US plant-based superfood firm Laird Superfood has entered into an agreement to acquire fellow Oregon-based Picky Bars, a manufacturer of energy performance products, for $12 million.
Founded in 2010, Picky Bars is focused on providing nutritionally balanced real-food products that are easy to digest and fuel performance. The brand’s portfolio includes a range of nutrition bars, a Drizzle nut butter, as well as performance oatmeal, granola and pancakes.
Picky’s products are sold through a direct-to-consumer platform which offers a monthly subscription box and loyalty programme.
The deal sees Danone-backed Laird Superfood expand its position in the healthy snacking category, as Picky Bars will become part of the company’s omnichannel platform – joining its portfolio of superfood creamers, coffees, and functional mushroom blends.
Picky expects the acquisition to accelerate its growth by expanding its distribution nationwide, enhance its product development and create more jobs. Meanwhile, Laird Superfood says the deal will further extend its brand platform to new audiences, by gaining a snack bar price point which supports expansion into new retail segments such as convenience and drug stores.
“We are so excited to welcome Picky Bars into the Laird family. Founded by three incredible athletes who are true to their mission and vision, Picky Bars aligns with our core values of trust and authenticity and our product ethos prioritising high performance and sustainability, not just for athletes, but for everyone in everyday life,” said Laird Superfood CEO, Paul Hodge.
He added: “This is an exceptional foundation to build on the many synergies we anticipate from this acquisition, starting with the immediate expansion of our brand platform in the massive bars and snacks category, where we believe consumers are increasingly “picky” and seek whole food, healthier bar choices as well as sustainable options.”
Jesse Thomas, CEO and co-founder of Picky Bars, said: “Our dream scenario was to attract the support of a potential partner who 1) shared our values, 2) would take our products and values to wider distribution and 3) invest in our local team and community. Laird Superfood checks all those boxes.”
The transaction represents a multiple of approximately 1.2 times Picky Bars’ estimated 2022 revenue.
© FoodBev Media Ltd 2020
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