Food businesses No Cow and Good Karma Foods have come under new private-equity ownership.
Hyde Park Capital, which acted as the investment bank for the transaction, said in a statement that the two companies have been acquired by Trek One Capital in Houston, Texas. Financial terms were not disclosed.
Based in Denver, Colorado, No Cow is a producer of plant-based and low-sugar protein bars, while Good Karma Foods manufactures non-dairy flaxmilk. The companies’ products are sold in retailers across the US and via the direct-to-consumer channel, Hyde Park Capital said.
Craig Lawson, the managing director at Hyde Park Capital, said: “No Cow and Good Karma Foods are differentiated brands serving attractive segments of the better-for-you food and beverage market. Trek One Capital is an ideal partner from a strategic and operational perspective.”
No Cow’s range features nine flavours with each bar providing 20 grams of plant protein, one gram of sugar and 15 grams of fiber, according to the statement. They are also gluten free with 200 calories in each bar.
Good Karma’s flax-based non-dairy milk offers five grams of protein and zero sugar. It also provides the vitamins A, B and D. The product is gluten free and comes in refrigerated and shelf-stable formats.
No Cow was founded in 2015 and Good Karma, based in Boulder, Colorado, was set up “20 years ago to create a non-dairy milk substitute and became a plant-based pioneer in allergen-friendly flax-based milk products”, according to Hyde Park Capital.
Protein is currently setting a trend in acquisitions with some of the world's largest food companies getting in on the act, including Nestlé, Lactalis and Danone.
Lactalis, one of the world’s largest dairy companies, snapped up Protein Works in June, a UK business centred on protein-packed products.
In the same month, Nestlé bought the rest of Yfood, the “ready-to-drink meals” firm in which it first invested three years ago.
Meanwhile, French dairy major Danone agreed to buy Australia-based drinks business Made Group, also in June.
