapter in our journey to take Duke’s and BIGS to another level.”
Conagra Brands (NYSE: CAG) is one of North America’s leading branded food companies. Company owned brand names include Marie Callender’s, Reddi-wip, Hunt’s, Healthy Choice, Slim Jim and Orville Redenbacher’s. The company is headquartered in Chicago (www.conagrabrands.com).
Houlihan Lokey provided strategic and financial advisory services to Thanasi Foods.
© 2017 Private Equity Professional | April 27, 2017
