New York-based private equity firm Solera Capital has acquired a majority interest in Annie’s Homegrown, a natural and organic food brand based in Wakefield, Massachusetts.
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Solera completed the purchase from HomeGrown Natural Foods, which has retained a minority stake in the company. Financial terms of the transaction were not disclosed.
As part of the deal, Solera will invest additional growth capital in Annie’s and work closely with Annie’s management team to further broaden distribution of Annie’s core products from the natural and organic markets to the mainstream supermarket channel, as well as introduce new products under the Annie’s brand.
Molly Ashby, CEO of Solera, said: “We welcome the Annie’s Homegrown brand to the Solera Capital portfolio. The investment is consistent with our strategy of investing in category-leading brands in markets poised for significant growth. Natural and organic food is one of these markets.”
CEO Paul Nardone added: “Our partnership with Solera will enable us to accelerate our progress in growth areas and further expand our leadership position in the pasta meals category,”
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By GlobalDataThe organic food sector is forecasted to grow at a rate of 20-25% and the natural food sector is expected to grow 8-10% over the next several years, compared to 1-2% projected for conventional food, according to industry experts. Several important attitudinal and demographic trends are fueling the growth of both sectors: an aging population increasingly interested in healthy eating and quality food products, government regulation, and an increased understanding of the harmful effects of pesticides, food additives and genetically engineered ingredients.
