US firm Boulder Brands has bought 80% of GlucoBrands, the owner of Level Life Foods, a brand aimed at those with diabetes – and struck a new financing deal it said could help secure more acquisitions.
Colorado-based Level sells glucose gels for diabetes patients, with sales approaching US$1m, Boulder said. Bars and shakes are set to be the next products launched.
“Diabetes is one of the largest and fastest-growing need states in consumer foods today. However, it is an under-served market with few brands offering great-tasting products with the optimal balance of sugar and carbohydrates. Level is market ready and is currently launching four bars and four shakes. As with our other brands, category expansion opportunities are extensive, and we look forward to growing Level to a much larger brand in the future,” Boulder chairman and CEO Stephen Hughes said.
Hughes described Level as Boulder’s “fourth category-elastic, need-state vertical brand”. The company targets its Smart Balance products at those interested in heart-health. Earth Balance is a plant-based range of products, while the company also provides gluten-free lines under the Udi’s and Glutino brands.
Meanwhile, Boulder also announced a new US$330m credit facility that Hughes said woudl give the company “flexibility for future acquisitions”.