US cottage cheese maker Good Culture has a new majority owner after L Catterton acquired a controlling stake from fellow private-equity firm Manna Tree.
Manna Tree, which has backed Good Culture since 2022, told Just Food the transaction is valued at “more than” $500m. It plans to reinvest in Good Culture alongside L Catterton.
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Gabrielle Rubenstein, Manna Tree co-founder and managing partner. said: “We’re excited to see what Good Culture and L Catterton will achieve together to unlock further growth and bring Good Culture products to more consumers.”
Founded in 2015, Good Culture produces cottage cheese, sour cream and cream cheese using milk sourced from cows raised on family farms.
In a statement yesterday (8 January), Good Culture said it intends to deploy the new capital to “increase” its production capacity and “accelerate growth initiatives”.
Good Culture co-founder and CEO Jesse Merrill said: “Looking ahead, we’re excited to work alongside L Catterton, a proven and well-respected operator in the consumer space, to bring our products to even more consumers nationwide while staying true to our quality, team, and mission.”
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By GlobalDataThe dairy firm said it sales have grown “nearly four times” over the past three years, noting the US cottage-cheese category had expanded by almost 60% during the same period.
L Catterton managing director Michael Hutchings said: “This partnership formalises a relationship we’ve built with Jesse and his investors over the past several years, and is underpinned by our deep conviction in the durability of the tailwinds driving growth in the category.”
The transaction remains subject to customary regulatory approvals and is expected to close in the first quarter.
General Mills, which made a couple of investments in Good Culture in the past, is no longer invested in the business, according to Manna Tree.
Other investors in Good Culture include US private-equity firm SEMCAP and company co-founders Merrill and Anders Eisner.
