Private equity investorRevelry Brands , Boulder, Colo., said has funded its second investment intoPhil's Fresh Foods LLC, a Boulder producer of EVOL Burritos (EVOL).
Revelry made its first investment in the company in March of 2009 through the Burrito Investment Group (BIG), which is jointly managed by Revelry Brands and Spier Consumer Capital. Since its initial investment, officials said Revelry has actively worked with EVOL on its rebranding (EVOL was formerly named Phil's Fresh Foods). Within three months of the rebranding launch, EVOL Burritos became the No. 2 natural/organic frozen burrito brand in the country, officials said.
"EVOL Burritos aligns perfectly with Revelry Brands' commitment to investing in companies in the Lifestyles of Health and Sustainability (LOHAS) market," said Brendan Synnott, founder of Revelry Brands." EVOL is dedicated to transforming the frozen burrito category by offering consumers a great tasting, all natural burrito made through sustainable practices."
Synnott said that with product line expansion and increased national distribution on the horizon, EVOL is well positioned to grow.
In 2002, Synnott co-founded the healthy snack company, Bear Naked, and within five years, grew the company to become the market leader in the granola category, both in market share and growth, he said. As a result, Kellogg acquired Bear Naked in 2007.
"Burrito Investment Group's first investment allowed us to re-launch the brand-and we were highly successful in that endeavor," added Phil Anson, founder of Phil's Fresh Foods. "With this second investment, we plan to expand our product offerings and continue our national distribution push; needless to say, we're excited for what comes next."
Investor supports EVOL burrito biz
June 22, 2010