US snack makers Gorilly Goods and Supernola are to be taken over by a recently-established holding company, Evolve Brands.
A “conditional” deal, struck for an undisclosed sum, was announced today (22 January) by Evolve Brands, which will be part owned by Supernola founder Cindy Poiesz.
It means Nature’s Path, the Canada-based organic foods business, will no longer be the majority shareholder in Gorilly Goods.
Poiesz, a former Wall Street banker, who set up Pennsylvania-based paleo snack business Supernola in 2016, is to co-own and co-operate Evolve Brands with consumer goods executive Frank Jimenez.
Gorilly Goods, a manufacturer of organic raw snack products, was set up by Stephen and Chris McDiarmid in Wisconsin in 2012. In 2016, the two men sold a majority stake in Gorilly Goods to Nature’s Path.
Nature’s Path founder and co-CEO Arran Stephens said: “We have ceased our funding of Gorilly Goods due to the fact that we found the time and resources required to scale the company exceeded what we were willing to commit. We are pleased that Gorilly Goods has made new arrangements and that consumers can continue to enjoy their excellent products.”
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Evolve Brands expects the transactions to be finalised next month.
The company plans to acquire Gorilly Goods’ factory, which is located in Jackson in Wisconsin. The manufacturing of Supernola is to move to the Gorilly Goods site. The combined business will be run out of Jackson.
In a statement, Poiesz said: “The Gorilly Goods and Supernola brands align perfectly with Evolve’s mission to actively create a better world through better food that is nutrient-dense, delicious and convenient.”
Jimenez added: “Gorilly Goods and Supernola are a match made in heaven. While each brand has different targeted audiences, the synergy afforded by these brands is extraordinary.”
Gorilly Goods products are on sale across the US, principally at natural and organic outlets. It also has listings in Canada.
According to the Supernola website, its products can be found at independent stores and gyms, largely in Pennsylvania, with a clutch of listings in neighbouring states.
In its statement to announce the transactions, Evolve Brands said: “Expect to see newly branded Supernola alongside Gorilly Goods in targeted regional and national retailers as well as alternative retailers.”