TSL Express Daily News

MPearlRock, a Strategic Collaboration between PearlRock Partners and MidOcean Partners, is Specifically Focused on High Growth, Emerging CPG Companies

NEW YORK AND SEATTLE – January 16, 2024 – MPearlRock today announced the acquisition of nutpods, a leading brand in the better-for-you, non-dairy coffee creamer category. MPearlRock is a partnership between PearlRock Partners and MidOcean Partners, a premier New York-based alternative asset manager specializing in middle market private equity and alternative credit investments, specifically focused on identifying and backing high-growth, emerging consumer packaged goods (“CPG”) brands. Terms of the transaction were not disclosed.

Founded in 2013 by Madeline Haydon, nutpods is a healthier and dairy-free alternative to traditional coffee creamers highly recognized for its superior taste and creaminess, diverse flavor offerings, and wholesome ingredient profile. Today, the company is one of the largest brands in the plant-based, non-dairy creamer space, with a loyal and expanding customer base rapidly fueling its growth. nutpods can be found in more than 15,000 retail stores nationwide, is the #1 plant-based creamer brand within the natural retail channel with deep ecommerce penetration and is the #2 brand in the non-dairy creamer category. 

Brian Kelley, Chief Executive Officer of MPearlRock, commented, “nutpods is a remarkable entrepreneurial success story that exemplifies the businesses and management teams with whom we seek to partner.  We have been following nutpods for the past few years and have been impressed with Madeline’s vision and disciplined approach and how she built strong customer loyalty by developing and marketing a truly superior product.  We are thrilled to support the next chapter in nutpods’ evolution and are delighted to work with Madeline and her team to accelerate growth and provide the resources to best position the brand to deliver unique, healthy products to loyal and new customers.”

Madeline Haydon said, “We are proud to join MPearlRock in the next stage of our brand’s evolution.  Brian’s background with leading global consumer brands coupled with MPearlRock’s capabilities and resources makes them an ideal growth partner for us. We are excited to reach more consumers in new channels and new product verticals who allow us to become part of their daily coffee ritual.”

Erik Oken, Chairman, Private Equity at MidOcean, said, “MidOcean has significant expertise investing in and scaling better for you brands and clean ingredients businesses, and we are excited to build upon our commitment to collaborating with consumer-focused companies through the MPearlRock platform. nutpods has developed a strong leading national brand with a passionate, loyal customer base and is representative of the growing consumer demand for innovative founder-led brands.  We look forward to leveraging our experience and world-class operating talent to support product innovations and scale at nutpods.”

In 2019, nutpods received a strategic investment from VMG Partners, a preeminent investment firm that backs visionary consumer brands, consumer services, and technology companies. Over the course of their four-year partnership, nutpods more than tripled net sales.

Wayne Wu, General Partner at VMG Partners, said, “We are proud of what nutpods has accomplished over the past four years. Madeline’s commitment to building a top-notch team and never losing sight of her customers’ needs unlocked impressive growth for the business, and we can’t wait to see where the brand goes next with MPearlRock.”

“I am grateful for the support and guidance from the VMG team to help us navigate the unknown, grow nutpods into a formidable brand within a crowded category, and bring my dream to life. I am excited to take this next step with MPearlRock and continue our brand’s impressive journey,” added Haydon.

Advisors

Piper Sandler & Co. served as financial advisor. Holland & Hart and Gibson Dunn acted as legal advisors.

About nutpods

nutpods produces dairy-free, plant-based creamers, offering a wide variety of flavors from traditional fan favorites to novelty/seasonal. Founded in 2013 and headquartered in Bellevue, WA, Nutpods products are sold across over 15,000 stores at major U.S. retailers such as Kroger, Costco, Walmart, Albertsons, Sprouts, Target, Publix, and Whole Foods. Nutpods also is a best-selling online brand Amazon, Thrive Market and their own website.

About MidOcean

MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.

About MPearlRock

Launched in January 2024, MPearlRock is a strategic partnership between MidOcean Partners and PearlRock Partners. MPearlRock identifies and invests in high-growth, emerging consumer packaged goods brands that are positively disrupting the food and beverage industry. The investment platform targets growing, entrepreneurial consumer businesses with $30 to $100 million in annual revenue.

MidOcean Media Relations Contacts

Amanda Shpiner/Grace Cartwright/Iain Hughes

Gasthalter & Co.

212-257-4170

midocean@gasthalter.com