Boost for investment fund: AccelFoods adds Operating Partners, eyes key macro trends
01 Mar 2019 --- AccelFoods, the US-based investment fund known for backing high-growth food and beverage start-ups, has announced the addition of new Operating Partners. Industry-leading experts from CORE Hydration, BODYARMOR, Isopure and Beats by Dre are claimed to bring decades of breakthrough experience to AccelFoods’ brand portfolio. The new partners will provide expert counsel and support to the venture fund’s portfolio brands in the areas of strategic planning, investment strategy, brand development, operational efficiency, marketing and M&A. The Operating Partners are economically aligned with the operating investment team at AccelFoods.
AccelFoods, which was founded in 2013, is currently operating out of its third fund with US$90m under management. AccelFoods specifically looks at companies that represent some of the macro trends being seen in the industry such as functional beverages, plant-based proteins, and family and kid-friendly platforms.
The new Operating Partners are:
Eric Berniker –CMO of AccelFoods portfolio company, Roar Organic. Berniker is the former CMO and member of the Executive Leadership Team of CORE Nutrition (makers of CORE Hydration and CORE Organic), which recently exited to Keurig Dr Pepper for US$525m. Prior to joining CORE, he was the Head of Marketing and Executive Team Member for Pirate’s Booty, acquired by B&G Foods in 2013. Before Pirate’s Booty, Eric spent seven years at glaceau as the SVP Brand Marketing, where he directed the marketing strategy that helped grow vitaminwater and smartwater from US$20m to US$700m in sales leading to its acquisition by The Coca-Cola Company in 2007 for US$4.1bn.
Paul Eskenazi – Brings expertise in financial strategy, managing large-scale integrations and the ability to spot potential exits and VP/CFO-level hires or changes. Most recently, he was the CFO of Beats Electronics (Beats by Dre), where he oversaw the sale of the company for US$3bn to Apple. Prior to his time at Beats, he also served as the CFO and SVP of Corporate Development for The Jim Henson Company, where he oversaw the sale of the company to EM.TV for US$1bn, and the subsequent sale of the Muppet Franchise to the Walt Disney Company.
Paula Grant – CEO of Flood Creative, a design agency based in New York, and has been creating brands for over 20 years in both the US and Europe. She most recently worked on CORE Nutrition, where her team developed the award winning packaging that was part of CORE’s success story. Prior to CORE, she developed BODYARMOR, a premium sports drink, with Lance Collins and Mike Repole. In August 2018, Coca-Cola took a minority ownership stake in BODYARMOR with a path to ownership. Grant also created and led the creative vision for the FUZE beverage brand, including naming, packaging design and brand positioning. FUZE was acquired by the Coca-Cola Company in 2007.
Chris Hickey – CEO of AccelFoods portfolio company, Kalahari Brands. Previously, Chris was the CEO of The Isopure Company and No Cow, both high-growth, private equity-backed health and wellness consumer products companies. In his first three years of leadership, Isopure doubled from US$50m to US$100m and sold to Glanbia plc, the Ireland-based global performance nutrition and ingredients company.
Bart Silvestro – President and COO of AccelFoods portfolio company, Roar Organic. Silvestro is the former CEO of Chef’s Cut Real Jerky and comes to AccelFoods with a wealth of experience from Kraft Bakery Products (acquired by George Weston Bakeries), JJ Nissen Baking (acquired by IBC), Dias Bakery Products and Premier Snack Distributors. Prior to his three years at Chef’s Cut, Silvestro was on the senior leadership team for Popcorn Indiana.
“The Operating Partners are an incredible group of industry experts who have a wide range of expertise including strategic planning, brand development, marketing and sales, and through their partnership with the fund, will be able to share their wealth of knowledge,” Alexandre Wolf, Chief of Staff tells FoodIngredientsFirst. “These partnerships will bring a strategic advantage to helping our portfolio brands grow and thrive. We are really excited to be working with such a diverse and bright team of experts who will help fuel the portfolio’s growth and long-term success.”
In terms of advice for start-ups, Wolf notes that when it comes to raising capital, due diligence is key. “Partner with an investor who holds themselves to the highest standards, is truly value-add, and has an established strong network. These assets are just as valuable as the actual capital they are willing to invest. Also, partnership is a long-term commitment. Choose investors that you enjoy spending time with – it makes the journey a lot more enjoyable,” he concludes.
