That’s How We Roll, the US snacks group behind brands including Mrs Thinsters and Dippin’ Chips, has been sold to private-equity firm Clearlake Capital.
The deal, struck for an undisclosed sum, has been made through Better For You Holdings, the investment arm Clearlake Capital unveiled last week. Better For You has snapped up That’s How We Roll from founder, CEO and majority shareholder Aldo Zuppichini, who will continue to lead the company and keep “a significant equity stake” in the business, Clearlake Capital said.
The Better For You venture sees Clearlake Capital partner with food industry executives Jason Cohen and Leigh Feuerstein of Halen Brands, a venture focused on investing in high growth segments within the sector.
Cohen contributed to the formation of Mrs Thinsters and Dippin’ Chips and was part of various rounds of financing as That’s How We Roll developed. He and Feuerstein had small stakes in That’s How We Roll and will continue to hold shares in the ongoing business.
However, Better For You has led the acquisition of That’s How We Roll. Halen Brands as a venture has not taken part in the transaction.
In a joint statement, José Feliciano and Behdad Eghbali, co-founders and managing partners of Clearlake Capital, said: “With better for you snacks that include options such as non-GMO and gluten-free in a variety of delicious flavours, we believe Dippin’ Chips and Mrs Thinsters are well-positioned to attract consumers looking to make healthier lifestyle choices.”
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Mrs Thinsters are thin, low-calorie, cookies. Dippin’ Chips are dippable tortilla chips. The products are available in over 10,000 grocery, club and mass stores across North America, Clearlake Capital said.
“Clearlake’s partnership will allow us to extend our resources for product innovation, accelerate nationwide distribution, and provide consumers with more premium healthy snack options without sacrificing taste,” Zuppichini said.