Verus International, Inc. has acquired Eliot’s Nut Butters, an award-winning small-batch, flavored nut butter company based in Portland, Oregon. Eliot’s currently offers six products, consisting of four peanut butters; Spicy Thai, Honey Chipotle, Classic Salted, and Espresso Nib, an Oregon Hazelnut Chocolate Spread, and an Everything Bagel Nut Butter.
Founded in 2013, Eliot’s has a national footprint in most U.S. states and is primarily sold in Whole Foods, Kroger, natural and specialty grocery, and online via Amazon and Eliot’s company website. Eliot’s is currently on track to generate approximately $400,000 in revenue during calendar year 2020 and has a three-year growth rate of approximately 60 percent fueled by significant growth from online and Whole Foods revenue. Verus is acquiring Eliot’s at an early stage where the company is seeking to expand its distribution footprint and introduce new products to reach additional retail venues.
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“This is a small, strategic acquisition where we are gaining an established product line, new customers, and expertise in online sales,” explained Verus Chief Executive Officer Anshu Bhatnagar. “Eliot’s is an outstanding, highly-rated brand that can benefit from our growing distribution network, so we see the potential for some organic sales acceleration simply through wider distribution. We expect to tap into Eliot’s expertise in online sales, but we are also very excited about new products in development that we expect to open a greater number of retail doors. This acquisition provides us an entry point into some specialty and healthier food categories where we would like to expand in the future. Our goal is to have a collection of high growth food lines that will create natural cross-selling opportunities as our retailer footprint expands. We are looking forward to working with our new Portland-based team to make the Eliot’s brand a household name in the U.S. and other countries.”