TowerBrook and NewRoad Invest in Kevin’s Natural Foods
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TowerBrook and NewRoad Invest in Kevin’s Natural Foods

New capital will be used to increase production capacity, advance new product development, and expand marketing of the Kevin's Natural brand

Kevin's has a full line of refrigerated sous vide meat entrées and vegetable sides, and a complementary line of sauces and seasonings

SOURCE: Kevin's Natural Foods

TowerBrook Capital Partners and NewRoad Capital Partners have made a minority investment in Kevin’s Natural Foods.

Kevin’s develops and manufactures a full line of refrigerated sous vide meat entrées and vegetable sides, and a complementary line of sauces and seasonings. Sous vide is French for “under vacuum” and involves cooking vacuum-sealed food in a hot water bath set to a precise temperature.

Kevin’s paleo, keto, and gluten-free products contain no refined sugar, artificial ingredients, grains, or soy, and are made with antibiotic- and hormone-free meat. The company’s products are sold in more than 11,000 grocery, natural, specialty, club and mass stores, as well as through direct-to-consumer platforms such as Thrive Market and Amazon. Kevin’s was founded in 2019 and is headquartered in Modesto, California.

The new capital from TowerBrook and NewRoad will be used to increase Kevin’s production capacity, advance new product development, and expand marketing of the Kevin’s Natural brand.

“Kevin’s differentiated product offering has allowed the company to build substantial commercial momentum and consumer loyalty,” said Michael Recht, a managing director at TowerBrook. “We are looking forward to partnering with Kevin’s dynamic leadership team in the next phase of the company’s growth.”

“This is a big milestone for Kevin’s,” said Kevin McCray, a co-founder and COO of Kevin’s. “Not only are we expanding our capacity for growth, but we are also augmenting our team with knowledgeable, experienced professionals that share our passion around improving people’s lives by making clean eating accessible, easy and delicious.”

TowerBrook makes investments in North American and European companies across an array of industries. The firm has offices in New York, London, Madrid and Munich.

NewRoad Capital is headquartered near Bentonville in Rogers, Arkansas. For growth equity investments, the firm invests from $5 million to $15 million in companies that have revenues between $3 million and $30 million with strong growth with positive EBITDA, or that have a clear path to profitability within 18 to 24 months. For control investments, NewRoad requires $1 million to $6 million in EBITDA. Sectors of interest includer retail and consumer packaged goods, and business services with a focus on supply chain and logistics.

Wells Fargo Securities was the financial advisor to Kevin’s Natural Foods on this transaction.

© 2021 Private Equity Professional | September 8, 2021

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