Avrio Capital, a Canadian food and agriculture technology investor, and Alliance Consumer Growth, a U.S. consumer and retail growth equity firm, have invested in the launch of healthy snack food company Way Better Brands LLC.
Terms weren’t disclosed.
Way Better Brands combines two existing companies, Live Better Brands, the Minneapolis-based owner of tortilla chips and crackers brand Way Better Snacks, and Left Field Foods, the Calgary-based maker of air-puffed potato snacks brand Spokes.
The new entity will be led by former Left Field CEO Dave Pullar.
Avrio Managing Partner Aki Georgacacos said the deal creates a “best in-class consumer products business” with snacking solutions across multiple categories.
Way Better Brands LLC Created
January 16, 2019
Avrio Capital and Alliance Consumer Growth partner on ‘Way Better’ Snacking Investment
CALGARY and MINNEAPOLIS, January 15th, 2019 – Avrio Capital Inc (“Avrio”) together with Alliance Consumer Growth (“ACG”) are proud to announce their ongoing support and significant investment in a newly created combined entity, Way Better Brands LLC (“Way Better Brands”). Way Better Brands is a better-for-you snack food company created through the strategic merger of two rapidly growing snack food companies; Live Better Brands LLC and its Way Better Snacks from Minneapolis, MN and Left Field Foods makers of Spokes based in Calgary, Alberta. The merger will provide for significant expansion of the collective distribution networks, providing substantial revenue enhancement opportunities for both the award-winning low-calorie Spokes air-puffed potato snacks and the unique sprouted seed and grain-based Way Better Snacks tortilla chips and crackers.
“Way Better Brands LLC provides the platform for complimentary ‘better for you’ snacking solutions across multiple categories. The synergies amongst these two entities are substantive, and we are thrilled to leverage the combined management skills and capabilities to build a best in-class consumer products business,” commented Aki Georgacacos, Managing Partner at Avrio Capital.
According to Dave Pullar, the CEO of the combined entity, “Avrio Capital and ACG are great investors and partners of Way Better Brands. We are excited to have investors of this caliber that really understand entrepreneurial passion and how to help accelerate growth in high quality better-for-you foods.”
About Left Field Foods
Left Field Foods got its start 20 years ago providing great-tasting and low-calorie snacks in the local farmer’s markets. Today the company is proud to offer its Spokes air-puffed potato snacks coast-to-coast across Canada in most major retail and natural product stores. The company received the prestigious Retail Council of Canada Grand-prix new product award in 2018 for Spokes air-puffed potato snacks.
About Live Better Brands LLC
Live Better Brands was created by founder Jim Breen in 2011 with a vision to provide better-for-you salty snacks with the innovative addition of sprouted seeds and grains. Way Better Snacks are available at leading retailers across Canada and the USA.
About Avrio Capital Inc.
The Avrio group of entities was established in 2002 to identify and invest in innovative food and agriculture companies that provide solutions to global challenges in the areas of health, wellness and sustainability. As the global pioneer in ag and food technology investing, the team has been a very active investor in the space for almost 15 years, having completed over fifty investments since its inception. Avrio is a highly active investor, working closely alongside of their portfolio companies to provide the support and resources needed to transform emerging companies into global leaders. Notable consumer investments that have been exited include Brookside Foods Ltd., (acquired by Hershey), Bare Snacks (acquired by PepsiCo), SunSelect (acquired by Canopy Growth), and Fresh Hemp Foods (acquired by Compass Diversified Holdings). www.avriocapital.com
About Alliance Consumer Growth
Alliance Consumer Growth (“ACG”), with offices in New York and Los Angeles, is a leading growth equity fund that provides capital and value-added partnership to the most promising emerging consumer product and retail brands. Notable brands that ACG has successfully partnered with include Shake Shack (subsequently completed an IPO as NYSE: SHAK), Suja Juice (ACG’s stake was subsequently acquired by The Coca-Cola Company), KRAVE Jerky (subsequently acquired by The Hershey Company), EVOL Foods (subsequently acquired by Boulder Brands), barkTHINS (subsequently acquired by The Hershey Company), Babyganics (subsequently acquired by SC Johnson), PDQ Restaurants, Tata Harper Skincare, Tender Greens, Way Better Snacks, and NUDESTIX. www.acginvestors.com