NextWorld Evergreen, a San Francisco-based private equity firm focused in the consumer and retail industry, has acquired Alter Eco Americas PBC.
Alter Eco, based in San Francisco, California, is a mission-driven food brand that offers premium organic snacks like clusters, chocolate bars and truffles in the U.S., Canada, and Australia / New Zealand. A top-four organic chocolate brand in the U.S., Alter Eco’s products are made only with USDA-certified organic, Non-GMO Project Verified, and Fair Trade Certified ingredients sourced from farmer cooperatives around the world. Introduced to the U.S. market in 2005, Alter Eco’s products include its Dark Blackout chocolate bar, Salted Caramel Truffles, and most recently Dark Chocolate Coconut Clusters. Alter Eco products can be found in more than 10,000 stores nationwide, including Whole Foods Market, NCG, NGVC, Sprouts, Wegmans, Infra, Earth Fare, Raley’s, New Seasons, Fresh Market, Kroger, Publix and independent specialty and natural food retailers.
“We are excited to partner with the outstanding management team at Alter Eco, which has built a remarkable company based on a set of values and amazing-tasting products, while succeeding in being good stewards of the world we live in,” said David Fife, Partner of NextWorld Evergreen. “We see tremendous opportunity to accelerate the company’s growth while taking very seriously our stewardship of the Alter Eco brand.” Fife further commented, “With several new products in the making and a team of experienced professionals, the company is at an inflection point, poised to continue to grow and expand market share in the natural and conventional channels.”
Alter Eco co-Founders and co-CEOs Edouard Rollet and Mathieu Senard, as well as current President Kate Tierney, will continue to remain at the helm of the company, leading all strategic growth, mission-based ingredient sourcing and impact programs.
“This change of ownership, from impact funds to an evergreen fund, is an excellent and logical evolution for Alter Eco, a leading fair trade pioneer and top-ranked B Corporation,” said Rollet. “Thanks to NextWorld Evergreen’s long-term vision and philanthropic affiliations, we’ll be able to continue to grow our impact and preserve our mission while benefiting from NextWorld Evergreen’s experience in consumer goods to accelerate Alter Eco’s growth in the indulgent, clean, healthy and ethical food space.”
“We have dedicated our work with Alter Eco in sourcing, crafting, and marketing outstanding products while showing that there is a better way to do business,” said Senard. “Today marks a thrilling new era for the brand by joining NextWorld Evergreen’s portfolio, and we will continue to innovate and promote a model where people and the planet can benefit from a flourishing business – where companies regenerate rather than extract.”
Alter Eco’s unique approach to business combines grassroots sourcing and marketing with outstanding partnerships and a dedication to quality and transparency. The company’s previous growth financing came from impact investors, initially led by Social Venture Network founder Josh Mailman, looking to align capital and strong values. For the current acquisition, Michel Dyens & Co. acted as financial advisors to the Sellers.
“We have had the privilege of working with Mathieu, Edouard, Kate, the rest of the Alter Eco team and a group of like-minded impact investors in building a brand that is a model for companies striving for true sustainability. We are thankful that NextWorld Evergreen is keeping the team intact and has committed to building on its mission-first approach to business,” said Paul Richardson, Renewal Funds CEO and outgoing Alter Eco Board Chair.