2x Consumer Products Growth Partners Exits FoodState Investment
Pharmavite, LLC acquires MegaFood® and INNATE RESPONSE™ brands
Chicago, IL – 2x Consumer Products Growth Partners (“2x Partners”) has sold its investment in FoodState, Inc. to Pharmavite, LLC, one of the largest U.S. manufacturers of high-quality vitamins, minerals and dietary supplements under the Nature Made® brand. Terms of the sale were not disclosed.
Based in Derry, NH, FoodState is a leading manufacturer and marketer of whole food nutritional supplements under the MegaFood® and INNATE RESPONSE™ brands sold in the natural grocery and practitioner channels, respectively.
During the 3+ years 2x Partners was invested in FoodState (in partnership with co-investor The Riverside Company), “we helped recruit significant senior management talent largely from our network and partnered actively with the team,” said Andrew Whitman, Managing Partner at 2x Partners. By investing heavily in marketing, sales and manufacturing infrastructure, the Company nearly doubled in size while maintaining very attractive profit margins.
“I will truly miss working with 2x Partners,” said Robert Craven, CEO at FoodState. “They were thoughtful & creative partners. Without their support and industry expertise I am certain we would not have had the success we are now enjoying.”
“We are very proud of what the FoodState team accomplished, how 2x Partners helped contribute to this exponential growth and the strong working partnership we had with the Riverside team,” said Whitman. “Pharmavite is a great strategic fit for the Company, and the acquisition yields a very attractive return to our valued Limited Partners.”
Managing Partner Sharon Kieffer, Industry Venture Partner Bob Burke (FoodState board member) and Vice Presidents Michael Apostal and Kim Anne Starke rounded out the FoodState-related investment & operating team from 2x Partners.
Jones Day (legal) and Imperial Capital (investment bankers) represented Riverside and 2x Partners.
About 2x Consumer Products Growth Partners
2x Consumer Products Growth Partners joins with founders and management in emerging consumer products businesses capable of growing exponentially via an infusion of capital and management expertise. Focus areas include food, beverage, personal care, home care and pet care – particularly in the organic/natural, specialty/gourmet and ethnic sectors. Businesses are primarily within the $2-25 million revenue range. Visit www.2xpartners.com to learn more about 2x Partners and the partner companies including Beanitos bean-based snacks, gDiapers eco-friendly diapers, Orabrush bad breath eliminators and Tasty Bite Indian- and pan-Asian foods.