Frozen entrees producerEVOL Foods , Boulder, Colo., said it received a minority growth capital investment fromAlliance Consumer Growth (ACG), a New York City private equity group. Terms were not disclosed. Officials said the additional funding allows EVOL to accelerate nationwide distribution, expand new product development and build consumer awareness and trial.
Chef-entrepreneur Phil Anson launched the company in 2004 with a
burrito line. EVOL received an investment in 2009
from Brendan Synnott and Tom
Spier, founders of Bear Naked Granola. EVOL's product portfolio now includes all-natural frozen burritos, entrée bowls, pizzas and flatbreads.
"We're excited to announce our partnership with ACG and we're looking forward to the next stage of growth for the brand" said CEO Tom Spier. "We believe with this latest equity investment we can continue to build on the brand's momentum and take EVOL Foods to the next level through new distribution opportunities, product innovation and driving brand trial."
"Phil, Tom and Brendan recognized that products made with great-tasting, responsibly-produced natural ingredients would have broad appeal and could invigorate the frozen food category," said ACG Managing Partner Trevor Nelson. "They are not only frozen food innovators, but also a best-in-class management team with whom we are tremendously excited to partner. We look forward to helping them continue to build the EVOL brand."
Prior investments by ACG principals includeThe Nest Collective(Plum Organics and Revolution Foods), and DenTek.
Funding to fuel EVOL product push
January 20, 2012