Sonoma Brands has acquired Chef’s Cut Real Jerky. This buy follows Sonoma’s May acquisition of jerky maker KRAVE Pure Foods from Amplify Snack Brands, a business unit of The Hershey Company.
Chef’s Cut’s product line includes jerky, meat sticks, and biltong that are made with real ingredients and premium cuts of steak, chicken, and turkey. In its most basic form, biltong is a racked air-dried steak – traditionally marinated in vinegar and spices, while jerky – with a dry and smoky taste, is cooked on a rack.
Chef’s Cut’s annual revenues are estimated at more than $27 million. The company was founded in 2009 by Dennis Riedel and Blair Swiler and is headquartered in New York City.
KRAVE Pure Foods is a producer of gourmet meat, poultry, and plant-based protein snacks. The company was founded in 2009 and is headquartered in Austin, Texas.
“Our goal is to reenergize the premium segment of the meat snacks category,” said Kevin Murphy, managing director of Sonoma Brands, who will be leading the combined entity as interim CEO. “Through a focus on product quality and innovation supported by impactful marketing and a thoughtful promotional strategy, we are committed to driving incremental growth for our retail partners while delivering a great product and experience to consumers.”
Sonoma Brands – an investor in high-growth consumer brands – was founded in 2016 by Managing Partner Jon Sebastiani. Prior to founding Sonoma, Mr. Sebastiani was the founder and CEO of KRAVE until its sale to The Hershey Company in 2015.
“Jon is a true brand builder who has been at the forefront of this category for years and we are excited to have Chef’s Cut join Sonoma Brands for this next chapter,” said Bart Adlam, the CEO of Chef’s Cut prior to the close of this transaction.
“We see tremendous opportunity for continued growth in meat snacking and feel fortunate to lead a second wave of the jerky renaissance with both KRAVE and Chef’s Cut at the helm,” said Rusti Porter, chief marketing officer of KRAVE. “It is our belief that Chef’s Cut and KRAVE are complementary brands that engage with different consumers, both the traditional jerky shopper as well as the health and fitness-minded millennial who seeks artisanal flavors and quality ingredients. We are thrilled to grow both brands in tandem here in Sonoma to continue the story we started in 2009 with the launch of KRAVE.”
Sonoma Brands is headquartered in Sonoma, California.
Private Equity Professional | July 9, 2020
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