Investment firm Grays Peak Capital (GPC) said Wednesday it has acquired Freed Foods, Inc. dba NurturMe, a maker of organic baby food.
New York City-based GPC founder, CEO and partner Scott Stevens told Sustainable Food News that his firm acquired 100 percent of NurturMe from venture capital firm Advantage Capital. A purchase was not disclosed.
Based in Dripping Springs, Texas, NurturMe’s portfolio, which launched in 2014, includes quinoa infant cereals, NurturMeals Baby Food, Quinoa Squares and Yum-a-Roo’s toddler snacks. All products are certified-organic, naturally gluten-free, non-GMO and kosher, without any added preservatives or sugars.
“We expect to expand the [NurturMe] business both [in the] U.S. and globally. [NurturMe’s] manufacturing partners in the U.S. will remain the same and we have already begun additional research and innovation to continue to maintain a market leading position in the category,” Stevens told SFN.
Stevens told SFN that GPC has hired Dianne Jacobs as CEO of NurturMe. On her LinkedIn page, Jacobs said she was hired by NurturMe’s former owners at Advantage Capital “to restart revenue growth and secure a transaction.”
Jacobs was senior vice president of Nestle’s $1.7 billion infant nutrition division, comprising Gerber products portfolio and Nestle infant formula, from 2005 to 2009. She launched her own strategic consulting firm in 2010.
In May, GPC had acquired start-up company Maternal Science, Inc., providing nutraceutical and nutritional products for pre-natal and post-natal mothers under the Healthy Mama brand.
Jacobs, who had been a board member of Maternal Science, also said GPC has now merged NurturMe with Maternal Science to form a new company called Healthy Mama Holdings, LLC.
Stevens told SFN that he owns both the NurturMe and Healthy Mama brands under a parent company and that each will be operated as a separate legal entity with no plans to merge the two.
“They are focused on different but similar categories in the space,” Stevens said. “We will be able to offer consumers from pre-pregnancy all the way to infant, toddler and kids.”
GPC is also an investor in the Mamma Chia and the leading e-cigarette brand JUUL.