Lenny & Larry’s Inc, which makes high-protein cookies, is up for sale, three sources familiar with the situation said.
Piper Jaffray is advising on the process, one of the sources said.
The Panorama City, California, cookie company is known for The Complete Cookie, which comes in flavors like birthday cake, chocolate chip, snickerdoodle, double chocolate, pumpkin spice, peanut butter and oatmeal.
Each cookie is so nutritionally packed that it can be used as a meal replacement, Lenny & Larry’s website said. For instance, the 2-ounce snickerdoodle cookie has 8 grams of protein, 4 grams of fiber and no artificial sweeteners, eggs or dairy. Lenny & Larry’s also offers the Muscle Muffin and the Muscle Brownie.
Lenny & Larry’s products are sold at retailers including Whole Foods, Rite Aid and GNC, the website said.
Lenny & Larry’s “is looking for investors,” a private equity executive, one of the sources, said.
The “better for you” food category has drawn PE interest.
In 2015 Permira acquired Medora Snacks and Ideal Snacks Holding Corp, which makes “better for you” popped snacks and PopCorners. Also that year Alliance Consumer Growth invested in Live Better Brands LLC, which is known for its Way Better Snacks brand of crackers and natural tortilla chips.
How much the company is seeking is unclear. Barry Turner, a former body builder, co-founded the company in 1993 after he tore his bicep tendon while appearing on American Gladiator, Bloomberg News reported in 2014.
Lenny & Larry’s and Piper Jaffray could not immediately be reached for comment.
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Photo of The Complete Cookie courtesy of Lenny & Larry’s