Alliance Consumer Growth has acquired a minority stake in Krave Jerky. New York-based ACG, which invests in consumer brands, provided less than $10 million for a “significant” minority holding in Krave, says Julian Steinberg, a managing partner.

Boulder, Colo.-based EVOL Foods, which makes natural and organic frozen meals and snacks, has sealed a minority growth capital investment from private equity firm Alliance Consumer Growth. The financing will be used to expand EVOL’s distribution, and expand its products.

Alliance Consumer Growth has closed its debut private equity fund, Alliance Consumer Growth Fund L.P., with $40 million in committed capital, the firm announced Monday. The firm has made two investments so far, in cleaning and personal care products maker KAS Direct; and in The Honest Kitchen, maker of dehydrated human-grade pet food. Alliance Consumer Growth aims to make investments of in consumer companies with revenues typically ranging from $5 million to $30 million. The firm’s investment size is $2 million to $10 million of equity per company.