Following Enormous Market Growth, Kodiak Cakes Receives Minority Investment from Sunrise Strategic Partners
Breakfast Items Tap into Consumer, Millennial Demand for High-Protein, Non-GMO, Convenient Meals
Sunrise Strategic Partners (“Sunrise”), a Boulder, CO-based accelerator of emerging brands co-founded by Steve Hughes and Trilantic North America, today announced a minority investment in Kodiak Cakes, maker of premium, better-for-you, breakfast items including high-protein, non-GMO pancake/waffle mixes, flapjack/muffin cups, and syrups. This is the fourth investment by Sunrise since it launched earlier this year.
The Park City, Utah-based company is a long-standing family-owned business with a strong record of success and innovation tracing its roots back to 1982, when current CEO and Co-Founder Joel Clark sold his family’s recipe in brown paper lunch sacks, with handwritten instructions by his mom, out of his red wagon to neighbors. The brand appeared on ABC’s Shark Tank two years ago and turned down offers to continue building the business on their own. Since appearing on Shark Tank the brand has subsequently grown sales by over ten times. Kodiak Cakes uses 100% whole grains and infuses protein into its mixes, transforming a once indulgent meal into a healthy one while also satisfying increased consumer demand for higher protein, better-for-you alternatives to traditional foods.
“Kodiak Cakes has been a family-run business for over 20 years. We feel well positioned to capitalize on increasing consumer demand for high-protein meals, and feel that Sunrise’s deep strategic experience in scaling businesses will be crucial in this next phase of growth for the brand,” said Joel Clark, CEO & Co-Founder of Kodiak Cakes. “Our great tasting, high-protein product makes Kodiak Cakes truly revolutionary in the category. I’m looking forward to leveraging the Sunrise team to continue to develop the momentum we are seeing at Kodiak Cakes.”
“Kodiak Cakes is an award winning and unique product that delivers protein to categories that are struggling to appeal to millennial consumers. The high-protein benefit resonates strongly with the younger consumers that these categories are working to attract,” said Steve Hughes, CEO and Co-Founder of Sunrise Strategic Partners. “Kodiak Cakes is one that Shark Tank let get away. The Sunrise team is excited to lean in with Joel and his team to help Kodiak Cakes reach its full potential by engaging young consumers as a multi-category brand.”
The investment from Sunrise will enable Kodiak Cakes to accelerate growth by increasing distribution to new channels, supporting innovation and expanding the Kodiak Cakes team. This marks the fourth investment for Sunrise, an investment vehicle that provides growth capital and expertise to early stage health and wellness brands to support their development, add strategic value and share guidance on tactical priorities.
Jul 26, 2016
Trilantic Capital Management L.P. (“Trilantic North America”) is a private equity firm focused on control and significant minority investments in North America. Trilantic North America’s primary investment focus is in the business services, consumer, energy and financial services sectors. Trilantic North America currently manages four private equity fund families with aggregate capital commitments of $5.9 billion. For more information, visit www.trilantic.com.
About Trilantic North America
Sunrise Strategic Partners, LLC (“Sunrise”), based in Boulder, Colorado, provides growth capital and expertise to emerging brands in the healthy, active and sustainable living space that resonate with millennials, have a strong proof of concept and have reached approximately $10-$20 million in revenue. The Sunrise team is deeply experienced in scaling brands and supports these investments by adding strategic value and guidance on tactical priorities. Sunrise Strategic Partners was founded by Steve Hughes, founder of Boulder Brands, in partnership with Trilantic North America, a leading private equity firm. For more information, visit www.sunrisestrategicpartners.com.
About Sunrise Strategic Partners
Kodiak Cakes is a producer of premium, better-for-you, breakfast items including high-protein pancake/waffle mixes, flapjack/muffin cups, and syrups. Based in Park City, Utah, Kodiak Cakes has been selling 100% whole grains and high-protein mixes dating back to 1995. For more information on Kodiak Cakes, visit www.kodiakcakes.com.
About Kodiak Cakes