Dr. Lucy, the maker of gluten-free cookies, based in Norfolk, Va., will take its second in a series of capital investments from LaSalle Capital Group II-A LP. The company makes cookies without wheat, gluten, dairy, butter, eggs, casein, peanuts or tree nuts. Specifics on the deal were not publicized.
Chicago, IL – LaSalle Capital Group (“LaSalle Capital”) is pleased to announce that it has made an investment in Dr. Lucy’s, LLC (“Lucy’s” or the “Company”), a leading manufacturer of gluten-free cookies based in Norfolk, Virginia. Lucy’s represents LaSalle Capital’s second platform investment out of its second fund, LaSalle Capital Group II-A, L.P.
LaSalle has partnered with founder Dr. Lucy Gibney, to execute a buy-and-build strategy to become the leading manufacturer of healthy, gluten-free and allergy-friendly snack foods.
Lucy’s current offerings include seven flavors of cookies distributed nationally to the natural and independent food channels as well as to mass market retailers. All cookies are baked without wheat, gluten, dairy, butter, eggs, casein, peanuts or tree nuts. Lucy’s incorporates a three component allergen control program that includes selectively sourcing raw materials, testing for trace allergens in an on-site lab and baking in its own dedicated facility.
“We are very pleased to partner with LaSalle to expand our business,” stated Lucy Gibney, M.D., President & CEO of Lucy’s, whose own child has severe food allergies. “We’ve always focused on excellent taste and texture and being a leader in food safety. Combining LaSalle’s food industry experience with Lucy’s history of developing great-tasting, healthy snack items will result in a uniquely positioned brand that will continue to grow through new product innovation.”
Kelly Cornelis, Partner at LaSalle Capital, noted “The market for healthy, convenient snacks, and notably the gluten-free segment, represents a compelling investment opportunity. We are excited to partner with Lucy and her team to grow the brand. We expect to facilitate that growth by expanding into other snack categories and identifying other leading brands which can complement the healthy snack food platform we are building.”
If you have questions regarding this acquisition or would like to discuss other opportunities in the food industry, please contact either Kelly Cornelis or Jeff Walters at LaSalle Capital at (312) 236-7041.