The Kroger Co., Cincinnati, (NYSE:KR) and Lindsay Goldberg, a New York-based private investment firm that focuses on partnering with families, founders and management teams seeking to actively build their businesses, formed PearlRock Partners, a new platform that will identify, invest in and help grow the next generation of leading consumer product brands.
The new platform will leverage Kroger’s merchandising capabilities and predictive analytics along with Lindsay Goldberg’s deep consumer expertise and nearly 20-year track record of investing in and supporting family-owned and founder-led companies.
“We are excited to add PearlRock Partners to our portfolio of high-growth alternative profit businesses that generate additional value from our core grocery business. We are confident this partnership with Lindsay Goldberg will help discover and cultivate new brands that Kroger customers will love,” says Stuart Aitken, Kroger’s senior vice president of alternative business and chief executive officer of 84.51°. “We are transforming from grocer to growth company by deploying our assets to serve even more customers and create margin-rich alternative profit streams.”
“We are thrilled to partner with Kroger to help grow tomorrow’s most successful consumer brands alongside the entrepreneurs who built them,” adds Brian Kelley, partner at Lindsay Goldberg. “Backed by a state-of-the-art predictive data platform, real-world consumer product expertise and unparalleled merchandising resources, these next-gen brands will be poised for growth and offer Kroger’s broad customer base greater choice, convenience and innovation.”
“Our partnership with Kroger creates an opportunity to invest in the consumer products industry with unique insights and a competitive edge. Consistent with our track record of making transformative investments with exceptional industry partners, this strategic relationship with Kroger will provide differentiated sourcing and visibility into evolving consumer preferences and brand performance,” says Chris Laitala, partner at Lindsay Goldberg.