Food & Beverage 10/26/2009 – In last November's buyout of all-natural snack company Robert's American Gourmet Food LLC, VMG Partners had a co-investor.
Mike Repole, co-founder of Energy Brands Inc. - better known as Glaceau Vitamin Water -- invested alongside the firm, the company said in a statement announcing the company's rebranding.
The firm's co-founder Mike Mauze declined to discuss Repole's stake, but said together the firm and Repole hold less than 85% interest in the company.
Robert's, which has been renamed Pirate Brands, makes all-natural snacks including its signature Pirate's Booty cheese puffs brand, as well as Smart Puffs, Tings, Dude's Chips and Blue Organic Tortilla Chips.
"Just as people are moving from less healthy drinks to healthier ones like Vitamin Water, we're seeing people moving from less healthy snacking options to healthier ones," Mauze said.
Mauze and Repole had met when Mauze was at private equity shop Shansby Group, which had invested in Vitamin Water.
Pirate Brands will develop new flavors and product lines. Since the deal, the company has gone from a staff of five to over 50; sales have also increased over 100% in a year.
A company representative did not return a call for comment.
Reach VMG at 415-632-4201
http://www.vmgpartners.com