January 5, 2012 (Austin, TX and Chicago, IL) — Today, Beanitos brand bean chips announced a substantial investment by 2x Consumer Products Growth Partners (“2x Partners”) and Managing Partners Sharon Kieffer and Andy Whitman joined the company’s board of directors. In addition, Sweet Leaf Tea founder and former CEO Clayton Christopher has invested in Beanitos, Inc. and joined the board. Together they will leverage their expertise and work closely with Beanitos CEO Doug Foreman and the management team to build the business.
“It looks like the new year is off to a great start. We’re proud that the 2x Partners team is now on board with Beanitos,” says Foreman. “Their experience working with both Fortune 500 companies and savvy entrepreneurs will help Beanitos become a dominant marketplace brand that much faster. We’ve got a great product and now our resources and team are even stronger.”
Beanitos is a leader in the better-for-you snack category. According to SPINS, the leading provider of natural product industry data, Beanitos is the #1 growth brand in sales dollars and product volume in the corn chips, tortilla chips and all other snacks categories. Foreman says, “Beanitos launched in 2010 and our sales are already surpassing our original goals. Americans are looking to eat healthier and Beanitos is helping them do it.” Beanitos bean chips are made from whole pinto and black beans … and a 1.25 oz. bag packs a whopping 6 grams of protein and 6 grams of fiber. All four flavors — Black Bean, Pinto Bean & Flax, Chipotle BBQ and Cheddar Cheese Pinto Bean — are gluten-free, corn-free, low glycemic and non-GMO.
“The 2x Partners team evaluates hundreds of companies a year, looking for branded consumer businesses that are both highly differentiated and have strong growth potential,” commented Kieffer. “We believe in Beanitos because of the product’s great taste, strong nutritional profile, sales and the management team’s successful track record in the better-for-you snack space. We’re looking forward to working with the management team in growing this exciting and innovative company.”
Terms of the investment were not disclosed.
Beanitos, Inc. produces and distributes Beanitos brand bean chips — great-tasting, natural and healthful snack chips. The company is dedicated to the research and development of delicious and innovative all-natural healthful food products centered on the powerfully nutritious yet humble legume. Beanitos is an Austin, Texas-based company, formed in 2009 by brothers Doug and Dave Foreman, who together have more than 60 years of food industry expertise, primarily focused on the better-for-you and natural snacks space. Learn more at www.Beanitos.com.
About 2x Consumer Products Growth Partners
2x Consumer Products Growth Partners joins with founders and management in emerging branded consumer products businesses capable of growing exponentially via an infusion of capital and industry expertise. The firm’s principals and industry venture partners have 375 years of combined experience, contacts and connections. Focus areas include food, beverage, personal care, home care and pet care — particularly in the organic/natural, specialty/gourmet and ethnic sectors. The firm or its principals have invested in such companies as gDiapers eco-friendly diapers, Orabrush bad breath eliminator, Tasty Bite Indian foods, MegaFood & Innate Response nutritional supplements, Eagle snacks and Wellness & Old Mother Hubbard all-natural foods for pets. Additional information is available at www.2xPartners.com.