Upcycled snack maker Rind Snacks has acquired Vermont-based granola producer Small Batch Organics as it shifts its manufacturing in-house, reports Forbes. The terms of the transaction were not disclosed.
“There’s a huge efficiency unlocked by becoming vertically integrated, alongside major innovations,” said Rind founder and CEO Matt Weiss. The move will likely help the brand become “EBITDA positive” and push its annual revenue to $20 million by the end of the year, according to the report.
Rind anticipates that post acquisition it will have a more efficient research and development process and growth capacity, said Weiss.
The deal between Rind and Small Batch Organics resulted from a friendship between the two founders. The two met during a family trip to Vermont four years ago.
“I’m a firm believer in the idea of planting a million seeds, cultivating these relationships, and good karma will come back in ways you can’t imagine,” said Weiss, when discussing meeting Small Batch Organics’ founder Lindsay Martin at a farmers’ market.
Martin was named VP of manufacturing and product development of the newly combined company.
As a result of the acquisition, Small Batch Organics’ products will be rebranded as Rind over the course of the year. Weiss added that the company will gradually transition into in-house manufacturing and fulfillment throughout several phases. Full Story
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Image: Rind
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