Boulder Brands, Inc., Boulder, Colo., acquired 100% of the equity interests of Phil's Fresh Foods, LLC, the Boulder, Colo.-based owner of EVOL Foods, for $48 million, before future tax benefits. Boulder Brands purchased EVOL from founder Phil Anson and a group of investors, including Alliance Consumer Growth and an investment vehicle created by Revelry Brands and Spier Capital Management.
EVOL manufactures and markets premium frozen convenience foods such as burritos, quesadillas, entrées, bowls and skillet meals that are made with pure and simple ingredients. In the 12-month period ending Dec. 31, 2013, EVOL’s net sales were estimated to grow 70% to $17 million.