Strong Roots, a UK-based food and beverage brand, has secured $18.3 million in Series A funding. Goode Partners LLC led the round. Alantra was adviser on the deal.
LONDON– September 10, 2019 –Strong Roots, the company revolutionizing the frozen food industry with its plant-based, natural health-foods, today announced it has closed a Series A fundraise at $18.3 million, led by New York-based private equity firm Goode Partners LLC. The deal was advised by Alantra, the global mid-market firm.
Strong Roots is the fastest growing food and beverage brand in the UK where its products are stocked by all major UK retailers, including Tesco, Asda, Sainsbury’s and Marks and Spencer. The brand recently expanded into over 3,000 US stores via major U.S. retailers, including Target, Wegmans and Whole Foods Market.
Consumers have embraced the modern brand, whose products are now sold in 3,000 stores in the U.S. The company expects retail sales of $50 million (£41 million) this year and is on track for sales of $300 million (£246 million) by 2023.
The company’s exceptional growth comes at a time when consumers globally are looking for healthy options. Strong Roots offers a range of tasty plant-based food designed for busy lives. Found in your freezer aisle, the award-winning line includes premium root vegetables, veggie burgers and freezer favorites like Cauliflower Hash Browns.
Strong Roots is entering the U.S. with eight of its top-selling products. All are verified Vegan and Non-GMO. The Root Vegetables are gluten-free and all are made with no artificial flavors or trans fats.
“Consumers globally are more educated than ever about harnessing the nutritional benefits and delicious taste of plant-based foods and are looking for high-quality options that are convenient to prepare. We’re excited to bring our unique, plant-based products to people across the US. “ said Strong Roots founder and CEO Samuel Dennigan.
Goode Partners LLC has previously invested in multiple leading brands, backing market disruptors including Dave’s Killer Bread, AllSaints & La Colombe.
“We are very excited about establishing this partnership with Sam Dennigan, the Company’s Founder and CEO,” said Dan Bonoff, a Partner at Goode. “Sam is an extremely talented and passionate entrepreneur who has created a truly differentiated brand and line of
delicious plant-based food products. We could not be more proud to be partnering with Sam and the Strong Roots team to help fuel the next stage of its growth story. In an impressively short amount of time, Sam has built an exciting brand that resonates with consumers’ increasing preferences towards healthful and environmentally sustainable foods.”
About Strong Roots:
Strong Roots was founded in 2015 by Samuel Dennigan. The company offers healthy, plant-based frozen food products including Oven Baked Sweet Potato Fries, Roasted Beetroot Wedges, and Kale & Quinoa Burgers.
Its products are sold in over 4,000 stores worldwide including major retailers in Ireland, the UK, and the U.S., as well as Singapore, Iceland, the United Arab Emirates, Bahrain, and Qatar. It has sold over 8 million packs of its foods worldwide.
About Goode Partners
Goode Partners LLC is a New York-based private equity firm that focuses exclusively on investment opportunities in the food/beverage, branded consumer products, restaurant, retail, apparel and direct marketing sectors. The firm has established itself as a partner of choice by leveraging its unique combination of investment capital, a team of professionals with experience investing in and operating some of the world’s premiere consumer brands and an extensive network within the consumer industry. Goode seeks to partner with the owners and managers of well-positioned, high-growth potential consumer-oriented companies. More information on Goode Partners and its team can be found on the firm’s website www.goodepartners.com.