US snack-to-beverage group Zola has been acquired by private equity firm KarpReilly in a deal the Fruits of the World maker said would accelerate growth.
The transaction will help fuel Zola’s future growth and build on the group’s existing sales and distribution strength, the company said in a statement. The sale will accelerate growth by adding “financial resources” to support the “rapid scaling” of the business, Zola predicted.
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“KarpReilly is the perfect partner for Zola,” Chris Cuvelier, Zola’s founder and CEO, added. “Their long-term approach and track record for growing great brands will help Zola reach its full potential.”
Zola’s management team will remain in place to execute a long-term growth strategy.
“We like to invest in great brands and passionate people,” said Allan Karp, co-founder of KarpReilly. “Chris and the Zola team have done a fantastic job creating an amazing brand and a loyal following leveraging their great tasting products and the unique Fruits of the World brand platform. The team has some great ideas in the pipeline and we look forward to supporting them as they take the company to the next level.”
The company is focused on building its presence in natural food and conventional grocery stores across the US. “Our expanding distribution and soon to be announced new products, coupled with this new partnership, will give us the opportunity to reach more consumers with our great tasting better-for-you products,” Cuvelier said.
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By GlobalData
