2x Consumer Products Growth Partners and Rustic Canyon/Fontis Partners To Exit Tasty Bite Investment
Kagome to acquire leading ethnic food brand
Chicago, IL and Pasadena, CA – 2x Consumer Products Growth Partners (“2x Partners”) and Rustic Canyon/Fontis Partners (“RC/Fontis”) are set to exit their investments in Preferred Brands International, Inc. An announcement was made simultaneously to the Nikkei and Bombay stock exchanges that Kagome Co., Ltd. (TYO: 2811), a large Japanese food and beverage company, will acquire majority interest in Preferred Brands. Management will continue to own a significant minority interest following the transaction, which is subject to customary regulatory approvals and is expected to close in May, 2015.
Based in Stamford, CT, with manufacturing in Pune, India, Preferred Brands is a leading manufacturer and marketer of Indian entrées, Asian noodles and ethnic inspired organic rice products under the TASTY BITE brand. During the term of the investments from 2x Partners (invested in 2010) and RC/Fontis (initially invested in 2008 as the first institutional money into the Company), the Company’s revenue approximately doubled and tripled respectively while profitability growth exceeded revenue growth in all cases.
“Pending regulatory approval, we will be pleased to see a global industry leader like Kagome take Tasty Bite to the next level,” said Andrew Whitman, Managing Partner at 2x Partners. Adds Renée LaBran, Managing Partner at RC/Fontis, “We have tremendous respect for the Tasty Bite team, and expect that the company will thrive under their continued leadership and the guidance of Kagome.”
LaBran and Managing Partner Gabrielle Greene-Sulzberger led the investment from RCF and were supported by their partner Danny Villanueva. The 2x Partners team included Whitman and Vice President Kim Anne Starke and were supported by Managing Partner Sharon Kieffer, Vice President Mike Apostal and several of the firm’s Industry Venture Partners.
Barclays acted as exclusive financial advisor to Preferred Brands. The Giannuzzi Group, LLP and Horwood Marcus & Berk Chartered provided legal counsel to the Company and the investors respectively.
2x Consumer Products Growth Partners Announces Spinoff of Molio from Orabrush
New Video Marketing Company Attracts $3 Million in Series A Funding Led by Greycroft Partners
Today is an exciting day in the history of Orabrush as 2x Consumer Products Growth Partners (“2x Partners”) and the Company formally announce the launch of Molio: the separate company formed recently to take the Orabrush “Reverse Marketing Model” to the next level. “As the first institutional investor in Orabrush, we saw a highly differentiated product and a very different go-to-market model,” says Andrew Whitman – Managing Partner with 2x Partners. “With high demand for the online marketing technologies and YouTube video capabilities that powered Orabrush, spinning off Molio was a logical and exciting next step.” Molio’s proven ad technology model has built two multi-million dollar online brands and launches with ten brand partners.
Looking back, the 2x Partners team met with the founders of Orabrush on a crisp early winter day in 2009. It was the beginning of an exciting year … learning about the fantastic business, introducing the founders to two Angel investors and Jeff Davis, an industry executive from P&G who subsequently joined the Company as CEO. A year later 2x Partners invested in Orabrush.
With outside technology investors led by Greycroft Partners, Molio is well staged for the future. 2x Partners continues to be a strong supporter and shareholder in Molio.
Please visit www.Molio.com to learn more.
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, MegaFood/INNATE RESPONSE whole food supplements, Orabrush bad breath eliminators and Tasty Bite Indian- and pan-Asian foods.
About Molio, Inc.
Molio (www.Molio.com) is a video marketing ad technology and branding company. Molio reaches audiences in a unique way, resulting in brands having more exposure and industry-leading results. Using an integrated approach that blends content creation, video optimization and media placement on YouTube with proprietary advertising software, Molio creates hyper-targeted campaigns that yield high levels of awareness, engagement and conversion to build brands online.