Bare Snacks said it would use the capital to expand capacity, add to its management team and build its brand.
The company makes organic apple chips and fruit snacks made entirely from real fruit before being baked rather than fried.
NGEN managing director Rosemary Ripley said, “The demand for healthy snacks is a megatrend and we believe that Bare Snacks provides consumers with delicious, good-for-you products.
“We are excited by the potential for the brand to play a leadership role in this growing category.”
In March AltAssets revealed Solera Capital’s timely investment in health food company Annie’s had netted it a cash return of more than six times and IRR of about 23 per cent.
Solera invested about $81m in Annie’s across three tranches in 2002, 2004 and 2005, and pulled out almost $30m in dividends between November 2009 and December 2011.
Calculations performed by AltAssets showed Solera’s investment had returned about 6.3 times its initial cash and a conservative IRR estimate of 23.31 per cent, vindicating the firm’s decision to enter the organic food market when it did.
Annie’s currently sells more than 125 products such as macaroni and cheese, snack crackers, and fruit snacks across over 25,000 retail locations in the US and Canada.
It almost doubled net sales from $76.8m to $141m between fiscal 2008 and fiscal 2012, representing a 16.5 per cent compound annual growth rate.
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