Intrepid announced today that it has acted as the exclusive financial advisor to Bubbies Fine Foods (“Bubbies”), an established, market leading provider of pickles and other fermented food products, on its sale to Fermented Food Holdings (“FHH”), a fermented foods platform founded in 2021.
Since Bubbies’ inception in 1989, the Company has generated consistent growth year-over-year and has become the leading refrigerated pickle and marinated vegetable brand sold in the natural and specialty channels. Bubbies enjoys a unique heritage, passionately loyal consumer following, and products that can be found in natural and conventional grocery stores across North America.
“Intrepid’s Food, Beverage & Agriculture team understood the core elements of our products, category, and brand mission and really stood out to us based on their deep relationships in the food industry and execution expertise. Intrepid clearly understood our goals and helped drive a process that enabled us to meet our objectives and close a successful transaction – even during a pandemic. We were truly impressed by the Intrepid team’s tenacity, creativity, persistence, and support they provided throughout the process,” said John Gray, former CEO of Bubbies Fine Foods. “I am absolutely thrilled with this transaction. After spending 32 years building one of the premier brands in fermented foods, it is time to take the next step. The energy, smarts, and resources that FFH brings to Bubbies is very exciting for me and, without question, will take the Company to new heights. I know that our fans, customers, retailers, and distributors will be eagerly anticipating great things to come from Bubbies’ kitchen,” added Mr. Gray.
“The Bubbies brand stood out to us in the branded packaged food category based on its high-quality product offering, longevity, and significant brand loyalty. We were pleased to help John, the shareholders, and the Bubbies team set a path for their next stage of growth,” commented Mike Seccuro, Managing Director and Head of the Food, Beverage & Agriculture practice at Intrepid.
Brian Levin, Director at Intrepid said “We were confident the Bubbies brand would resonate well with investors and we are excited to see what Bubbies and FFH can achieve together through this new partnership in the coming years.”
Founded in late 2021 and led by former Head of Kraft Heinz Ingredients Oliver Joost and former CFO of PepsiCo Brazil Marcelo Marim, FFH seeks to be a leader in the fermented and healthy foods categories. In addition to the Bubbies acquisition, FFH also acquired wildbrine, a provider of natural fermented foods and dairy alternative branded products founded in 2011. FFH is looking to grow through internal product innovation and expanded distribution, as well as actively pursuing acquisitions of fermented food brands and other healthy food products.
“We see a huge opportunity to bring together the operating disciplines of traditional CPG businesses with the passion and innovation of entrepreneurial teams, and a fresh approach to connecting with our consumers,” said co-founder Oliver Joost. “We learned from experience the absolute priority of establishing deep trust with retailers,” he added.